While modern seismic design codes intend to ensure life-safety in extreme earthquakes, policy-makers are moving toward performance objectives stated in terms of acceptable recovery times. This article describes a framework to probabilistically model the post-earthquake recovery of buildings and provide quantitative seismic performance measures, expressed in terms of downtime, that are useful for decision-making. Downtime estimates include the time for mobilizing resources after an earthquake and conduct necessary repairs. The proposed framework advances the well-established Federal Emergency Management Agency (FEMA) P-58 and Resilience-based Earthquake Design initiative (REDi) methodologies by modeling temporal building recovery trajectories to target recovery states, such as stability, shelter-in-place, reoccupancy, and functional recovery. The shelter-in-place recovery state accounts for relaxed post-earthquake habitability standards, in contrast with the reoccupancy recovery state that relates to pre-event habitability criteria. Analogous to safety-based codes, which specify a threshold for the probability of collapse under a given ground motion shaking intensity, this framework permits evaluating the probability of a building not achieving a target recovery state, for example, shelter-in-place, immediately after an earthquake, or, alternatively, the probability of achieving a target recovery state, for example, functional recovery, within a specified time frame. The proposed framework is implemented to evaluate a modern 12-story residential reinforced concrete shear wall building in Seattle, WA. The assessment results indicate that under a functional-level earthquake (roughly equivalent to ground motion shaking with a return period of 475 years), the probability of not achieving shelter-in-place immediately after the earthquake is 22%, and the probability of downtime to functional recovery exceeding 4 months is 88%, which far exceeds acceptable thresholds suggested in the 2015 National Earthquake Hazards Reductions Program (NEHRP) guidelines and FEMA P-2090.