Dillon Valley Vistas
Summit County is constructing 12 for-sale duplex units priced at 100% AMI on a site located at 19 Straight Creek Dr., which was previously owned and occupied by Our Lady of Peace Catholic Church. The County recently obtained all of the needed entitlement approvals to begin the project in April of 2020 and the site is under construction.
There will be 3 and 4 bedroom units within the development with each unit including a two car garage and the opportunity to create a fenced in backyard. Energy efficiency, livability and sustainability are core concepts the project used in its design. Dillon Valley Vistas will be the first for sale workforce housing development in Summit County where each unit will be compliant with the 2018 International Energy Code (IECC), the County’s recently adopted Sustainable Building Code and also obtain a certification of compliance with the Department of Energy’s Net Zero Energy Ready Homes Program. Going above and beyond that certification each unit will also come standard with solar panels. In addition to solar panels other key energy efficiency features include triple pane windows, upgraded building insulation systems, heat recovery ventilation systems, radiant floor heat and third party certifications which will allow for these units to have extremely low energy bills. One of the units will be a “net-zero energy prototype,” which will produce as much energy as it consumes and will utilize an electric heat-exchange boiler and hot water heater system, which pulls latent heat out of the air for heat and powered by a 8.88 kW high efficiency solar array. This prototype unit will initially be owned by the County to prove out this technology over time in our high altitude climate zone.
As part of this project the County will also be creating 0.71 acres of open space adjacent to Straight Creek.
Components of the deed restrictions on these units will include:
• 100% AMI with 3 bedrooms priced at $415,372 and 4 bedrooms priced at $471,320.
• A qualified occupant must reside in and be employed within the County year round, an average of at least 30 hours per week on an annual basis. “Employed within the County,” also referred to as “Local Employment,” shall mean that the person earns his or her living from a business or organization operating in and serving the County.
• Qualified Occupants may be authorized to retire and remain in deed-restricted units, if the person is at or above the full benefit age for Federal Social Security, has worked in Summit County an average of at least 30 hours per week on an annual basis for at least 10 continuous years prior to retirement, and has owned and occupied that particular deed-restricted housing for at least 7 continuous years prior to retirement.
• Income testing is required at the time of purchase or initial rental, in order to ensure new owners or occupants qualify to purchase or rent a deed-restricted property matching the particular AMI cap.
• Rental of the Unit is allowed so long as Leases are approved in advance by the County Housing Director and are for a term of at least three (3) consecutive months in duration. Any such tenancy approved by the County Housing Director shall be to a person meeting the definition of a Qualified Occupant. Use as a Short-term Vacation Rental is Expressly Prohibited.
• Ownership of other developed residential real estate in Colorado is prohibited.
• Qualified Capital Improvements are permitted in a total amount not to exceed 10% of the Initial Purchase Price over every consecutive ten (10) year period.
• Maximum Resale Price: In no event shall a Unit be sold for an amount in excess of the Initial Purchase Price plus an increase of 2% per year to the date of an Owner’s listing. This is calculated annually without compounding.