The Mountain Village Housing Authority (MVHA) held a priority point system for the first three tiers and will conduct a weighted lottery system for the remaining tiers.
At the direction of the Mountain Village Town Council, the prioritized point selection system will be implemented in as many as six separate rounds based on the following priority:
Town of Mountain Village Government Staff Those who are employed directly by the Town of Mountain Village. Sold through a priority point system.
Essential Organizations Organizations identified by Town Council and previously contacted by staff. Sold through a priority point system.
Essential Workers Defined as any person who conducts essential services within the Telluride R-1 School District, which includes being employed by an organization that is involved in healthcare, education, fire and police protection, basic sanitation and maintenance of utilities and any other worker deemed essential to the Mountain Village community by the Mountain Village Housing Authority. Sold through a priority point system.
Employees of Mountain Village Businesses Individual buyers who work for or own a business within the boundaries of the Town of Mountain Village. Sold through a lottery process.
Employees of Telluride Region Business Individual buyers who work for a business within the Telluride R-1 School District boundary. Sold through a lottery process.
Businesses within Mountain Village Businesses who purchase and then must rent to qualified employees who work for their Mountain Village businesses.
The Mountain Village Housing Authority used a priority system to pre-qualify, select and reserve units for the first three tiers of potential buyers. Once a potential buyer reserves a unit, they can begin the formal application process. That formal application will then be vetted by the Town of Mountain Village Housing Authority before potential buyers can sign a Purchase and Sale Agreement.
For the remaining groups, a weighted lottery system is used to select and reserve units.
Those interested in applying to purchase a unit must first fill out the Pre-Qualification Application and provide all associated requested materials. Please note that we will only accept Pre-Qualification Applications from individuals who have attended the required Open House for the specific group they belong to. If you are unable to attend the Open House for your group, please email email@example.com.
After the Pre-Qualification Application deadline, applicants in groups 1 and 3 were notified by the MVHA of the order in which they qualified to select an available unit based on their eligibility and number of points received.
A weighed lottery for Group 4 (employees within Mountain Village) will be held on November 7, 2023. The weighted lottery timeline and process for the remaining groups is to be determined.
Pre-qualified applicants will be required to attend a Unit Selection or Lottery event. At that time, each applicant reserving a unit will be required to sign a Reservation Agreement and provide a refundable $500 reservation deposit. All Reservation deposits are due to the Town of Mountain Village Housing Authority within three business days of signing the Reservation Agreement.
If the applicant is unable to attend the Unit Selection/Reservation Agreement Meeting or Lottery due to schedule conflict, sickness or travel, the applicant can appoint a proxy to attend the meeting for the purposes of selecting a unit and must notify the MVHA by email at firstname.lastname@example.org the day prior to the meeting. The signed Reservation Agreement and $500 deposit will need to be promptly provided and executed within a week of the meeting in the event a proxy is needed.
Please note that the $500 reservation deposit is refundable in the event the applicant withdraws or does not qualify to sign a Purchase and Sale Agreement after the Formal Application. The $500 refundable fee will otherwise be applied to each buyer’s $10,000 earnest money deposit upon the execution of a Purchase and Sale Agreement. This earnest money will be held in escrow at the title company in preparation for the execution and closing of the property in late 2024.
Requirements of the Pre-Qualification Application
Pre-Qualification Applications must be delivered by 5 p.m. on the due date listed on our timeline. Completed applications can be delivered in person to the Town of Mountain Village offices a 455 Mountain Village Blvd, or may be emailed to email@example.com.
Pre-Qualification Applications will not be considered complete unless the following is provided:
Pre-Qualification Application (MVHA will provide this application to you after you’ve attended the Open House)
Enclosed copy of Driver’s License or other acceptable proof of identification for the interested buyer.
Loan Pre-Qualification letter from lender that specifies both the loan amount and home purchase price for which you qualify. You will only be able to reserve a unit with a purchase price that is equal to or less than the maximum home purchase price spelled out in the letter.
To Town of Mountain Village will conduct a weighted lottery to assign units to pre-qualified purchasers. The Group 4 lottery will take place on Tuesday, November 7, 2023 at Mountain Village Town Hall at 5 p.m. Please see the full lottery process here.
Once Your Unit Is Selected
Once you have selected your preferred unit, you will be asked to sign a Reservation Agreement and provide a refundable $500 deposit in order to reserve your unit until you become formally qualified to sign a Purchase and Sale Agreement. The refundable deposit must be hand-delivered to the MVHA offices at 455 Mountain Village Blvd. above the grocery store in Mountain Village within three business days of signing the agreement.
Formal Qualification Application
Once an applicant has reserved a unit by executing the Reservation Agreement, a Formal Qualification Application will be provided by the MVHA to be completed by the buyer. This Formal Application will require the following items in order for the MVHA to be able to approve a buyer to advance to signing a Purchase and Sale Agreement:
Formal Qualification Application
$100 application processing fee
2 current pay stubs, 2 most recent years of W-2s or tax returns
Notarized Employer/Employee affidavits verifying employment and hours
A certification of attendance at a First-Time Homebuyer Class. (Review First-Time Homebuyer Class options). (Please note that in the event you need to take the First Time Homebuyer Class this certificate must be provided prior to execution of the Purchase and Sale Agreement several months from now).
Once the Formal Qualification Application is received and reviewed by the MVHA, buyers will be notified that they are either qualified or not qualified to purchase the chosen unit. Within approximately 60 days of qualification by the MVHA, each qualified buyer will be presented with a Purchase and Sale Agreement for their unit and as well as drafts of each of the key HOA documents. Buyers will be asked to sign the Purchase and Sale Agreement and post the balance of their $10,000 earnest money deposit within ten business days of receipt of the documents.
To the extent of information provided on your Pre-Qualification Application proves to be inaccurate or unverifiable by MVHA during the Formal Qualification Application process, the applicant risks disqualification and the reserved unit can be made available to the next applicant on the waiting list.
The priority groups and Points Selection Criteria will also be used to prepare a waitlist after units become reserved. Waitlist members will have identified which home types they would like to purchase on the Pre-Qualification Application, and these home preferences will be used to prepare the waitlist.
When it is a buyer’s turn to select a unit, if no units are available that meet that buyer’s price qualifications or preferences, they will have the option to be placed on the project waitlist for their desired unit. One waitlist will be prepared and tracked for the entire project using the same sequence that results from the Priority Group and Points Selection Criteria within each group.
If an identified unit meeting your needs becomes available, the waitlist members will be contacted in order of priority from the waitlist. Once the Town contacts you that a unit which you can afford becomes available, you will have 48 hours to confirm if you would like to sign a Reservation Agreement and advance to the formal application process. If we have not received confirmation after 48 hours, we will move to the next applicant on the waitlist. Once a person has been passed on the waitlist, they move to the end of the waitlist.
Once the waitlist has been exhausted and if there are available homes for purchase, they will be sold through the Town’s deed-restriction priority and selection process.