In 2001, the Board of County Commissioners adopted a new "San Miguel County Affordable Housing Covenant, Equitable Servitude, and Real Covenants" (commonly referred to as the "County Covenant") to be applied to the Rio Vistas II project at Lawson Hill and, potentially, to future homeownership projects. The new County Covenant is distinct from the R-1 Deed Restriction.

The governing document of the County Covenant is the "San Miguel County Guidelines for the Affordable Housing Covenant, Equitable Servitude, and Real Covenants" (commonly referred to as the "guidelines"). One of the significant differences between the R-1 Deed Restriction and the County Covenant is that the County Covenant limits the re-sale appreciation of units restricted under the Covenant to 3% per year, compounded interest. The R-1 Deed Restriction does not have provisions for a re-sale cap. The Housing Authority is responsible for making a final determination of re-sale price for units restricted under the Covenant. Owner occupancy is required for units restricted under the Covenant. In addition to residency and work requirements, ownership of Rio Vistas II units is limited to employees earning at or below 80% of the San Miguel County Area Median Income as determined by the Department of Housing and Urban Development. Rio Vistas II is unique in the Telluride region due to the project's substantial development subsidies received from the State of Colorado (from the state's allocation of federal HOME funds) and San Miguel County (from the Board of County Commissioners).

Persons interested in purchasing a unit restricted under the County Covenant must submit an application to the Housing Authority. Housing Authority staff reviews applications and determines eligibility, based on program guidelines. Please refer to the County Covenant and the Guidelines for more complete information regarding ownership and occupancy of units restricted under the County Covenant.

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