VAIL, Co — VAIL, Colo. — With home prices soaring, affordable housing continues to remain a top issue across Colorado — and nowhere is that more prevalent than in the mountains.
Some affordable housing opportunities will soon be available as the first-ever Habitat for Humanity Vail Valley homes are coming to the town of Vail in 2025.
The homeownership opportunities are part of a public-private partnership with Habitat Vail Valley, Eagle County government, the Town of Vail, and Triumph Development.
Ten units in the Timber Ridge Phase II redevelopment project will be set aside for the Habitat homes.
“Habitat’s work is really all about how do we keep those critical community members here, and I think it's everybody from teachers, nurses, police officers ... the people that work in our resorts. I think it's really a challenge,” said Habitat Vail Valley Director of Development Elyse Howard.
Affordable housing has been an ongoing issue in the mountain community.
Just last year, the Town of Vail had to pay Vail Resorts $17.5 million for a 23-acre parcel where the resort operator planned to build employee housing. The town wanted to protect it for wildlife instead.
Now, the Town of Vail is committing $2 million towards Habitat Vail Valley’s inaugural mortgage lending pilot program.
It’s an out-of-the-box solution to the ongoing housing crisis.
“So one thing we came up with is if we can keep our team kind of going on that traditional model, and then habitat has a 0% loan product, which helps keep the affordability down or make it more affordable for a family to buy a home. What would happen if we just leverage the power of that 0% loan and got people families into homeownership that way?” said Howard.
The partnership will allow Habitat Vail Valley to issue zero-interest mortgages to qualified buyers earning under 80 percent of the area’s median income.
“It’s 10 homes, which doesn't sound like that many, but I think the more that we can work together, and bring community partners together, we can start taking bites out of this problem and making it better,” Howard said.
The homes will be deed-restricted to make sure they stay affordable for these families.
The project is expected to break ground this spring.
