Local Deeds

Creating Housing for Local Workers

Supporting community by protecting housing for those who live and work in the community year round.

About

Local Deeds is a new innovative program to protect housing for families and individuals who live and work, or will work, here year-round serving the local community. Local Deeds is modeled on Vail’s successful program, Vail InDEED. Homebuyers or owners receive a one-time cash payment in exchange for placing a permanent deed restriction on their property. Local Deeds will consider buyers who are not eligible for state down payment programs. Please consider this program first, Twin Pines Housing. Local Deeds applications are now OPEN. Contact us if you are interested.

Local Buyer Information
Apply To Local Deeds Now For Preapproval

September 2024 Update

Local Deeds has closed on 14 housing units to date, accommodating 21 local workers and 8 school children. Read stories about Local Deeds families here and here. With such great results we are raising money to ensure the continuation of a program that is proving to be an effective way of helping local workers buy their own homes and settle in our community. Looking ahead, we will continue to spread the word, raise more funds, and execute more deed restriction agreements. Look out for several more stories about Local Deeds families that are in the works.

The Challenge

Like many communities in Vermont and nationally, Woodstock and the surrounding area face an extreme housing shortage. Families and individuals of ranging income levels and ages cannot find a home here. Teachers, bartenders, police officers, retail workers, artists, and others are leaving the area and taking jobs in locations where they can live within their means. When those who work here can’t affordably live here, they may choose to leave, and the dynamism and quality of life of the community and its residents decline.

The Solution

Local Deeds pays up to 16% of the property’s fair-market value in exchange for a permanent deed restriction on homes in Barnard, Bridgewater, Hartland, Plymouth, Pomfret, Reading and Woodstock. A homebuyer can use the cash for their downpayment, a homeowner can use the cash for their own purposes. The deed restriction does not impose an appreciation cap and has no income qualifications. The deed-restricted housing must be occupied by a household that contains at least one “qualified resident,” a person who works at least 25 hours per week at a business or organization located within a 16 mile radius of Woodstock Town Hall. A retiree who has worked in the area for the five years prior to retirement is also a qualified resident. The property owner may be the qualified resident or rent to a qualified resident. No short term rentals are allowed, and the owner is required to provide an annual proof of compliance. Local Deeds will consider buyers who are not eligible for state down payment programs. Please consider this program first, Twin Pines Housing.

The Impact

This is a local, high-impact investment opportunity. Funds are used to invest in deed-restricted properties. When the resort community of Vail, Colorado, faced a situation where 95% of homes were being purchased by vacation-home buyers, the community chose to invest more than $11M through Vail InDEED to protect and preserve the supply of homes and rentals for local residents and workers. The program has created 175 deed-restricted homes for locals, just since 2019.

Project Plans and Support

Local Deeds is in a pilot phase. Local Deeds applications are OPEN. Contact us if you are interested. The first priority will be to offer down payments to prospective buyers. We will continue to seek other opportunities for longer-term funding of this project beyond philanthropy.