Council approves new cap for ¡Mi Casa Avon!
Community Housing Program
Avon’s deed restriction program provides financial assistance to local homebuyers
Avon is pleased to announce that on Tuesday, March 23rd, the Avon Town Council approved a new cap of $100,000 for the ¡Mi Casa Avon! deed restriction purchase program. The program was approved by the Avon Town Council last spring and after several successful purchases in 2020, was renewed with additional funding for 2021.
Town Staff recommended that Council increase the maximum funding amount per deed restriction from $75,000 to $100,000 due to the very limited inventory and strong seller’s market.
Home buyers may apply for up to 12% in Town Community Housing funds to assist with the purchase of a residence in Avon. The Community Housing funds are provided at closing in the form of the Town purchasing a permanent community housing deed restriction on the residential property. The $100,000 cap will provide a 12% match for a $833,333 purchase. The previous $75,000 maximum matching funds provided a 12% match for a $625,000 purchase.
The deed restriction limits the use of the residence to full-time primary residence for the Buyer during the first three years and then to employees in Eagle County after the first three years. The deed restriction does not limit or restrict the resale price of the residence.
Funds are still available, so we encourage anyone who wants to call Avon home to apply.
For more information about the ¡Mi Casa Avon! program, please visit www.avon.org/micasaavon.