Frequently Asked Questions
1. What does Deed Restricted mean for the 8th street houses? It means that the Deed you receive when you purchase the property has certain restriction on it. For instance, when you decide you would like to sell your unit, the profit you can make on the sale has a cap, and the new buyer has to meet the same purchasing guidelines as you did.
2. What does the HOA Cover? Sidewalks and snow shoveling, landscaping, covered parking, exterior of building including roof/ paint/ windows, snow removal for parking and any open spaces. The easy way to look at it is “Walls out” – so everything from the exterior walls out. You cover everything from the walls in.
3. What does AMI mean and how do I know if I qualify? Is the Area Median Income limits. Your income has to fall under a maximum amount in order to qualify. The 2024 AMI for Moffat County is $66,000, which is also adjusted by household size & 140 %. This gives a single buyer a maximum of $92,400 or less yearly income.
4. Who can I use as my Realtor? Any Colorado Licensed Realtor can be used. We highly suggest you reach out to an Agent who is familiar with Moffat County, Deed Restrictions and can answer all your questions about the property. An agent who is not familiar with our area or working with Deed Restrictions and AMI may have difficulty representing you properly.
5. Do I still gain equity in this home? You can absolutely gain equity, however when you are ready to sell, your buyer must qualify under the same guidelines that you qualified under, which does impact the amount of gain.
If so, How? If the value of your unit has risen sufficiently that a buyer who meets the AMI guidelines that you qualified under would not be able to purchase it, then the unit price may have to be dropped some so that a buyer can qualify.
6. How do I qualify? There are 3 lenders who have been working with CHA and the City to put together guidelines that not only allow a larger group of people to qualify, but will also meet lending requirements. Any lender who understands the AMI restrictions and Deed Restrictions can do the loan, but you must have a pre-qualification letter with a lender who has processed your loan under the eligibility requirements. The 3 lenders who completely understand this process and are familiar and current with the 8th Street Project are:
Kathryn Pedersen - Guild Mortgage - 970.846.2245 kathryn.pedersen@ccm.com
Mary Beth Anders - Yampa Valley Bank - 970.824.0412 manders@yampavalleybank.com
Desiree Hope - Bank of Colorado - 970.826.2067 desiree.hope@bankofcolorado.com
Additional Information
“I was told these were expensive.” Well, to put the prices into perspective, the actual cost to build the 2 bedroom units was $242.19/square foot. That makes the actual cost $534,528. They are selling for $279,000 because of grants and extra subsidies from other places, so you are saving a HUGE amount of money for brand new construction! The 3 bedroom cost is $240.50/square foot making them $634,752. These are selling for $329,000! There is no where in Craig to purchase new construction anywhere near these prices.
Are they selling? As of right now there are 2 units fully under contract. Of the remaining units, you get to pick which one you would like to purchase – NICE! As these begin to sell out, you may not have quite the same selection that you have now.
Can I rent one of the vacant units? These units ARE NOT for rent. They are for purchase only. They also may not be purchased by investors, flippers or single parties who would use them for rentals or VRBO’s etc. The person(s) who qualified to purchase the unit must live in the unit, and there are no exceptions to that. Your neighbors will all be owners just like you.
Where are the carports? The carports will be arriving around the 1st of November. If the weather holds, they will fully installed by the end of the year. If the weather does not permit the installation, they will be completed as soon as is possible in the spring of 2025. Each unit has 2 designated parking places right behind your unit.
Is there landscaping? Yes! The City of Craig currently is taking bids from landscapers to do the job. If you or someone you knows would like to submit a bid for landscaping, call the City and talk to Shannon Scott.
Can I make too much to buy a unit. Yes, that is a possibility. You could also make too little. That is where a lender comes in who understands the qualification to purchase and can guide you.
Can I paint inside the unit, install an island or upgrade items. Yes! These are your own private homes. You can make them yours. You must have permission from the HOA to tear out walls or do ‘construction’ or major renovations. Outside of that, move in and make them yours.
Is there landscaping in the back yard? Nope, the back yard is yours to do with what you wish. If you want a lawn, concrete, gravel or xeriscape, it is up to you. You can install a firepit, lights and lawn chairs or a swing set, slide and astroturf. You get to design and finish it as your budget will allow.
