APCHA launches pilot rightsizing program
Goal is to optimize the use of affordable housing inventory
Aspen, Colorado – May 11, 2023 – The Aspen-Pitkin County Housing Authority is launching a home Rightsizing Pilot Program for those living in deed-restricted housing who want to swap units based on need.
The program, which will launch on Monday, May 15, is strictly voluntary. It allows for the purchase and sale of deed-restricted properties between two owners as co-applicants to increase the number of bedrooms available to a qualified owner of a smaller property and decrease the number of bedrooms available to the owner of a larger property.
The APCHA Board decided that it is in the best interests of the affordable housing program to authorize a Rightsizing Program to determine if it would improve maximum utilization of deed-restricted ownership units by matching household sizes and bedroom numbers to reflect the changes that occur in family size over time.
“Based on a survey conducted in 2022 of owners in the APCHA program, we believe there is interest,” said Matthew Gillen, Executive Director of APCHA. “The goal of rightsizing is to maximize all of the bedrooms in APCHA’s deed-restricted units. We hope it’s successful, because if it is we are housing more people and utilizing a taxpayer-based program at greater efficiency.”
“Rightsizing” means the voluntary purchase and sale of deed restricted properties between two owners as co-applicants for the purpose of increasing the number of bedrooms available to a qualified owner of a smaller property and decreasing the number of bedrooms available to the owner of a larger property.
APCHA will not identify or match co-applicants. APCHA will review applications for rightsizing on a first come, first serve basis. No more than five will be approved without further APCHA Board approval. Applications that are within the Aspen Village Subdivision or the Lazy Glen Subdivision are exempt from this limitation.
Applications for a rightsizing swap will be available on a Google form on the APCHA website, www.apcha.org. The form, https://forms.gle/MyEoAJMckZFKAiEx9, will go live on Monday, May 15.
All transactions approved in the Rightsizing Pilot Program are exempt from the requirements for listing a property for sale, bid submissions, and the lottery process.
An applicant may qualify for a new unit that is the same as the currently owned unit or one category above or below such unit. For example, the owner of a category 3 unit may qualify for a swap to obtain a category 2, 3, or 4 unit.
To determine occupancy, a buyer who is upsizing must include all dependents who are 16 years old or younger as of the date of closing. A buyer who is downsizing must include all dependents who are 19 years old or younger as of the date of closing.
Matthew Gillen, APCHA Executive Director, email@example.com, (970) 920-5068
Carolyn Sackariason, Communications Coordinator, Carolyn.firstname.lastname@example.org, (970) 319-2791