HomeMy WebLinkAbout2025-51A Resolution of the Vail Town Council Committing $3,000,000.00 to Habitat for Humanity Vail Valley towards the Purchase of Homes in Timber Ridge Phase II1
10/16/2025
C:\USERS\ABENGTSON\ONEDRIVE - TOWN OF VAIL\BENGTSON, ANNA\PROJECTS\TIMBER RIDGE\HABITAT FOR
HUMANITY\TR HABITAT SALES-R101625 VAB.DOCX
RESOLUTION NO. 51
SERIES 2025
A RESOLUTION OF THE VAIL TOWN COUNCIL COMMITTING
$3,000,000 TO HABITAT FOR HUMANITY VAIL VALLEY TOWARDS
THE PURCHASE OF HOMES IN TIMBER RIDGE PHASE ll
WHEREAS, the availability and affordability of both rental and home ownership
remains the most critical issue facing the Town and the entire Eagle River Valley;
WHEREAS, since its inception in 1995, Habitat for Humanity Vail Valley ("Habitat")
has built and financed over 125 homes for families in the valley earning at or below 80%
Area Median Income ("AMI");
WHEREAS, Habitat recognizes the potential of providing incremental affordable
homeownership opportunities for hardworking locals beyond just building houses – by
way of financing non-Habitat constructed homes with its zero percent loan program;
WHEREAS, Habitat has demonstrated its ability to bring together partnerships,
collaboration and innovative thinking and sees Timber Ridge as an opportunity to serve
families within the Town by continuing the zero interest loan program;
WHEREAS, Habitat is in the process of completing a 3-year, $18,000,000
investment in 46 homeownership opportunities, doubling its impact;
WHEREAS, Habitat homeowners are educators, law enforcement officers,
tradespeople, as well as healthcare, grocery store and resort employees who make the
Town and greater Eagle County vibrant places to live;
WHEREAS, the Town previously committed $2,000,000 towards Habitat’s
inaugural mortgage lending pilot program at the Timber Ridge Phase II development,
which allowed Habitat to issue zero-interest mortgages affordable to qualified buyers
earning under 80% of AMI and deed restrict the property to ensure its affordability in
perpetuity; and
WHEREAS, the Town wishes to commit an additional $3,000,000 to allow an
additional 10 homes to be eligible for Habitat's zero-interest mortgage at Timber Ridge
Phase II.
NOW THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF VAIL:
Section 1. The Town Council hereby commits $3,000,000 to allow an additional
10 homes to be eligible for Habitat's zero-interest mortgage program at Timber Ridge
Phase II to qualified buyers earning under 80% of AMI.
Section 2. This Resolution shall take effect immediately upon its passage.
2
10/16/2025
C:\USERS\ABENGTSON\ONEDRIVE - TOWN OF VAIL\BENGTSON, ANNA\PROJECTS\TIMBER RIDGE\HABITAT FOR
HUMANITY\TR HABITAT SALES-R101625 VAB.DOCX
INTRODUCED, READ, APPROVED AND ADOPTED THIS 21st day of October,
2025.
______________________________
Travis Coggin, Mayor
ATTEST:
____________________________
Stephanie Kauffman, Town Clerk