Mi Casa Avon - Deed Restriction Program
The Avon Town Council approves funding each year for the ¡Mi Casa Avon! Program to provide financial assistance to help the public purchase homes in Avon. The Mi Casa Program began in 2020.
¡Mi Casa Avon! is a program that incentivizes prospective home buyers to place a deed restriction on their property, ensuring more local residents have an opportunity to purchase homes within Avon at the time of purchase, preserving this unit for full-time residents in perpetuity.
There is no price appreciation cap on a ¡Mi Casa Avon! Deed Restriction. A deed restriction is an agreement between you and the Town of Avon that restricts the use of your property. In this case, the deed restriction limits the ownership and use of the property to Eagle County employees*. In exchange for the deed restriction, the Town of Avon pays you a lump sum through the ¡Mi Casa Avon! Program. This money is transferred to the Title company before the scheduled closing date.
Eligibility of Property: Any residential property in the Town of Avon is eligible for this ¡Mi Casa Avon! Deed Restriction regardless of price or location.
Eligibility of Buyer: Buyers who meet the definition of Eagle County Employee as defined in Section 3.12.020 of the Avon Municipal Code. The definition is reprinted below:
Eagle County employee means an employee working in Eagle County who works an average of at least thirty (30) hours per week on an annual basis or earns seventy-five percent (75%) of his or her income and earnings by working in Eagle County; or a retired individual, sixty (60) years or older, who has worked a minimum of five (5) years in Eagle County for an average of at least thirty (30) hours per week on an annual basis; or a person who derives income from self-employment whose business is situated in Eagle County; or a person who works for an employer outside Eagle County if that person can demonstrate that the residence for which such person seeks an exemption under this Chapter is the primary residence for that person.
Residential Ownership: Buyers cannot own any other residential property in Eagle County at the time of purchase (i.e., closing date).
Primary Residence: A Buyer is required to use the residence as a primary residence for at least three (3) years per the same definition and verification process as used for Real Estate Transfer Tax primary exemptions. The form of the Deed Restriction would allow occupancy by any person who meets the definition of Eagle County Employee after three years, meaning that the buyer could rent the residence to Eagle County Employees after occupying the property as their primary residence the first three (3) years of ownership.
Minimum Required Down Payment: A Buyer must contribute at least three percent (3%) of the Buyer’s funds towards the purchase price of the property, which does not include any third-party down payment assistance funding. The mortgage shall not exceed 85% of the purchase price of the property.
Negotiated Contribution: The amount of contribution from the Town to purchase the deed restriction will be negotiated on behalf of the Town by an administrative committee consisting of the Town Manager, Assistant Town Manager, Finance Director, and Town Attorney. The range of negotiation would be between 8% and 12% of the purchase price in the purchase contract or appraised value, whichever is lower. The administrative committee has the discretion to reject any application if there are concerns with the property or the purchase contract and the administration committee deems the deed restriction purchase to not be in the best interest of the Town.
Maximum Contribution: The maximum purchase price for a deed restriction to be made by the Town is one-hundred thousand ($100,000) dollars.
Application Process: The ¡Mi Casa Avon! Deed Restriction Program will be offered on a first-come, first-served basis, which will be queued by complete applications. A complete application requires a fully executed purchase agreement. This means you will have to find a unit and be under contract BEFORE approaching Avon for ¡Mi Casa Avon! requests.
Email all completed applications to MiCasa@avon.org.
DOCUMENTS & WEBINAR: