Snowmass history: Housing issues 1980s style |

Snowmass history: Housing issues 1980s style

One b/w photograph of Snowmass Village, showing the Snowmass Golf Club townhomes and golf course. This image is in the Aspen Times on May 1, 1986; pg. 27B. It was part of a story relating to waiving guidelines for the housing. The ditch which later became a trail above the road can also be seen.
Aspen Historical Society; Aspen Times Collection

“Snowmass housing faculty is asked to waive guidelines” reported The Aspen Times on May 1, 1986. “The sale of employee housing units on the free market was a topic of discussion at a meeting of the Snowmass Village Housing Authority. The owner of a country Club Townhome this week appeared before the Snowmass Village Housing Authority to explain why he felt the board should waive the PMH (permanently moderated housing) guidelines on his 3-bedroom, 21/2 bath condominium. … The couple first purchased the unit in 1981, during a period of escalated interest rates. They accepted an adjustable rate mortgage financing program, called ‘Sundial’ mortgages. The Sundial plan, which was set up through the Housing Authority, featured balloon payments and five-year interest deferments. … The PMH guidelines for the properties in question have not in the past been waived. There are a total of 12 employee units in the Country Club Townhomes. … It was resolved that the council will look into alternative and ‘creative’ means of financing and refinancing, and will settle the Lerch matter at a later date.”