Local Employee Residence Program

For more information about the program, please contact:
The Valley Home Store
25 Mill Loft St. Suite 200
Edwards, CO 81632
Phone: 970-328-8775
Fax: 970-328-8782 Fax
Valley Home Store Website

Overview
The Town of Eagle recognizes that affordable housing is a valuable community resource that needs to remain available not only for current residents and employees, but also for those who may move to our Town. For this reason, in the fall 2002, the Town adopted inclusionary residential requirements for local employee residency, titled “Local Employee Residency Program" (“LERP”). The program officially began in January 2004.

Local Employee Residency Program

The purpose of the Local Employee Residency Program for the Town of Eagle is to increase the supply of housing that is affordable to those who live and/or work in the Town. However, this program does not exclude those who live and/or work elsewhere. In recent years, the cost of housing has increased at a rate that is faster than the increases in the earnings of low to moderate-income households. This, in turn has affected the ability of the community to retain and attract employees.

The Town of Eagle Local Employee Residency Program requires new residential development of 10 (10) or more units to provide at least 10% of the housing that it produces as affordable to households defined herein. The program also seeks to distribute community housing throughout new developments and that these units will be produced in proportion to market rate housing that is constructed in any new development. The units will be subject to an appreciation cap and specific resale procedures, both intended to make the initial price as low as possible and keep it that way well into the future.

The program has created a total of 33 constructed units throughout town, which include single family homes, town homes and condominiums.

Program Requirements

  • You must be a current resident of the Town of Eagle or Eagle County, or currently employed within the Town of Eagle or Eagle County to purchase a unit. You will be required to present proof of your residency and employment. Persons neither, residing or employed within the Town of Eagle or Eagle County are eligible for the program only after a Local Employee Residence has been on the market for a least thirty (30) days. Employment includes both retired and disabled persons.
  • It is the clear preference of this program to first provide affordable units to those persons that are both full-time employees and residents in the Town of Eagle.
  • You must apply to the Town and be certified in order to be eligible to purchase a unit.
  • You must be pre-qualified with a mortgage lender, and provide the Town of Eagle with a letter from the lender to that effect at the time of application.
  • You must occupy the property as your sole, exclusive, and permanent place of residence during the entire time you own.
  • The property may not be used for rental income unless:
    • You choose to bring in roommates
    • You’re moving and you have the property up for sale
    • You’re leaving the area for up to 9 (9) months and plan to return to the property
    • You have constructed an Accessory Dwelling Unit pursuant to the Town of Eagle Land Use Code.
    • The units will be subject to an appreciation cap and specific resale procedures, both intended to make the initial price as low as possible and keep it that way well into the future.
For more detailed information view the Program Guidelines.

Deed Restrictions

In order to assure that there is an on-going supply of housing that is affordable in the Town all Local Employee Residency Units carry a deed restriction including a resale restriction that guides the future sales of these homes.

Each purchaser(s) must sign a document acknowledging their agreement to be bound by the recorded deed restriction. The deed restriction describes procedures for listing a home for-sale, an appreciation cap that allows the home to increase in value by the lesser of the Denver-Boulder CPI-U or 3% annually, plus permitted capital improvements.

Eagle Ranch Housing Corporation
In addition to the Local Employee Residency Program, the Town of Eagle required a housing program to be established with the Eagle Ranch Planned Unit Development, which is run by the Eagle Ranch Housing Corporation. This program has created a total of 61 constructed units throughout town, which include single family homes, town homes and condominiums.

Accessory Dwelling Units (ADUs)

Lastly, in 2000, the Town changed its zoning standards to permit accessory dwelling units (“ADUs”) in all residential zoned districts as a measure to increase the supply of rental housing available in the area. Anecdotally, the Town believes that ADU’s are being rented as workforce housing units. To date, the Town estimates that there are approximately 88 constructed and occupied ADU’s in the Town.