Regional housing coalition reports eight homes deed‑restricted after county seed funding; asks for more funding

Ashley (resiliency and housing director for Pitkin County) and April Long, executive director of the West Mountain Regional Housing Coalition, updated the Board of County Commissioners on Dec. 10 about the coalition’s Good Deeds home‑buydown program.

The coalition used $2 million in seed funding — including $1 million that Pitkin County appropriated from ARPA and the county housing fund — to purchase permanent deed restrictions at closing on market homes and lower the purchase price for qualified local buyers. Between August and December the program completed seven closings and had an eighth under contract; the coalition said the funds would be exhausted after that last closing.

April Long said the program is “development neutral”: rather than building new units, it converts existing free‑market homes into permanently deed‑restricted units by acquiring a deed restriction (a permanent resale formula and occupancy requirements) at closing. Buyers must use the property as their primary residence, cannot short‑term rent, certify local employment, and re‑qualify annually. The program sets a 3% cap on annual appreciation of the restricted resale price and allows a carve‑out for capital improvements.

Program numbers presented to the board: the coalition said it has closed eight deed‑restricted homes (seven at the time of presentation, with an eighth to close at year‑end), housing 11 working locals; the homes purchased ranged in free‑market price from roughly $550,000 to $1.2 million and the deed‑restriction purchase price contributions ranged roughly $165,000 to $360,000 per home. The coalition said those investments converted about $6 million of home value into permanently restricted housing for the workforce, at a buy‑down cost under $2 million.

Coalition staff said the buyers’ incomes ranged from about 80% to 220% of area median income, five of the new households work in Pitkin County, and several purchases allowed buyers to move closer to jobs and free up rental units in the region. Long said lenders treat the coalition’s deed restriction contribution as a down‑payment for underwriting purposes, helping buyers obtain favorable rates.

Long said demand far exceeds current funds: more than 100 households were on a waiting list and 10 qualified households were actively shopping; the coalition asked county commissioners for further support in 2025 and said it would pursue state, philanthropic and employer contributions to scale the program. Coalition staff set an internal 2026 goal of creating 30 deed‑restricted homes and estimated a five‑year fundraising goal on the order of $30 million from state, federal, philanthropic and local sources.

Commissioners asked for benchmarking and program metrics, including annual recertification and performance tracking (Long said buyers must recertify annually), and for program cost‑benefit context compared with new construction. County staff pointed to an available 2025 property tax partnership fund and indicated the board would discuss funding priorities at its retreat and in January sessions before making any new commitments.

Commissioners and coalition staff agreed to follow up on potential funding sources, employer contributions and on how to integrate the buy‑down program with broader county housing strategy and partnerships.