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Community/Affordable Housing Intro
Gunnison Rising Team
3/20/20
What is “affordable”?
“Monthly payment (rent or mortgage) is no more than 30% of a household’s gross income.”
Healthy Housing Market
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
What’s Happening Locally?
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
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
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.”
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
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
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
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
Promising opportunity sites – near and long term
Gunnison Rising
North Village
Promising opportunity sites – near and long term
Slate River Annexation Brush Creek
Examples from other Communities
• Holiday Neighborhood, Boulder• Miller Ranch, Edwards• Denison Placer, Breckenridge
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
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
Other resources
Rees Consulting, Inc.Williford, LLC WSW Consulting
Gunnison ValleyHousing Needs Assessment
November 16, 2016
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
