![The Florida Keys has a workforce housing crisis, exacerbated by Hurricane Irma. “The need is so critical [in the Florida Keys]. You could probably build 10 projects, and they would lease up on [certificate of occupancy] day,” says Marty Flynn, operations adviser and strategist, Tri-Star Affordable Development.](https://housingfinance.stg.zonda.onl/wp-content/uploads/sites/6/2018/thierrydehove-marathon-39.jpg?w=1024)
Courtesy Jackson Hole Community Housing Trust
Residents will start moving in to Redmond Street Rentals in Jackson, Wyo., in August.
Jackson Serves Full Gamut with Public-Private Efforts
Offering skiing in winter or exploration of Grand Teton National Park in summer, Jackson, Wyo., has become a vacation destination year-round and an ideal place to purchase second homes.
With its tourism- and service-based economy—often providing low wages—the area presents a challenge to local workers, who often struggle to find affordable housing.
According to the Jackson Hole Community Housing Trust, a 2014 housing needs assessment estimated that 1,200 affordable units were needed to meet the demand for workforce housing in Teton County.
“We have similar conditions to other mountain and resort communities,” says Carrie Kruse, director of project development at the Trust. “We have a very high percentage of public-land ownership, which limits the development potential. We have strong demand for ownership of second homes. Those coupled together drive up real estate prices beyond what the local workforce can afford.”
The Housing Trust, founded in 1992, is dedicated to creating a vibrant Jackson Hole community through housing. The nonprofit has developed or acquired over 120 for-sale and deed-restricted homes and will complete its first rental property this summer. Redmond Street Rentals will feature 28 one- and two-bedroom units on 1.3 acres in East Jackson.
“The rental market is not necessarily unaffordable, but it’s very unstable. Lots of people live without leases or on month-to-month leases,” says Kruse. “What we’re really looking to offer is a new housing type for our workforce. These will be rental units that will be stable for the long term.”
The nonprofit had looked at using LIHTCs to finance the $13 million development, but it opted to use conventional financing since the cost to build in Teton County can exceed the Wyoming Community Development Authority’s cost caps.
Kruse says the development is a great demonstration of a public–private partnership that has the support of both the town and the county. The town of Jackson purchased the land for $1.65 million and is providing another $2.1 million in financing, along with $1.95 million from the Jackson/Teton County Housing Authority. Additional financing includes $3.4 million through local donors and $3.9 million in long-term debt through Jackson-based Rocky Mountain Bank.
At press time, the Housing Trust was in the process of offering reservation agreements for the units, with move-ins expected in early August. With a goal of retaining working and middle-class households, Redmond Street Rentals will serve, on average, those at 80% to 90% of the AMI.