The Housing Helps program is eligible to anyone who owns or intends to purchase a property in Silverthorne, including investors. Limited funds are available, therefore, the following guidelines will be used to determine whether a deed restriction may be purchased.

• Is the property valued at an appropriate price point for workforce housing?
• How much is the applicant requesting compared to other applicants?
• Does the property currently restrict short term rental? 
• Is the property in a location that has a shortage of workforce housing?
• Is the property already occupied by a local worker?
• What is the unit type/number of bedrooms? 
• Is the property naturally occurring affordable housing that is at risk? 
• Will the lender on the purchase of a new deed restricted property subordinate to the County?
• Properties that currently preclude STR’s are a very low priority as those properties already discourage non-local investors and have a heavy local workforce occupancy/ownership rate. 

There is no limit on the number of properties that you may restrict. The goal of the County is to obtain deed restrictions on as many properties as possible.

What is a Deed Restriction

A deed restriction is an agreement that restricts the use of your property in perpetuity. In return for the payment, the deed restriction will be recorded in County records. Because the deed restriction will restrict how the property may be used, it is likely that the future value of the property will be impacted. 

The actual deed restriction is considered a light use deed restriction. The key terms include: 

• The property must be occupied as a primary residence by person(s) employed a minimum of 30 hours a week in Summit County. 
• The property may not be used as a seasonal or vacation home or as a short term rental.
• Unlike some other deed restricted properties these units will not be subject to any resale cap, appreciation cap, rental restrictions, or income cap. Retirement in these properties may be permitted subject to the County’s Housing Guidelines for retirement in deed restricted units. 

Why Consider a Deed Restriction

The County’s goal is to help locals stay in the community where they can live, work, play and raise their families. The most recent Housing Needs Assessment indicates there is a significant shortage of housing to serve the needs of local families and employees. This impacts the ability of businesses to recruit and retain employees and provide the products and services needed. The lack of housing also impacts the character of our community when locals are unable to live in the community where they work. By deed restricting your property, you are helping retain a variety of housing options for locals. You may use the proceeds that you received from the County in return for the deed restriction for any purpose.

Funds Received 

Every property is different and there is no set amount paid for a deed restriction. The value will vary depending on the size of the unit, the location of the unit, the proximity to jobs and or transit and how well the unit meets the housing needs in the community. The price paid for a deed restriction will be the price negotiated and accepted by you and the Town and County. The County may compare similar properties or may review appraisals or other information from real estate professionals to determine a reasonable and acceptable price. It is estimated that the value of the deed restriction may be in the range of 10- 15% of the market value of the property.

Once an agreement is reached, funds are generally available within three to four weeks.

What happens to the deed restriction when I sell the property?

The deed restriction will remain with the property in perpetuity and future owners will be subject to the same restricted use.

Can I use a realtor?

Yes, you are strongly encouraged to use a Realtor to assist in the acquisition or sale of any property. Please advise your Realtor if you intend to utilize Housing Helps funds in the acquisition of a property. Many local Realtors are familiar with the Housing Helps Program and can assist with the process.

Can I rent my property or use it as an investment?

Yes, you may rent a property that is subject to this occupancy restriction provided the occupant meets the employment requirement.

Are there tax implications associated with the payment received?

You should check with your financial or legal advisor as the Town and County cannot provide any financial or legal advice. Under this program the County is acquiring a deed restriction from you and the County will not issue a 1099 for the proceeds that you receive.

Are there local lenders familiar with the Housing Helps program?

Yes, you may use a lender of your choice but please confirm they will loan subject to the County’s Housing Helps Deed Restriction. We have been in communication with local lenders including 1st Bank, Wells Fargo, and Alpine Bank, and they are familiar with the program.