Do you qualify to purchase?
The Mountain Village Housing Authority (MVHA) held a priority point system for the first three tiers and conducted a weighted lottery system for groups four and five. If you fall into the first five categories listed below, applications for the remaining units are being processed on a first-come, first-served basis. Please email housing@mtnvillage.org to learn more.
At the direction of the Mountain Village Town Council, the prioritized 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, this includes being employed by an organization involved in healthcare, education, fire and police protection, basic sanitation and utility maintenance, 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. - Employees of Telluride Region Business
Individual buyers who work for a business within the Telluride R-1 School District boundary. - Businesses within Mountain Village
Businesses located in Mountain Village purchase and then must rent to qualified employees who work for their Mountain Village businesses.
Please refer to this website’s Frequently Asked Questions and Meadowlark Deed Restriction for all ownership and residency requirements.
Formal Qualification Application
If you are interested in purchasing one of the remaining units, please contact housing@mtnvillage.org to obtain a Formal Application. The buyer must complete it prior to signing a Purchase and Sale Agreement. Once a Purchase and Sale Agreement is signed, a $10,000 earnest money deposit is due, and this will be held in escrow at the title company in preparation for the execution and closing of the property in late 2024.
A Formal Application will require the following items in order for the MVHA to be able to approve a buyer:
- 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 purchase a unit with a purchase price that is equal to or less than the maximum home purchase price spelled out in the letter.
- $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
- One of two criteria:
- Proof of prior or current home ownership or
- 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 either qualified or did not qualify to purchase their desired unit. At this time, qualified buyers will be presented with a Purchase and Sale Agreement for their unit, as well as drafts of each of the key HOA documents. Buyers will be asked to sign the Purchase and Sale Agreement and post their earnest money deposit within five (5) business days of receipt of the documents. Potential buyers risk de-qualification should the information provided be unverifiable or inaccurate.
To the extent that MVHA determines the information provided on your application to be inaccurate or unverifiable 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.
Please refer to our Meadowlark FAQ page and Meadowlark Deed Restriction for all ownership and residency requirements.