Meadowlark at Mountain Village

Condos and Townhomes

Frequently Asked Questions

c Expand All C Collapse All
a

What are the key terms of the Meadowlark at Mountain Village deed-restriction?

The following key terms will be recorded in the deed-restriction and be permanently recorded with San Miguel County:

  • Each unit must be owned be either:
    1. An employee of a business with a physical presence within the Telluride R-1 School District boundary who works a minimum of 32 hours per week or 
    2. A business with a physical presence within the Telluride R-1 School District boundary.
  • The unit must be an individual owner’s principal place of residence with a physical presence within the R-1 School District boundary. An individual owner may lease a room to a qualified tenant so long as the lease term is at least 13 months.
  • In the event the unit is owned by a business, the unit must be leased to a qualified tenant/s who is an employee of a business with a physical presence within the R-1 School District boundary and for a term of at least 13 months. 
  • The qualified owner or tenant must work an average of 32 hours or more per week at a business with a physical presence within the Telluride R-1 School District boundary. 
  • There is a 4 percent annual appreciation cap on the sales price of the units.
  • There are no income limitations for the owners of the units.
  • An owner cannot own more than one Meadowlark unit, except a business may own more than one unit at the discretion of the Town.
  • The units cannot be short-term rented. 
  • The Mountain Village Housing Authority (MVHA) will have the first offer to purchase the property upon resale and in the event of foreclosure. 
  • When re-selling the unit, if the MVHA doesn’t purchase the unit, it must be sold through the MVHA sale system. 
a

How will the application and unit selection process be conducted?

Please visit our How to Qualify page to learn about the process.

a

Where can I find a copy of the key Meadowlark at Mountain Village legal documents, including the proposed HOA docs, Deed Restriction, Reservation Agreement and Purchase Agreement?

a

Does the Town of Mountain Village provide resources to help first-time homebuyers understand the homebuying process?

Yes. A first-time homebuyer course is required if a first-time buyer applies to purchase a Meadowlark unit.

a

What first-time homebuyer classes can I take?

On demand class from Housing Resources of Western Colorado. Learn more. $75 class fee. 

Free in-person classes are available regionally in Grand Junction. Learn more.

a

Why do I need to attend a first-time homebuyers education class?

Anyone who will hold title on the purchase is required to have either previously owned a home or attended a homebuyer class within the last 12 months. You must provide a proof of homeownership or proof of attending a homebuyer class prior to executing the Purchase and Sale Agreement.

The MVHA wants to ensure that all future homeowners understand what it means to own a home. Due to the substantial investment of taxpayer dollars the Town has made into this project, we want to ensure that future owners understand the costs of owning a home within a condominium association.

a

Where do I get a Loan Pre-qualification letter to participate in the point selection process?

To apply for a Meadowlark unit, you will need a loan prequalification letter from a recognized bank or mortgage broker. This letter must specify the maximum price you can afford based on your qualifications and income. The loan prequalification process will help you understand your borrowing capacity and your own financial situation before beginning the lengthy process to apply to purchase a home. 

Loan qualification takes time. Please initiate a prequalification letter from a lender as soon as possible so that you have a complete application prior to the deadline. 

Most local banks are familiar with lending on deed-restricted properties. 

Applicants are encouraged to shop for the best lending rates and decide which bank to work with. 

While you are not required to use one of these lenders, each of these banks are familiar with the project and the terms of the Deed Restriction and would be happy to assist you with applying for a mortgage: 

a

What if I cannot attend the mandatory Open House?

The Town will be conducting an Open House meeting that is mandatory for anyone interested in participating in the Meadowlark home selection process. Please refer to the Timeline page of the website for information on this Open House. Attendance is mandatory. In the event you cannot attend please email housing@mtnvillage.org and write in the subject line: MANDATORY OPEN HOUSE if you are unable to attend the meeting.

a

Are there any limits to assets an applicant can have when applying to purchase a unit?

There is no limit to the assets an owner can hold in order to purchase a unit.

a

Will the Meadowlark units qualify for conventional financing?

The Meadowlark deed-restriction is designed to meet the criteria of local mortgage lenders and Fannie Mae lending. It’s important for all applicants to go over the terms of the draft deed-restriction with their mortgage lender to ensure that its terms are considered during the mortgage underwriting process.

a

Can a business purchase a unit to house employees?

The deed-restriction for Meadowlark has been structured to allow for businesses to purchase units—both regional essential and Town of Mountain Village businesses. The Town of Mountain Village expects the first five priority groups of buyers to exhaust available inventory. However, the Town will announce a point selection system and allocation process if units remain available after the first three priority groups are finished. If units are available for the sixth group, which are Mountain Village businesses, then a Mountain Village business would be eligible to purchase a unit and an application and purchase process will be announced.

a

Will Meadowlark at Mountain Village incorporate sustainable design?

