Town News

Two Workforce Housing Units for Sale in Frisco

From February 16 through February 27, 2024, two condo housing units in Frisco, purchased by the Town of Frisco using the Housing Helps program, will be listed for sale for residents working within one mile of the Ten Mile Basin. Frisco’s Housing Helps program includes an option for the Town of Frisco to buy a market value home, place a deed restriction on that home, and make it available for residents working in the area at a lower cost than the Town’s purchase price.

Property Details

220 Galena Street, Unit 4

  • Sale price – $398,000
  • 2 bedrooms, 1 bathroom
  • 691 square feet
  • Two tandem uncovered parking spaces
  • HOA fees of $485.00 per month

519 Teller Street, Unit 7

  • Sale price – $388,000
  • 2 bedrooms, 1 bathroom
  • 676 square feet
  • Two tandem uncovered parking spaces
  • HOA fees of $436.50 per month

Showings and Open Houses

Omni Real Estate is the agent listing both units, and they may be contacted at 970-485-0251 for unit information and/or for a showing.

Public open houses are planned for each unit on the following dates:

220 Galena Street, Unit 4 Open Houses

  • February 21, 2024 from 11:00am to 1:00pm
  • February 24, 2024 from 11:00am to 1:00pm

519 Teller Street, Unit 7 Open Houses

  • February 21, 2024 from 12:00 pm to 2:00 pm
  • February 24, 2024 from 11:00 am to 1:00 pm

Sale and Housing Lottery Details

These two units will be listed for sale from February 16-27, and a completed Summit County Housing Authority (SCHA) application is due by noon on February 27 from all interested buyers.

The Town of Frisco is working in cooperation with the Summit Combined Housing Authority (SCHA) and Omni Real Estate to administer a housing lottery system to select potential buyers for these two units, and both units will have individual lotteries to select qualified applicants who will then, based on selection order, have an opportunity to purchase the unit, for which they submitted an application.

Both units are deed restricted with the qualifying household income not to exceed 100% of Summit County’s Area Median Income (AMI), and as an example, a 100% AMI restriction currently allows for a $99,800 income for a 3-person household. The deed restriction also requires that the units to be occupied by a person who at the time of purchase of a unit, and at all times during ownership or occupancy of the property, earns his or her living from a business operating within one mile of the Ten Mile Basin within Summit County, by working at such business an average of at least 30 hours per week on an annual basis. The qualifying area basically includes Copper; Frisco, including the hospital, County Commons, and the middle school; areas of Dillon; and Farmer’s Corner, including the high school. 

Map of Ten Mile Basin with One Mile Buffer

Housing Application Details

The Summit County Housing Authority application is due by noon on February 27, 2024. Applicants should prepare in advance to fill out the application.

  • Applicants are encouraged to investigate the SCHA downpayment assistance program.
  • Begin preparing all required information needed to apply:
    • A Verification of employment form (filled out by your supervisor or HR representative) for all W-2 wage employment, including seasonal jobs. The VOEs are valid for 60 days from the time of signing, at which time a new form will need to be completed.
    • Two most recent paystubs for all current jobs, including any seasonal jobs
    • Two most recent years of Federal tax returns (personal and business returns, if applicable) including all forms/schedules filed with the IRS (for employment and income applications)
    • All W-2s for current employers and/or all W-2s that contributed to most recent Federal 1040 tax returns (for employment & income applications)
    • If self-employed or a contractor, information relative to your business and services/goods offered; application will guide you through required self-employment information
    • 1099 tax documents if you are contract worker, or if you had any unemployment income (for employment and income applications)
    • An unexpired first-time homebuyer class certificate or proof of registration in a homebuyer education class (first-time homebuyers only). Class registration information is available through SCHA.
    • Pre-qualification letter from a mortgage lender or documentation of source of funds; pre-approval letter is recommended, but SCHA will also accept a prequalification letter. If not using a lender, other documentation of the source of the purchasing funds will be required, and SCHA should be contacted for details.

More Options for Housing Helps Beyond These Currently For-Sale Units

The Town of Frisco used the Housing Helps program to buydown the two units currently being made available for sale, but there are other options in this program beyond buying one of these two units,  where the Town of Frisco provides cash for a deed restriction in order to incentivize buyers and current homeowners to deed restrict their properties to maintain and sustain homes for locals working in the community. The Town in turn pays buyers, businesses, current property owners, and investors to accept a deed restriction on homes that are currently without a deed restriction. 

What Kind of Deed Restriction Under Frisco’s Housing Helps Program?

  • The most flexible type- recipients of Housing Helps assistance are required to execute an occupancy-only deed restriction, where occupants (owners or renters) must work at least 30 hours a week at businesses within one mile of the Ten Mile Basin- basically Copper, Frisco (including the hospital, County Commons, and the middle school), parts of Dillon and Farmer’s Corner (including the high school). 
  • There are often no income caps, no price appreciation caps, and no household size requirements as part of this occupancy-only deed restriction.  The exception to this is when the Town purchases a unit for resale, as they have with the two units currently for sale, and makes the decision to apply an appreciation and AMI cap.

How Much Cash Assistance Under Frisco’s Housing Helps Program?

  • Usually 10-15% of the value of the property- The Town estimates that the value of the deed restriction will likely be in the range of 10-15% of the market value of the property.
  • The amount paid for a deed restriction will vary depending on the market and how well the home meets the current needs in the community.
  • Participants may use Frisco Housing Helps funds for anything, including using it as part of their down payment.

The Six Frisco Housing Helps Options

  • Option 1: Town purchases a deed restriction from a new homebuyer who can use that cash assistance for anything, including as down payment assistance. Buyers may include businesses or investors who want to rent their properties to occupants who work at least 30 hours a week at businesses within one mile of the Ten Mile Basin.
  • Option 2: Town purchases a deed restriction from a current property owner (including businesses and developers) and then this property has a deed restriction that limits occupancy to local workforce community members who work at least 30 hours a week at businesses within one mile of the Ten Mile Basin.
  • Option 3: Town purchases a market rate or existing deed restricted housing unit and resells the property with a deed restriction limiting occupancy to local workforce community members. Income caps, price appreciation caps, and/or household size limits may be imposed at the discretion of the Town if the property is purchased by the Town.
  • Option 4: Town provides financial assistance to a current property owner to construct an accessory dwelling unit that is deed restricted to local workforce community members who work at least 30 hours a week at businesses within one mile of the Ten Mile Basin.
  • Option 5: Town partners with Summit County to purchase a deed restriction from a current property owner (including businesses and developers) that limits occupancy to local workforce community members with no income cap, price appreciation cap, or household size requirement.
  • Option 6: Town can purchase a deed restriction from the current property owner who has lived in the property as a principal residence for at least the previous seven years. The restrictions limiting occupancy to local workforce community members would no longer apply, but requirements such as income work/live requirements (work more than 30 hours per week in the area) would apply to the next owner. This allows someone who is retired to place a deed restriction on their home for the next owner and still live in that home while retired.

Find Out More About Frisco’s Housing Helps Program

Find out more about the many options available in Frisco’s Housing Helps program.