How do I sell my deed restricted home?
Please contact GVRHA before listing your home to ensure you are following your deed restriction. Each deed restriction is unique, and often the differences are found in the fine print—especially around the sale process. Skyler Matthias (ownership@gvrha.org) will guide you through the necessary steps, help determine if any specifications need to be followed and assist in setting up a timeline for listing and reaching potential buyers.
What is the general process for selling a deed restricted home?
The first step is to contact GVRHA and let us know you plan to sell. We cannot accept applications from potential buyers until we have received formal notice of your intent to sell. Once that’s been communicated, we’ll help you determine a Maximum Sales Price (if applicable), provide information on how the property should be marketed, and post the listing on the GVRHA website. As applications come in, GVRHA will review them and issue Certificates of Eligibility to qualified buyers. Deed restricted properties require a Certificate of Eligibility prior to closing, if not before.
How do I buy a deed restricted home?
The process starts once a current owner expresses their intent to sell. Each sales process may be different depending on the deed restriction, so it is important to understand the process prior to attempting to make an offer. Generally, you may request more information or an application from GVRHA and if you meet the eligibility requirements defined by the specific deed restriction, you’ll be issued a Certificate of Eligibility. Only with this certificate may you move forward in purchasing the home.
How do I know when a deed restricted home hits the market?
GVRHA maintains an email list of individuals interested in ownership opportunities. When a home becomes available, we send a notification to this list with application information and next steps. If you are not already signed up, you can do so by visiting https://gvrha.org/ownership-interested-list.
What is a deed restricted property?
A deed-restricted property is a home with a recorded legal document that outlines specific rules about how the home can be used, sold, or occupied. While these restrictions vary from property to property, they often include requirements such as using the home as your primary residence, working within the local community, agreeing not to rent out the home as a short-term investment property, and adhering to a maximum resale price. These restrictions are designed to ensure that homes remain accessible to people who live and work in the Gunnison Valley.
Can I use my deed restricted property as a rental property?
Deed-restricted homes generally cannot be used as rental properties. Some deed restrictions allow for long-term renters under specific circumstances. Homeowners are allowed to have roommates, provided the homeowner still uses the home as their primary residence. If you are considering a rental arrangement of any kind, reach out to GVRHA before proceeding.
What is compliance and why does it matter?
Compliance means following the terms of your deed restriction. This includes using your home as your primary residence, not renting it out unless approved, and submitting your annual affidavit of compliance. These requirements help protect the long-term affordability of the home and ensure it continues to serve the community. GVRHA will run compliance on properties periodically and homeowners with a deed restriction are required to comply with all compliance requests.
What happens if I’m out of compliance with my deed restriction?
If you’re found to be out of compliance, GVRHA will notify you and the appropriate jurisdiction. You’ll be provided with a list of corrective actions—or “cures”—that you must complete to come back into compliance. Our primary goal is always to work with you to resolve the issue or to determine next steps if unable to come back into compliance.
What authority does the housing “authority” actually have?
GVRHA is a multi-jurisdictional authority operating under agreements with Gunnison County, the City of Gunnison, the Town of Crested Butte, and the Town of Mt. Crested Butte. Through these agreements, GVRHA is responsible for overseeing the sale, compliance, and enforcement of deed-restricted homes. When a homeowner is out of compliance, GVRHA is tasked with working alongside both the homeowner and the governing jurisdiction to resolve the issue.
What is AMI?
AMI stands for Area Median Income. It is a number published annually by the U.S. Department of Housing and Urban Development (HUD) and reflects the midpoint income for a given area. GVRHA uses AMI to determine income eligibility for deed-restricted homes and to establish affordable pricing guidelines.
How do deed restrictions help the community?
Deed restrictions help preserve long-term affordable housing in the Gunnison Valley. They ensure that homes remain accessible to local workers, families, and individuals who contribute to the community. By preventing rapid price escalation and short-term investment use, deed restrictions help keep the local housing market diverse and sustainable.