Town of Vail accepting applications for Vail Commons Condominium lottery

The Town of Vail recently issued the following press release on the application process for a Vail Commons Condominium in West Vail:

The Town of Vail is pleased to announce that we are now accepting applications for a community lottery drawing for the sale of a Vail Commons Condominium in West Vail. This listing is in partnership with The Valley Home Store of Eagle County, who is the transaction broker for the approved buyer. Additional property information, a photo gallery, qualification information and a link to the online application can be found at 2106 Zermatt Lane Unit B — The Valley Home Store. The deadline for submitting the Town of Vail Lottery application is 3 p.m., Friday, March 7.

This charming 2-bedroom, 2-bath condominium in the highly sought-after Vail Commons neighborhood offers 1,023 square feet of thoughtfully designed living space with a garden-level entrance. The open living and dining area features wood floors, a cozy gas fireplace, and floor-to-ceiling windows that fill the space with natural light.Conveniently located on the bus line, this home provides easy access to Vail Mountain and is within walking distance of grocery stores, shops, and restaurants. Located at 2106 Zermatt Lane B, the home is being offered for $228,731 and has an annual maximum price appreciation cap of 3% per year, plus approved capital improvements.

Open houses are scheduled for 12 – 2 p.m. Tuesday, March 4 and 4 – 6 p.m. Thursday, March 6. The lottery drawing is scheduled for 10:30 a.m., Wednesday, March 19 in the Town of Vail Council Chambers and available via Zoom. All applicants are welcome, but not required to attend. Applicant names will be drawn at random to determine the selected buyer, plus create a reserve list should the selected buyer in the drawing order be unable to complete the purchase. Each qualified applicant with a complete application shall receive a minimum of one lottery ticket for entry into the lottery drawing. Two additional lottery tickets can be awarded, up to a maximum of three total, based upon the following criteria: 

• One ticket for not owning free-market residential real estate within the Town of Vail at the time of the lottery application submission deadline date as verified by signed and sworn affidavit and Eagle County Assessor’s property records. An owner of a deed restricted home in the Town of Vail qualifies for this ticket. 
• One ticket for having unsuccessfully participated (not been chosen to purchase) in a Town of Vail housing lottery process within the previous 24 months as verified by official public records of the Town of Vail. Applicants who were selected and did not proceed forward with a purchase are not eligible for this ticket.  Eligibility shall be restored 24 months after having been selected and purchase declined. 

Maximum Total: 3 lottery tickets 

Due to the volume of applications that are likely to be submitted, and to continually improve upon customer service, the administrative review process is as follows for this Town of Vail Community Housing Lottery. All lottery applicants must still meet the eligibility requirements to qualify for purchase if selected, however, the final determination of eligibility will be made after the lottery selection process has been completed. To be eligible for purchase, the selected applicant shall have one business day to demonstrate compliance with the following eligibility requirements:

• Applicants shall demonstrate completion of a Town of Vail approved home buyer education class within the past five years at the time of final application review. 
• Applicants shall agree to use the home as their owner-occupied primary residence. 
• Applicants shall be employed at an Eagle County business and must work a minimum of 30 hours per week on an annualized basis. 
• At least 75% of the applicant’s total income must be earned by working at an Eagle County business. 
• Applicants shall agree to an annual maximum price appreciation cap percentage as stated in the deed restriction. 
• One application per household.
• Neither the applicant nor any member of the applicant’s immediate family household may own improved residential real estate in Eagle County, except where that real estate is deed restricted as a Town of Vail employee housing unit. This also includes residential real estate that may be held under an LLC, trust, etc. 

By 5 p.m. the day following the lottery, the first five applicant names drawn will be required to meet with the housing staff to submit the following documents to complete their application.These five applicants will be required to have submitted all documentation to demonstrate that the applicant meets the eligibility requirements to be approved no later than 5 p.m. on Thursday, March 20.  

• Valid and current signed mortgage pre-qualification letter including property address, listing price and approved loan amount included 
• Current copy of Homebuyer Class certification, from the approved Town of Vail list of eligible courses, completed within the last five years 
• Complete set of the most recent two years of Federal Tax Returns (plus business tax returns if applicable for business owners) 
• Most recent sets of paystubs for qualified Eagle County employment to show that you meet the required employment qualifications 

For more information, contact the Town of Vail Housing Department via email at housing@vail.gov or visit https://www.thevalleyhomestore.org/2106zermattb. To subscribe to housing announcement emails, visit www.vail.gov and choose the “Stay Connected” button to register.