Ullr buyers will write checks soon
May 14, 2003
Employers interested in buying into the Ullr Lodge employer-sponsored affordable housing project were provided with specific details about the project yesterday.
One question, though, has yet to be answered: Will the available 27 units be enough to satisfy demand?
“There doesn’t seem like there’s going to be enough units to satisfy everybody here,” one attendee at Tuesday’s meeting observed.
“All you need to do is look around the room – you need to get another project going,” said another.
Employers interested in buying one or more units (five is the limit) at the Ullr were informed they must meet various deadlines in order to qualify to buy into the project, being coordinated by Carbondale Affordable Housing Corp.
First, employers were asked to complete “profile” sheets, available through CAHC or the Aspen housing office, and return them to CAHC before Sept. 1. On Sept. 3, CAHC will send letters of invitation to all the employers who returned profiles. The invitations will include a copy of a reservation agreement, which must be signed and sent back to CAHC prior to Sept. 17, along with a down-payment check for a unit. CAHC will then assign Ullr units to employers, based on interest and availability.
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Employers in attendance yesterday were presented with the schedule of deadlines, a draft copy of the reservation agreement, and a list of proposed covenants which will serve as the governing rules for landlords and tenants of the project.
“Our objective is to find the common ground” between the housing guidelines and the employer objectives, said Katie Updike of the Marble-based Building Solutions and a consultant for CAHC.
“We may lose one or more of you because you don’t want to live with collective rules,” Updike added. “But the fine tuning [of the rules] will be done by the employers who become the investors.”
The present covenants cover such issues as employee status, maximum income per tenant, maximum rent, maximum occupancy, seasonal leases, early lease termination and appreciation caps, among others. Several of the rules raised concerns among prospective buyers – particularly the price caps on multitenant units and how to handle a lease when an employee quits.
“The rules in their present form should be seen as a draft outline,” said CAHC Director Joede Schoeberlein. “They will be refined based on the very specific needs of the employers involved. It’s all going to depend on who gets involved.”
The Ullr, located on Main Street, has 27 available units: 10 small “lodge” units, one studio, six one-bedroom units, nine two-bedroom units and one three-bedroom unit. Tentative prices for the units are: lodge, $70,000; studio, $125,000; one-bedroom, $135,000; and two-bedroom, $195,000.