What’s been in the works since June is now finalized: Summit County staff recently wrapped up details on the county’s short-term rental conversion program that aims to transition units into long-term housing. The program will officially launch Friday, Oct. 15.
The last of the details were wrapped up during a Summit Board of County Commissioners’ work session meeting Tuesday, Oct. 5. Summit County Housing Director Jason Dietz proposed various incentives for the first few phases of the program, all of which had unanimous support from the county commissioners.
The first phase of the program will last until Dec. 15 or until the program gets 15 conversions, whichever comes first. This phase offers the highest dollar amount in incentives, mainly because the county is striving to get units converted as quickly as possible before the beginning of ski season.
Dietz said winter typically relies on a larger workforce than any other time of the year, so it’s crucial to get at least some units converted before the season kicks into high gear.
According to his presentation, incentives are based on six-month and yearlong leases. For a six-month studio lease, the incentive starts at $5,500 and goes up to $13,000 for a three-bedroom or larger. For a yearlong lease, the incentive starts at $9,000 and goes up to $24,000 for a three-bedroom or larger. All of these payments will be split into two payouts. The first will be given in the first 30 days of the lease, and the second half will be given at the end of the lease.
Once the initial rollout of the program is complete, the incentives drop. Dietz said this move is strategic.
