Deed Restrictions and Affordable Housing
Summit County is located among the high peaks of the Colorado High Rockies Mountain, west of the Continental Divide. It is centrally located in Colorado and only an hour away from the Denver metropolitan area. The dry, high-alpine climate brings heavy snowfalls and it is a world-class ski resort. Beautiful summers are the perfect place for a multitude of summer activities. The location, activities, and amenities make it a tricky and challenging place for providing housing for the local community. That’s an issue for the entire state of Colorado, but it is extremely difficult in resort communities.
Deed restricted inventory in Summit County started back in the 1970s and its main purpose is to limit short term
rentals and the requirement for local employment. For this purpose covenants, policies, and strategies
have been implemented.
What are Deed Restrictions?
Deed Restrictions are stipulations written into a property’s deed or recorded as a restrictive covenant that outlines conditions and/or restrictions for the property. Many of the deed restrictions in Summit County are designed to further the goals of affordable housing and workforce housing. They may include any of the following, all of the following, or a combination of the following:
**NOTE – All Deed Restrictions Are Different. If you have any questions regarding your deed restriction contact the Housing Department. I am happy to help you review the communities and the documents.
- The deed-restricted property must be the owner’s primary residence.
- At least one member of the household must be employed in Summit County for 30 hours or more per week.
- The total household income must be at or below a certain percentage of the Area Median Income (AMI).
Purchasing Deed-Restricted Property
If you’re purchasing a deed-restricted property, you will need to qualify through the SCHA (Summit Combined Housing Authority). It is recommended to start the process and apply as early as possible, ideally before you go under contract. That way you’ll know you’re qualified to purchase the property before you invest a lot of time, effort, and expense in the closing process.
One of the most common questions asked is what the work and/or income limits of deed-restricted properties are. Unfortunately, there is not an easy answer to this because each property has its own restrictive covenant and terms.
Deed Restrictions for Projects are Divided by Basins.
Summit County Housing Department
Deed-Restricted Real Estate for Sale
What is Affordable Housing?
Housing programs in the United States measure affordability in terms of percentage of income. The maximum affordable rent for federally subsidized housing was set at 30 percent of income in 1981. Over time, the 30 percent threshold also became the standard for owner-occupied housing, and it remains the indicator of affordability for housing in the United States. Keeping housing costs below 30 percent of income is intended to ensure that households have enough money to pay for other nondiscretionary costs; therefore, policymakers consider households who spend more than 30 percent of income on housing costs to be housing cost-burdened.
Summit County Affordable Housing Challenges
World-class skiing resorts attract so many people to the area that as a result, we see the rapidly growing population, high housing and construction costs that outpace wages, and many second homes with part-time occupancy.
