Resale Housing Lottery Procedures Sample Clauses

Resale Housing Lottery Procedures. The Town of Vail Housing Department will conduct a resale lottery drawing. The resale lottery drawing will be conducted within sixteen (16) business days of the Employee Housing Unit being advertised for sale. During this time period, the Town shall publically announce the time, date and location of the lottery drawing and the maximum resale price of the unit. In addition, the Town will host a minimum of two (2) open houses to allow opportunity for potentially interested parties to view the unit available for resale. Resale Lottery Application Forms are due seven (7) business days prior to the date of the resale lottery drawing. Upon receipt of the Resale Lottery Application Forms, the town staff will verify basic eligibility of each applicant and publish a final list of Qualified Applicants two (2) business days prior to the resale lottery drawing date. A Qualified Applicant shall be defined as a person that meets the minimum lottery participation criteria. Minimum lottery participation criteria and basic eligibility includes: • Completed and signed a Resale Lottery Application Form • A pre-qualification letter from a mortgage lender demonstrating financial ability to purchase the Employee Housing Unit, if selected • Verification of successful completion of a Town of Vail approved homebuyer education class or signed acknowledgement of intent to do so within six months of the resale lottery drawing date. Each Qualified Applicant shall receive a minimum of one lottery ticket for entry into the resale lottery drawing. Additional lottery tickets shall be awarded, up to a maximum of five (5) total, based upon the following criteria:  Meet minimum lottery participation criteria = 1 lottery ticket  Vail resident = 1 lottery ticket  Vail resident for equal to or greater than 5 years = 1 lottery ticket  Employed in Vail = 1 lottery ticket  Employed in Vail for equal to or greater than 5 years =1 lottery ticket Maximum Total: 5 lottery tickets If the winner of the lottery does not proceed to contract within three (3) business days after notification, the next in line will be notified and so on, until the unit is under contract for purchase. Back-up contracts in the priority order set forth in the lottery will be accepted. Any misrepresentation by an applicant in submittal material shall disqualify the applicant from purchasing an Employee Housing Unit.
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