HomeMy WebLinkAboutordinance.council.079-81FOR~ 5~ C.F. HOECKE[ B. B. & L. CO.
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ORDINANCE NO.i~8~
(Series of )
AN ORDINANCE ESTABLISHING 1982 QUALIFICATIONS AND
GUIDELINES FOR LOW, MODERATE AND MIDDLE INCOME
OWNERSHIP AND RENTAL OF EMPLOYEE HOUSING ~ITS
WHEREAS, within the provisons of Section 24-±l.4(b)(4)(aa) of
the Municipal Code of the City of Aspen, as amended, housing
income-eligibility guidelines and housing price guidelines are to
be established by the City Council, and
WHEREAS, recommendations have been made to the City Council
with respect to the establishment of employee housing income-eli-
gibility guidelines and housing price guidelines for the year 1982
which are consistent with the guidelines in effect for the County
of Pitkin, and
WHEREAS, for the purpose of establishing uniform employee
housin9 income-eligibility guidelines and housing price guidelines
for both the City and County and in anticipation oJ the creation
of a 3oint City/County Housing Office, the City Council desires to
adopt those guidelines set forth below.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITYOF ASPEN, COLORADO~
Section 1
That the following shall constitute the City of Aspen's 1982
employee housing income-eligibility guidelines for low, moderate
and middle income employee housin~ units l%cated within the City
of Aspen: /
i. Persons shall not exceed the/~ollowing maximum combined
(family) household income per year (l.'~ss alimony and child support
payments paid)
INCOME RANGE
Studio
i Bedroom
2 Bedroom
3 or 4 Bedroom
LOW MODERATE MIDDLE
0-9,350
0-13,420
0-19,800
0-23,925
8,50g~13,750
i2,200-20,625
18,000-27,500
21,750-36,025
12,500-27,500
18,750-31,350
25,000-48,400
32,750-63,800
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2. Applicants of 62 years of age or greater shall be
reviewed according to the current income and residency guidelines
for senior citizens adopted annually by the City Council.
3. Household assets shall not exceed 150% of the purchase
price of the unit. Assets shall include all fixed and liquid
assets, excluding personal effects. Assets shall include all pro-
fessional and business equity for both self-employed persons and
investors. If there remain unsold units within a project, the
150% asset maximum may be increased by 25% increments not to
exceed 200% of sale price until all units are sold.
4. All persons shall be residents and employees in Pitkin
County and shall receive priority according to the following
schedule:
(a) Residents of five (5) or more years with a minimum
occupancy of one resident per bedroom.
(b) Two (2) to five (5) years residency with minimum
occupancy.
(c) Two (2) or more years of residency without minimum
occupancy.
(d) Fewer than two (2) years of residency with minimum
occupancy.
If there remain unsold units within a project, the two year
period may be reduced by six (6) month intervals until all units
are sold. For the purpose of this section, minimum occupancy is
defined as one person (with an ownership interest, or party to a
lease if a rental project) per bedroom, and maximum occupancy is
defined as not exceeding two persons (each with an ownership
interest or party to a lease if a rental project) per bedroom.
The minor children of a person with an ownership interest (or
party to a lease if a rental project) is granted the same status
as his or her parent for the purposes of this section.
FORM EO C.F. HOECKEL B. B. & L. CO.
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For the pUrpose of assigning priority, the highest number of
years of residency held by a spouse, any person acquirin9 an own-
ership interest, or signing a lease (if a rental projeCt) will
determine into which category the applicants will be assigned.
The period of residency need not be continuous and need not
be in~nediately prior to the date of application.
5. Persons who work in the County full time but live out-
side the County shall be considered residents.
6. Ali persons shall be full time employees from the date
o~ occupancy; provided that this requirement shall not apply to
spouses (and intended spouses) of current owners and persons
sixty-two (62) years of age and older.
7. The following shall have preference and en]oy such in
the following priority;
(a) Persons with an ownership interest (joint or ten-
ants in color,non) in the unit provided that they have
lived in the unit for at least one (1) year prior
to conveyance. This section shall not apply when
the sale of one owner's interest to another is an
exempt transfer under the resale agreement. The
purchase price for this interest must be equal to
or greater than all other bids offered (but not
exceeding the maximum appreciation).
(b) Person(s) chosen by the remaining owner(s) to pur-
chase the interest of another owner provided that
he (they) make a bid equal to or greater than all
other bids received (not exceeding the maximum
appreciation) and all owners (subsequent to sale)
will meet all current qualifications ~or a house-
hold.
(c) Spouses and intended spouses of current owners.
(Assurances may be required of an intended marriage
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(e)
8 · Debt
as follows:
and require the intended spouse to relinquish his
or her interest in a unit if the marriage does not
occur. )
Any owners of housing under a County Resale Agree-
ment specifically giving the owner a priority over
other applicants for employee housing units within
the City.
Those applicants who have been tenants on the site
of a new employee housing project and shall be dis-
placed due to the construction of the new project
or the conversion of an existing project, provided
that:
1) The tenants have lived on the site or in the
units for a minimum of six (6) months before
the starting date of construction, conversion~
or approval for conversion;
2) The tenants meet ali other qualifications per-
taining to the project.
/income ratios, incuding all liabilities, shall be
31-34% of total income allocated for servicing housing
debt and related obligations/
38-41% of total income for ali serviceable debt and
obligations which includes current obligations added to
loan liability for the purpose of calculating and
adjusting the MiniIaum Required Household Income
(M.R.H.I.) .
