The city of Steamboat Springs has officially launched its deed-restriction purchase program, Home Base Steamboat, with applications open on a first-come, first-served basis through October until all funds are committed, according to a statement released Tuesday.

The Steamboat Springs City Council initially approved the pilot program in the early spring, allocating $3 million in short-term rental tax revenue to support local residents seeking to be homeowners. The city is leaning on the Yampa Valley Housing Authority as the primary administrator of the initiative.

Participants purchase a qualifying home within Steamboat Springs city limits and can choose from two deed-restriction categories. The city provides funding at closing that can be used toward a down payment, closing costs or other purchase-related expenses.

The first category is a local-employment deed restriction that requires the owner — or in some cases, tenants — to be members of the local workforce for the long term, while the second is a price-capped restriction that not only ties occupancy to local workers but also limits future resale prices through formulas specified in the new Affordable Housing Guidelines council adopted alongside the program. 

For the local-employment restriction, the city would provide a 15% buydown with a maximum subsidy of $150,000, while for the price‑capped restriction, the buydown is 20% with a maximum subsidy of $250,000.

Unlike typical affordable housing programs, the program does not include income requirements. Qualifying participants must instead work an average of at least 30 hours per week year-round for a business with a physical presence in Routt County or be retired from a qualifying local job, and cannot own any other residential property.

“This program works to make ownership possible for local workers who keep Steamboat Springs running every day,” said Principal Planner Brad Calvert in the statement. “By creating flexible pathways to ownership, we can help local employees and their families find housing that meets their needs at prices they can afford, creating opportunities to remain in the community long term.”

To learn more about Home Base Steamboat, visit steamboatsprings.net/1535/Housing. To fill out the pre-screening form, visit tinyurl.com/8y5jauau.