Gunnison Valley Regional Housing Authority (GVRHA) is offering the Good Deed Housing Program as an incentive to property owners who place a permanent deed restriction on their property to restrict occupancy to local employees. The goal of this program is to support the community character and economy of the Gunnison Valley by securing long-term attainable housing within existing housing stock.
PROGRAM GOALS
- Incentivize property owners to restrict existing housing to year-round residents and local employees through the purchase of a permanent deed restriction.
- Compliment other community housing efforts with a tool that is well suited to small-scale investments and does not require new development.
- Use a regional approach to incrementally increase the variety of deed-restricted housing in the Valley.
- Implement a program that is reliable, low-risk, flexible, efficient, and transparent.
INCENTIVE
The amount paid to place a deed restriction (on a property owned by others) will vary depending on the property and how well it meets current needs in the community. Typically, deed restrictions will be purchased on market-rate housing units at a price of 10-15% of the current assessed value of that property. The funds to recipients are unrestricted (a 1099 will not be issued for the proceeds). Council may decide to institute a maximum value for a single property to participate.
Frequently Asked Questions
This deed restriction is an agreement that restricts the use of your property in perpetuity. In return for the payment from Good Deed, the deed restriction will be recorded in the Gunnison 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 by the deed restriction. GVRHA is working to create a standardized set of deed restrictions for consistency, specific to each municipality, but generally following the same guidelines.
- Residence must be occupied by a full-time qualified resident (owner or renter)
- Occupant must be a primary resident that is employed at a minimum of 30 hours a week by a business located in Gunnison County.
- Tenants are allowed to stay in a Good Deed property once they have retired. Property will be subject to the applicable GVRHA Housing Guidelines for retirement in deed-restricted units.
- Property must not remain vacant for more than 60 consecutive days year-round
- Residence cannot be a short term rental (STR)
- Property may be resold at the market price, with the deed restriction in place
- Instead of rental price requirements, the occupancy requirement is the means to encourage reasonable rents
- The first-tier option is not restricted to any resale cap, appreciation cap, asset test, or income cap
- The second-tier option (for additional incentive) includes a 2% price cap on property value appreciation
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 GVRHA will evaluate the property, with the Committee, and negotiate a price directly with the property owner. We anticipate the value of the deed restriction to be in the range of 10- 15% of the assessed value of the property.
You can view the eligibility map here (link to the map) or send us an email by filing out the contact form below.
Contact Us
Questions or Comments?
Call (970) 641-7901 or email jkermode@gvrha.org
Gunnison Valley Housing Authority
202 East Georgia Avenue, Gunnison, Colorado 81230, United States
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