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Aspen approves $1 million for regional Good Deeds home-buydown program
Summary
The City of Aspen voted unanimously to contribute $1,000,000 to the West Mountain Regional Housing Coalition's Good Deeds program, which buys homes on the free market and places deed restrictions to preserve long-term affordability; councilors debated size and tracking mechanisms before approving the funding.
The Aspen City Council voted to contribute $1,000,000 to the West Mountain Regional Housing Coalition's Good Deeds program, a regional initiative that purchases market-rate homes and preserves them as permanently affordable housing through deed restrictions. The item passed as Resolution 97 after discussion about monitoring and long-term obligations.
Liz Axberg, the city's housing policy analyst, and April Long, executive director of the West Mountain Regional Housing Coalition, described the program's mechanics: the coalition provides roughly 30% of a purchase price and the buyer provides about 70%, with deed restrictions limiting resale to qualified buyers. "We bring 30% of the purchase price for the home," April Long said, describing the buy-down model that locks the maximum resale price to the buyer's share.
Presenters said the program has moved quickly: with the initial $2,000,000 the coalition purchased deed restrictions on nine homes that now house 13 local workers, and they reported multiple homes under contract and a waiting list of qualified households. "So, yeah, our request is for $1,000,000 as you can see, based on the demand," Long told councilors.
Councilors asked how deed restrictions are tracked and whether protections survive foreclosure. Long said the coalition records restrictions with county assessors and requires annual recertification by occupants; she said counsel has given confidence the restrictions remain valid in foreclosure. "We notify the property assessor's office... we have an annual recertification process," she said, describing the tracking steps the coalition uses.
Council debate ranged from support for regional partnership to caution about setting a permanent spending baseline. Several councilors said last year's $450,000 contribution was helpful but that city commitments should be strategic year-to-year. After discussion, Council moved and seconded the $1,000,000 contribution and approved the resolution on a roll-call vote.
The coalition said the funding will let more qualified local workers shop for homes and move from rental into ownership; staff noted the contribution will be drawn from the city's housing fund and described monitoring plans. The coalition said it will continue to provide program details and recertification records to the city.
