Resort communities, such as Breckenridge, face a serious challenge in creating affordable neighborhoods that serve the needs of employees, particularly the needs of first time home buyers and young families. Certainly rapidly appreciating real property values are a major problem; however, "neighborhoods" dominated by rentals and second home owners also pose a challenge.
To address these concerns, we have worked with staff and the Breckenridge Town Council to create a program which balances the interests of the Town, the homeowners (current and future), the founders, and mortgage lenders and is simple enough to be easily administered.
We have created a program which provides that where the "local price" is paid:
a) House owners must be individuals, work 30 hours per week in Summit County, and reside in the house (if a unit is not owner occupied for a period greater than twelve months, the owner would be obligated to offer the unit for sale at the highest allowed sales price); and
b) Appreciation will be limited to 3% per annum or the percentage increase in AMI (Area Median Income), whichever is greater.
80% of the units will have the deed restriction. 20% of the units will be unrestricted "market" units.
Phase 1 Employee Housing Restrictive Covenant And Agreement (46K PDF)
Phase 2 Employee Housing Restrictive Covenant And Agreement (1.16MB PDF)