Buying a Home
in Aspen Village
Aspen Village is a deed-restricted community. Purchasing a home in Aspen Village involves additional qualification requirements beyond those associated with a typical real estate transaction.
In addition to any review and approval required by the Aspen/Pitkin County Housing Authority (APCHA), prospective purchasers must also complete the Aspen Village Homeowners Association’s purchaser qualification process before acquiring a Lot within the community.
APCHA approval does not replace the separate review and approval required by the Aspen Village Homeowners Association.
Start the Process Early
Prospective purchasers should begin the qualification process as early as possible.
Under the Association’s Second Amended and Restated Declaration, a proposed purchaser is responsible for providing the required purchaser qualification affidavit and supporting documentation to both APCHA and the Aspen Village Homeowners Association at least 21 days prior to the proposed sale or transfer.
Please do not wait until the week of closing to begin the HOA qualification process. The Association cannot approve a purchaser until a complete qualification package has been received and reviewed.
Purchaser Qualification Requirements
The purchaser—not the seller—is responsible for providing the documentation necessary to establish that the purchaser satisfies the applicable requirements for ownership within Aspen Village.
The purchaser must provide an affidavit and supporting documentation establishing the applicable employment and/or earned-income qualifications within the Roaring Fork Valley, as well as the purchaser’s intent to use the Aspen Village property as their principal residence.
Depending on the purchaser’s individual circumstances, supporting documentation may include:
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A completed, signed, and notarized Purchaser Qualification Affidavit.
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Employment verification showing employment within the Roaring Fork Valley.
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Recent wage statements and/or pay stubs.
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Employer contact information.
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Documentation supporting the applicable work-hour requirements, including, when applicable, evidence of at least 1,500 hours of qualifying work.
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Colorado income tax returns or other documentation establishing qualifying earned income.
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Other documentation establishing qualifying employment and/or income.
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Documentation confirming the purchaser’s intent to use the Aspen Village property as their principal residence.
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APCHA approval and related purchaser qualification documentation.
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Any additional information reasonably necessary for the Association to determine compliance with the Declaration.
The exact documentation required may vary depending upon the purchaser’s employment, income, household, or other individual circumstances.
APCHA Approval and HOA Approval Are Separate Requirements
Purchasers should be aware that obtaining APCHA approval does not automatically constitute approval by the Aspen Village Homeowners Association.
The Association is required to conduct its own review under the Aspen Village governing documents.
Purchasers should also not assume that documents submitted to APCHA, a lender, real estate agent, or title company will automatically be forwarded to the Aspen Village Homeowners Association.
It is the purchaser’s responsibility to ensure that the Association receives a complete copy of all documentation necessary to conduct its review.
HOA Review and Approval
Once the Aspen Village Homeowners Association receives a complete purchaser qualification package, the Association will review the affidavit and supporting documentation for compliance with the Association’s Declaration.
If information is missing or additional documentation is necessary, the purchaser or the purchaser’s representative will be contacted.
The Association cannot complete its review or provide purchaser approval until all required documentation has been received.
The Declaration provides for the Association to provide written acceptance or denial following its review of the purchaser’s application and satisfaction of any applicable APCHA concerns.
Before the deed is recorded, the purchaser must obtain the required acknowledgments from both APCHA and the Aspen Village Homeowners Association confirming that the purchaser satisfies the applicable purchaser qualifications.
Purchaser Qualification Checklist
Before submitting a purchaser qualification package to the Association, please confirm that you have included all applicable documents:
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Completed and notarized Purchaser Qualification Affidavit
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APCHA approval
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Employment verification
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Recent pay stubs/wage statements
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Documentation of qualifying work hours, when applicable
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Colorado income tax returns and/or other qualifying income documentation
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Principal-residence information
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Any other supporting documentation applicable to the purchaser’s circumstances
Submitting a complete package at one time will help avoid delays in the Association’s review.
Important Information for Sellers
The purchaser qualification process is the responsibility of the buyer, not the seller.
However, sellers are encouraged to make their real estate agent and prospective purchasers aware of Aspen Village’s qualification requirements as early as possible in the transaction so there is adequate time for the purchaser to complete the process before closing.
Important Information for Real Estate Agents, Lenders & Title Companies
If you are assisting with the purchase or sale of an Aspen Village property, please make sure the purchasers are made aware of the Association’s qualification requirements early in the transaction.
Please do not assume that APCHA approval alone satisfies the Aspen Village HOA requirements or that another party has already submitted the purchaser’s documentation to the Association.
Last-minute submissions may affect the Association’s ability to complete its review prior to a scheduled closing.
Submit Your Purchaser Qualification Package
Completed purchaser qualification packages and questions regarding the process should be submitted to:
Aspen Village Homeowners Association
Attn: Megan Rodman, Property Manager
hoa@aspenvillage.info
Please submit the complete package at least 21 days prior to the anticipated sale or transfer.
Submitting documents early and as one complete package will help the Association conduct its review efficiently and reduce the possibility of delays immediately before closing.