9. Unless specifically exempted by these 9uidelines, all
persons having an ownership interest shall meet these qualifica-
tions and all units shall be owner-occupied. Joint tenancy and
tenancy in common shall be permitted with other forms of' joint
ownership permitted only on special review of the City of Aspen.
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FORM 50 C, F, HOECXEL B. B. 8( L. CO.
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10. Ali transactions regarding the conveyance of any of
these types of unit shall be sub3ect to the Resale Agreement.
11. For the purpose of applying these guidelines:
(a) Assets and equity shall De defined in accordance
with Federal Tax regulations concernin9 property,
bonds~ interest, etc. Income is Adjusted Gross
Income as defined in Internal Revenue Service
(I.R.S.) regulations.
(b) Proof of residency and employment shall consist
(c)
(d)
of;
(1)
Employee verification - (W-2 income, Federal
Tax return forms 1040/1040A for financial
information) .
(2) Employer verification.
(3) Landlord verification (proof of residency,
physical address).
(4) *Valid Colorado Driver's License (address,
issue date).
(5) *Post Office Box.
(6) *'i'elephone (date of installation, person
listed to).
(7) *Vehicle insurance and registration.
(8) *Voter registration.
Employment and residency shall be averaged for a
minimum requirement of nine (9) months employment
and residency. (Thirty (30) hours per week divided
by forty (40) hours/full time week = 75%; 12 months
x 75% = 9 months).
Applicants shall be reviewed according to the fol-
lowing financial criteria;
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(1) Applicant must provide two (2) years of
Federal tax returns and income statement and
balance sheet.
(2) No greater than a 20% discrepancy will be
accepted between income reported on tax
returns and current income statement, without
thorough documentation of the discrepancy due
to wage. increase, change in positions, etc.
: (3) Co-signers will be approved for ownership
projects provided that the co-signer is either
related to the purchaser or is an employer of
the purchaser and is not liable for more than
twenty (20%) percent of the monthly payments
required to amortize the mortgage.
*Optional methods.
Section 2
The following shall constitute the City of Aspen's employee
housing price guidelines for sale and rental of low, moderate and
middle income employee housing units located within the City of
Aspen:
INCOME AND PRICE GUIDELINES - 1982
INCOME RANGE LOW MODERATE MIDDLE
Studio
1 Bedroom
2 Bedroom
3 or 4 Bedroom
0-9,350
0-13,420
0-19,800
0-23,925
8,500-13,750
12,200-20,625
18,000-27,500
21,750-36,025
12,500-27,500
18,750-31,350
25,000-48,400
32,750-63,800
....... L'OW ........ MODERATE
MIDDLE
COnstructed Units
(allowed price
per square foot)
Salesl~
Rentalz,3
$54 $68 $83
.47 .58 .75
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FORM 50 C, F. HOECKEL B. b. & L. CD.
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Studios:
71 Bedroom:
2 Bedroom:
3 and 4 Bedroom:
MINIMUM/MAXIMUM SQUARE FEET:
300-600 Sq. Ft.
500-800 Sq. Ft.
700-1100 Sq. Ft.
1000-1300 Sq. Ft.
NOTES:
1 and 2
Square foot allowance is calculated on living area only.
Rental rates round to nearest $5. Sale prices rounded
to nearest $100.
3Rental prices include all common utilities.
Section 4
The employee housing income-eligibility guidelines and hous-
ing price guidelines set forth above shall apply to all units deed
restricted to employee housing units after the effective date of
this ordinance. All employee housing units approved prior to
the effective date of this ordinance shall be allowed to.adjust
their rental rates and/or sales prices consistent with the guide-
lines contained in this ordinance and consistent with any subsequent
guidelines adopted by the City of Aspen provided, however, that
in no case shall any previously deed restricted employee unit be
required to reduce its rental rate or sales price in the event
said guidelines are decreased.
Section 5
If any section, subsection, sentence, clause, phrase or
portion of this Ordinance is for any reason held ~invalid or
unconstitutional by any court of competent jurisdiction, such
portion shall be deemed a separate, distinct and independent
provision and such holding shall not affect the validity of the
remaining portions thereof.
Section 6
A public hearing on the ordinance shall be held on the ~3
day of , 1981, at 5:00 P.M. in
the City Council Chambers, Aspen City Hall, Aspen, Colorado.
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INTRODUCED, READ AND ORDERED published as provided by law
by the City Council of the City of Aspen, Colorado, on the
ATTEST:
Kathryn S~ Koch~, City Clerk
FINALLY adopted, passed and approved on the .
~ , 1981.
day of
He~fan Edel, Mayor
ATTEST:
~ORM 5O C.F. HO£CK~L B. D, & C.
RECORD OF PROCEEDINGS
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STATE OF COLORADO )
) ss
COUNTY OF PITKIN )
C~.,N.fFICATE
I, Kathryn S. Koch, City Clerk of Aspen, Colorado,
do hereby certify that the above and. foregoing ordinance was
introduced, read in full, and passed on .=m~ci~-~
rea~ding am 'a regular meeting of the City Council of the
g. mne~ a weekly newspaper of general circul-
in the Aspen ~ ~ ~
ahion, published :Ln %he City of Aspen, Colorado, in i~.s
issue of
, ].9 ___, and was finally adopted
and apnrn~red ah a regular
. . . . ~. ....... :L~,g of the City Council on
Ordinanc-~, . ... 1o. .~ .... , Series of 19.~/, of said ~""'.~,.,, as
.law.
IN l..~z.~i~bb WHEREOF, I have hereunto set my !.,~.~.:~ and
tile seal of said City of Aspen, Colorado, this _ ~_~
day o~ ~~.y~.~,__. 19~.
-. .....
De~utv ..A~y Clerk