Pulses quicken as Glenwood housing lottery nears | AspenTimes.com

Pulses quicken as Glenwood housing lottery nears

Dennis WebbGlenwood Springs correspondent

Someone’s dream of owning a home in Glenwood Springs could come true Monday when the city holds its first affordable housing lottery.Five applicants are vying for the chance to buy a new three-bedroom, two-bath townhome for $177,646.The drawing will be held in City Council chambers at City Hall. Jill Peterson, a city planner, said a ball with a number assigned to each applicant will be picked out of a bingo cage.All the balls will be drawn so that the city can continue down the list of applicants if the winner ends up not being able to purchase the home. All five had to submit a letter of prequalification from a lender to be eligible.Peterson said more people had expressed interest in participating in the lottery, but didn’t meet all the criteria for eligibility.Applicants, with some disability and retiree exceptions, must be full-time employees of a Glenwood business, with an annual income of no more than $35,400 for a one-person household or $40,450 for a two-person household. However, the city is looking at raising the income caps for future lotteries.”We want to be sure and increase the number of people that are eligible,” Peterson said.Despite the high prices for housing in town, the city ended up last year with only one eligible applicant for the first unit to become available under its affordable housing program, eliminating the need to hold a lottery.The units are made available under a city regulation requiring developers of new subdivisions and multifamily housing projects to provide 15 percent of their units as housing that will be sold at below-market rates.The townhome now being sold is located at 107 White Horse Place near Cowdin and Overlin drives north of Veltus Park.Peterson said applicants who don’t win Monday’s lottery can ask to be kept on the city’s list for future units, and can have their prequalification letters updated as needed. Two more units will be made available later in the Overlin Park project. Also, two are planned at the Timber Creek townhomes next to the U.S. Postal Service distribution center on Center Drive in West Glenwood, and another is planned for a townhome project on Bennett Avenue.The city provides updates on its affordable housing program at its website, http://www.ci.glenwood-springs.co.us.