The Town is focused on building all-electric, energy-efficient units that include energy-saving appliances, air source heat pumps and passive solar design. The townhome buildings will be prepared for solar panels, allowing future owners to easily install them for additional energy savings. The necessary infrastructure for solar panels will already be in place. Additional initiatives like EV charging stations may be pursued if grant funding is secured.

a

Will the homes have a warranty?

The units will hold a standard one-year warranty with the contractor as detailed in the Meadowlark Purchase and Sale Agreement.

a

I currently own another home. Can I participate in the Meadowlark at Mountain Village application process?

It’s possible to own a home or land either within or outside the Telluride R-1 School District boundary. However, when purchasing a Meadowlark unit, it must be the owner’s primary residence. Any other real estate owned by the buyer of a Meadowlark unit should be solely for investment purposes and not intended as the buyer’s primary residence.

a

Can I customize my unit?

Each unit at Meadowlark will include the same tasteful interior design package. Each homeowner can customize this interior design after taking possession of the home. Any home improvements must be approved by the MVHA in order to be accounted for in the resale value of the unit.

a

What if both my partner and I qualify to purchase a Meadowlark unit? Can we combine our application and Points Selection Criteria?

Please choose one person in the household to apply who would receive the higher Points Selection Criteria.

a

What if I completed the Pre-Qualification Application, selected a unit and executed the Reservation Agreement, but then no longer qualify to purchase the unit – for example due to change of employment OR unable to finalize the formal application process?

Unfortunately, if you selected a unit but no longer qualify, then the Town would refund your $500 refundable Reservation Agreement fee and make the unit available to the next qualified applicant.

a

What is the anticipated construction timeline of Meadowlark?

Construction is underway and will be complete by late 2024. Any changes to the construction timeline will be posted to the website.

a

Are there any units designed for ADA accessibility?

There are two ground level, one-bedroom units at Meadowlark specifically designed to be accessible for those with disabilities. Those who require ADA accommodations will be given priority for these units through the process.

a

How much will homeowners association (HOA) dues be and what will be included?

HOA dues and maintenance reserves are estimated at $3.75 per square foot annually and will include year-round maintenance of common areas such as parking and landscaping. 

The costs for water, sewer and trash will be divided among unit owners through the HOA. Individual units will receive separate electric bills and other utility bills from local providers. Additionally, each unit owner is also responsible for paying their annual dues to the Telluride Mountain Village Homeowners Association.

a

How will utilities like water and sewer be metered? As an HOA or per unit?

Water will be metered collectively and sub-metered per building. The HOA will be responsible for billing each unit owner for water, sewer and trash. If there is water used for irrigation or outdoor purposes, the Town expects it to be measured using a shared meter paid for by the HOA and incorporated into monthly HOA dues. 

a

How will utilities be metered? Individual or as a whole?

Other than those utilities referenced above, utilities such as electric and broadband will be individually billed to each owner.

a

What is the reservation agreement? How does that work?

Potential buyers will be asked to sign a Reservation Agreement and put up a $500 refundable deposit once they have been assigned a unit. This Reservation Agreement will reserve the selected home exclusively for an individual buyer until all of the deed-restriction qualifications can be verified by the Town. Within a couple months of signing the Reservation Agreement, each buyer will be required to convert that Reservation Agreement into a Purchase and Sale Agreement. Please review the terms of this Reservation Agreement at this link.

a

What is the purchase and sale agreement and why is it required?

Once the Town has verified that each selected buyer meets the terms of the deed restriction and is financially capable of purchasing a unit, each buyer will be required to sign a Purchase and Sale Agreement and place an earnest money deposit of $10,000 (earnest money deposits for businesses purchasing units will be 10% of the unit value). Earnest money deposits may be reduced on a one-off basis at the discretion of the Town and our development partner Triumph Development if a buyer is still able to demonstrate financial capacity to purchase the home.

a

How will parking spaces be allocated?

Parking spaces will be managed by the HOA and dedicated parking spaces will be allocated to each unit via an exclusive license agreement.  One-bedroom condos will be allocated one parking space. Two-bedroom condos will allocated two parking spaces. Each townhome will be allocated two parking spaces. Several guest parking spaces will be provided along the driveway on the access road to the community.  The final parking locations for each unit will be approved by the Town’s Planning Department. 

Do you have any remaining questions? Please email housing@mtnvillage.org. Any relevant questions we may have missed that are asked by the community may be added to this page.