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- Buy Deed Restricted Units
Buy Deed Restricted Units
An applicant (person/household) must meet the following criteria to qualify to purchase an APCHA unit:
- Work full-time (at least 1,500 hours per year) in Pitkin County
- Own no other residential property in the Ownership Exclusion Zone (OEZ)
- Submit Ownership Application (PDF) with requested documentation, along with a $50 application fee - cash or check) to APCHA and have application approved by APCHA. Some deed-restricted properties require that additional provisions be met and have separate applications:
- Review and complete the quiz for An Introduction to Community Association Living (PDF)
- Beginning February 1, 2018, applicants must complete an APCHA-approved homebuyer education course.
APCHA will assign each applicant a Category based on the applicant’s income and assets. The applicant will be able to “bid” on APCHA properties in their category or in a higher category, but an applicant may not bid on a unit that is a lower category than their own. Because there is more demand for APCHA workforce housing than supply, a lottery is held for all “first priority” bidders. To achieve “first priority” status, a qualified bidder will have at least 4 years’ consecutive full-time work history in Pitkin County and will meet the Category and minimum occupancy for the unit that is for sale. If the winner of a lottery does not complete the sale transaction, the unit will be offered to the next person on the lottery list. If none of the applicants in a lottery complete the sale transaction, a lottery will be held between bidders who are not “first priority”.
After the lottery, the winner will do an initial walkthrough of the unit and will have 72 hours to sign the contract and present their earnest money (usually $2,000). The sale contract will include the sale price, deadlines for inspection, inspection resolution, appraisal, lending and title, HOA information and any contingencies. The closing is usually 7-8 weeks from the day of the lottery.
Lending is the sole responsibility of the Buyer. Applicants are strongly encouraged to speak to a Lender before bidding on an APCHA property.
Staying current with HOA assessments, taxes, the mortgage and maintaining the unit after purchase are the buyer/owner’s responsibility. The buyer may also be able to make and receive credit (upon resale) for certain capital improvements as allowed by the APCHA Guidelines and the unit’s deed restriction.