The Teton County Affordable Housing Department has recently released a housing supply plan for Jackson and Teton County. The team at Jackson Hole Real Estate Associates recently met with the Housing Director and thought it might be beneficial to share highlights from the plan:
Jackson and Teton County have historically been characterized by a socially and economically diverse population, united by a community commitment to stewardship, growth, and quality of life. The 2012 Comprehensive Plan set the goal of ensuring that at least 65% of our local workforce lives locally. Achieving this benchmark allows our community to protect local working families; provide for a stable tax base; create neighborhood accountability; promote generational continuity; increase civic, social, and economic investment; limit commuters on our roads; and protect our open spaces and scenic vistas. Ultimately, by providing housing opportunities that support a resident workforce, we are creating a healthy, stable community with a high quality of life and visitor experience.
The 2015 Jackson/Teton County Workforce Housing Action Plan set 10-year housing goals based on status quo projected supply and projected need. In addition to the housing supply efforts, the Affordable Housing Department is already pursuing, near-term subsidies focused on the highest need priorities: rental product for households earning <50% AMI and ownership product for households earning 80-120% AMI.This plan is broken out into four distinct parts:
1. Capital Projects, which include both production and preservation;
3. Technical Assistance Programs; and
4. Education and Communication.
For capital projects, it is anticipated that the County will contribute 55% of the project cost and the Town will contribute 45% of the project cost (as this is the typical balance in sales tax collection). The majority of the revenue for housing will be applied to capital projects, which will primarily focus on new housing production and workforce housing preservation. Projects are anticipated to be a mix of rental and ownership product.
Zoning will be critical to the success of the supply program. The Planning Department is working on a number of tasks to add density in appropriate areas and remove barriers to the production of workforce housing. These include: the allowance of Accessory Residential Units (ARUs) in all Town and County zones, rental zoning and incentives, trailer parks and/or microhousing, expedited approvals, and flexible land development regulations (LDRs).
Technical assistance will focus on creating programs to incentivize new deed restrictions for workforce housing, which includes exploring the following programs: a private community fund for new (market) homeowners; a market place for housing, both rental and ownership; an affordable housing easement; and ongoing developer assistance.
Education and communication programming will act as a teaching tool for the public at large, create awareness and support for the housing program, and increase engagement across all socioeconomic groups focusing on: workforce housing communications as an education tool, improving data collection, creating finance education resources, and creating a recognition program for businesses that are providing workforce housing.
On Tuesday, voters will consider a local option sales tax that, if passed, will help fund affordable housing. There is a dedicated funds plan in place if passed.
This information should not be perceived as opinion, but as information provided by the Teton County Affordable Housing Department. This information was taken directly from the Jackson/Teton County Housing Supply Plan FY 16/17 (also available in spanish).