HUD Secretary's Best in American Living Award Winners 1999
Vail Commons
Vail, Colorado
Projected Home Prices: $107,500-$163,500
Median Home Price in the Metropolitan Statistical Area: $2,400,485
Description: Housing costs in Vail are extraordinarily high and seventy-five percent of the housing inventory consists of second homes. Consequently, housing for local residents is difficult to obtain.
The Town of Vail was the owner of a parcel of land that had been identified as having potential for affordable housing and commercial development. After soliciting proposals, a joint venture was created to develop the site.
The project consists of a 70,000 square-foot underground supermarket with employee rental units, 53 deed-restricted homes, and an additional 13,000 square-feet of retail space on top. The Town of Vail extended a 50-year commercial lease and a 99-year residential lease instead of selling the land. This added to the affordability of the project. Additionally, the State granted $300,000 to the project.
The Town of Vail offered the homes by lottery. All 53 were sold in one hour. Purchasers are primarily first-time homebuyers. The homes are permanently deed-restricted and are subject to three percent appreciation per year. The Town will handle all resales by lottery.
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