Vista Ridge is a mixed income home ownership program and condominium community, developed by the Estes Park Housing Authority and a group of local investors.
Consisting of 59 condominium units, 30 are designated affordable and 29 are market rate units. The Affordable units are income, deed and resale restricted as described below. The Market Rate units have no restrictions.
The Affordable Units
The affordable units are either 2 or 3 bedrooms, and all have an attached garage. They are well appointed tastefully decorated with several options available.
These units are sold to families who earn 80% or less of the Area Median Income for Larimer County, adjusted for family size and are deed restricted. The deed restriction, and the special financing attached to these units, assures that this housing will remain affordable for many years to come. See below for more information.
How it works - The Affordable Program If a household is determined to be income qualified; they are then eligible to purchase an affordable unit. The price of this unit is reduced by $50,000. The Estes Park Housing Authority will hold a 'soft' second mortgage for that $50,000. This 'soft' second is non-serviceable, so you never make payments on it. When and if you decide to sell your unit, if you abide by all of the requirements in the deed restriction, then the $50,000 never need be repaid.
What are the Deed Restriction requirements? Primarily the unit MUST be sold to another income qualified household and may not be sold for more than the 'Maximum Sales Price'. That price is set by the Estes Park Housing Authority and is based on a formula that includes an appraised price.
This information is ONLY a summary of this program. For full detail, please call the Estes Park Housing Authority. We will be happy to describe the program to you in detail and answer any and all questions you might have.
Will I have to obtain a mortgage? Yes. Although the selling price is greatly reduced from a Market value, unless you have cash to purchase, you will need to qualify for and obtain a mortgage. You are free to go to the mortgage lender of your choice, or we can make a recommendation for you.
How much will my payment be? This will depend entirely on whether and how much of a down payment you have?
The Market Rate Units
The Market rate units are either 2, 3 or 4 bedrooms, some with a lower level family room. These floor plans range up to nearly 2002 sq. ft. of living area. These beautiful, quality new homes have upscale finishes including hickory cabinets, ceramic tile in kitchen and main level bath, Berber carpeting, and pewter finish hardware. Kitchen appliances, gas fireplace, and window blinds are included. All units have spacious attached garages and ample storage. Some units have walk-out family rooms on the lower level.
NO INCOME OR RESALE RESTRICTIONS APPLY TO THE MARKET RATE UNITS
For more information on the Market Rate units, please contact Christian Collinet (or a Realtor of your choice) at 970-586-3333 or visit 1st Colorado Realty Inc. for an information packet, floor plans and site map.