More Deed Restricted Breckenridge Real Estate
The Town of Breckenridge seeks to increase the number of units of deed-restricted Breckenridge real estate. The Town is responding to the needs of employers and employees that are part of the Breckenridge community. Resort employees in general are very aware of the high costs of living close to their workplaces. Breckenridge is no exception as we all know.
What is Breckenridge Deed-Restricted Real Estate?
Deed restriction take many forms. Essentially, deed-restricted properties in Breckenridge require owner occupancy. Restrictions may include prohibiting short and long-term rentals, limiting price appreciation for a number of years, limiting price appreciation into perpetuity, etc. The Town of Breckenridge seeks to encourage deed-restriction into perpetuity to keep the units affordable for future workers.
Initiatives Gleaned from Needs Assessment
In the Town of Breckenridge Comprehensive Plan drawn up into 2008, the topic of workforce housing unit was examined in detail. An updated Needs Assessment revealed important information, producing initiatives propelled by the Town of Breckenridge to help fill the gaps. The Town partnered with Summit Combined Housing Authority and private sector developers with the goal of fulfilling identified housing needs.
Summit Combined Housing Authority offers down-payment assistance, rental assistance, homebuyer education, monitoring for compliance with deed restrictions, and constructs deed-restricted units.
The Town offers private-sector developers land, waives fees, pays for sewer tap fees, transfers Town-owned density, and adopts new zoning.
Existing Deed-Restricted Breckenridge Real Estate
Within the Upper Blue Basin, there are already approximately 800 deed-restricted housing units. Some of them are complete complexes and others are parts of a larger subdivision. These properties lend into the total Breckenridge real estate market. For example, Wellington is one of the most desirable neighborhoods in Breckenridge. Not only are many of the homes deed-restricted but the neighborhood benefits from being home to a high percentage of full-time residents. Similar deed-restricted properties are located throughout the community. They come in many styles and designs.
The town is coordinating with Summit County, private developers, employers, and businesses. Citizens of Summit County voted to pay additional sales taxes that would be channeled to creating affordable housing. The Joint Upper Blue Master Plan encourages employers to provide housing, especially for seasonal employees. These employers are incentivized. The Town of Breckenridge is buying down housing units to restrict their deeds on an ongoing basis. The Town is also transforming some properties including Block 11 off Airport Road. The goal is to maintain or improve the current figure of 47 percent of the Town’s workforce being housed in town.
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