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March 28, 2011

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Vail Gives Initial Nod Towards Allowing Flexibility in Employee Housing Units

The Vail Town Council has given approval on first reading to allow property owners with employee housing units (EHU's) on-site in the Town of Vail more flexibility with those units. Changes to the existing program will allow owners to remove the EHU's from their property by purchasing another property in town or by paying a fee-in-lieu to the Town. If a property owner chooses to purchase another property in town, depending on location of the new EHU, it must be 2-3 times the size the current EHU. The property owner can either sell it as a deed-restricted unit, or they may also continue to use it as a rental property. If the owner chooses to pay a fee-in-lieu of creating a new EHU, the rate is $247/sq foot for 2011. This is a fluctuating number based on current market conditions. This new policy has been very well received because it gives property owners options with the EHU they have. Some want to get rid of them completely and it is a very inexpensive way to add an addition on to a house for some property owners. For others, EHU's are a great source of rental income, and would never be taken off site. The Town gave unanimous approval at first reading and the ordinance is expected to be approved on June 21st.

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