July 20, 2011
International Real Estate
Vail Approves Off-Site Employee Housing Units
The Vail Town Council has voted unanimously to ease employee housing unit (EHU) requirements in the town of Vail. The new ordinance will allow owners of on-site EHU's to take the EHU off of the owners property by putting a new EHU somewhere else within the town of Vail. This policy is considered to be a win-win for residents and the town alike. The property owner will be enabled to get the EHU off-site, and get an automatic addition on their property, and the town wins because in order to remove the on-site EHU, the owner must create a new EHU that is 2-3 times the size of the current EHU, depending on location. Vail likes this policy because most on-site EHU's are around 480 sq feet,enough for one person, and the new policy will help to create bigger EHU's- from 900-1300 square feet that could house smaller families. The property owner will be required to obtain a building permit to bring the current EHU into the primary structure. Permit costs are based on the valuation of properties.
GSAR Asks For Affordable Housing Waivers
Last week, the Glenwood Springs Association of REALTORS asked Carbondale, Glenwood Springs, and Garfield County for a temporary reprieve in inclusionary zoning requirements that require builders to build deed-restricted affordable housing units when building a new construction project. In the letters to the towns and County, GSAR wrote, "It is therefore time to consider measures that will enable home builders to explore these possibilities for new construction thereby adding an additional ingredient in helping the real estate market return to stable, healthy, and reasonable growth as soon as possible. In addition, elimination of disincentives to home builders will also help to create jobs in the near term. Construction creates jobs, which, as you know, drive the local economy. People start buying homes and spending money at local restaurants, furniture and home improvement stores." Garfield County will consider an affordable housing waiver with their Land Use Regs update discussion at a meeting on Wednesday, June 29th from 8:30-10 am in the Garfield County Building in Glenwood. Glenwood Springs is considering an affordable housing waiver, and has directed staff to research the possibility further.
Ensure Your Clients Have Access To Affordable Mortgages
The National Association of REALTORS is launching two calls-to-action in a very short period of time. The first call to action to be launched this week, is to protect the FHA, Fannie Mae and Freddie Mac high cost loan limits in high cost areas such as ours. The program is set to expire on September 30th. NAR is hearing a lot of pushback on the issue from Congress and there is real concern the program could ended. . If the program is not extended, current loan limits of $729,750 would automatically be cut 15% or more. Be sure to participate in the call to action. It is very important for our Members of Congress to hear our concerns with the program.
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