community/affordable housing intro dev/gunnison risi… · housing intro gunnison rising team...
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Community/Affordable Housing Intro
Gunnison Rising Team
3/20/20
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What is “affordable”?
“Monthly payment (rent or mortgage) is no more than 30% of a household’s gross income.”
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Healthy Housing Market
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A Two Person Household makes….
Can afford to buy a home at:
Can afford to rent a home at:
60% AMI $34,080 $134,000 $850
80% AMI $45,440 $178,000 $1,150
100% AMI $56,800 $223,000 $1,425
120% AMI $68,160 $267,000 $1,700
140% AMI $79,520 $312,000 $2,000
200% AMI $113,600 $446,000 $2,850
Gunnison County – Area Median Income 2019Gunnison Market Gaps
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What’s Happening Locally?
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Homes Needed SouthOf Almont
Valley Total
2016 Gap – projection to 2020 179 506
Progress – units built, under construction, and predevelopment
94 255
Remaining Gap 85 251
Source: Gunnison Valley Housing Needs Assessment 2016, Local building departments
Community Housing Needs
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Garden Walk
North College Ave, Gunnison
36 units for rent
All units affordable under 60% AMI
Low Income Housing Tax Credit Finance
Partnership of Belmont Development, GVRHA
Other funding: State of Colorado and Valley Housing Fund
Under construction, to be leased fall 2020
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Lazy K Ranch
West Tomichi Ave, Gunnison
59 homes for sale
41 affordable < 120% AMI18 market rate
Partnership of High Mountain Concepts, City of Gunnison
Renovated cabins, new townhouses, duplexes, single family
City providing land, infrastructure, fee reductions; market rate units help create “cross subsidy.”
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Lot 22
North College Ave, Gunnison
70 units for rent
Serves higher income renter than Gardenwalk
Partnership of Gunnison County (land owner) and Gatesco (developer)
In planning process now
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SOAR
Teocali Ave, CB South
Three units for sale
Market rate
Partnership of School District, High Mountain Concepts
Students designed and participated in building
Constructed in 2019
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Stallion Park
Buckhorn Ranch, unincorporatedOrganizer: [email protected]@twgdev.comGunnison County
Eight units for rent; will be sold with deed restrictions
Lead by Gunnison CountyGVRHA does property management and sales
Constructed in 2019
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Paradise Park
Butte and Teocali Avenue, Crested Butte40 units in multiple phases/structures;
100% deed restricted; 80-200% AMI
Most units for sale; some purchased by business owners to rent to employees
Town of CB owned land, provided streets and utility connections; fee waivers; zero interest construction loan for six homes• High Mountain Concepts - 6 homes• Bywater Development - 27 homes• SOAR – 4 homes• Owners self built the rest
Constructed in 2017-2020
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Promising opportunity sites – near and long term
Gunnison Rising
North Village
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Promising opportunity sites – near and long term
Slate River Annexation Brush Creek
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Examples from other Communities
• Holiday Neighborhood, Boulder• Miller Ranch, Edwards• Denison Placer, Breckenridge
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Significant opportunities ahead
Colorado Division of Housing - increased fundingColorado Housing and Finance Authority – increased tax creditsMt. Crested Butte – dedicated funding sourceCity of Gunnison Comp Plan – emphasis on HousingValley Housing Fund – infusion of resourcesImproving regional coordination Momentum, experience, chance to build upon achievements
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Risks
Lack of coordination - infighting for limited resources
Market absorption – too much of one product type in one location at one time
Changing economics – impacts of a market downturn
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Other resources
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Rees Consulting, Inc.Williford, LLC WSW Consulting
Gunnison ValleyHousing Needs Assessment
November 16, 2016
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Owner Units by AMI Max Affordable PriceHNA
Need
Built since
2016
Under
Construction
2019
In Pre-
development
Remaining
need
<50% $108,000 18 4 14
50% to 80% $172,900 37 1 1 7 28
80.1 to 120% $259,300 63 10 10 32 11
120.1 to 200% $432,200 109 85 29 28 -33
Over 200% >$432,200 52 15 6 31
Total Ownership Needs 279 51
Ownership Gap 87 48
Rental Units by AMI Max Affordable Rent
<50% $689 61 6 18 37
50% to 80% $1,102 62 7 25 29 1
80.1 to 120% $1,653 61 24 37
120.1 to 200% $2,755 33 17 16
Over 200% >$2,755 9 9
Total Rental Needs 226 100
Rental Gap 92 38
Total Gap -South 179 85
South Valley - Housing Need through 2020