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.
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.
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.
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.