Mountain Boards Endorse Polis Condo Financing bill for Locals

Date: Jul. 2nd, 2012
Contact: Ryan Sondrup Phone: 720-989-8796

News from the mountain resorts: Recently the Summit Association of Realtors released an update on condo financing as it relates to the resort communities.  The topic have condo financing has been an important issue relating to the current state of the resort and second home market. 

The Glenwood, Steamboat, Summit and Vail REALTOR® associations have endorsed Representative Jared Polis (D-Boulder) bill that would ease condo financing restrictions for locals in a resort area. The bill exempt locals who want to purchase a condominium as a primary residence in a resort area from traditional condo regulations. Key points include an increase in allowance of commercial square footage from around 20% to 50% in a mixed use development. The owner occupancy rate is changed to a 25% requirement rather than 50%. Also under the bill short term rentals are allowed within the project, and a front desk is not a reason to deny a loan. While the bill is not expected to go anywhere this year. The REALTOR® associations hope the bill will serve as a dialogue for broader and comprehensive condominium financing reform next year when Congress is expected to begin a major housing reform bill. Polis is expected to introduce the bill on July 21st in Summit County.

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