174 N. King Street - 24 Ownership units
1/13/2020 PROJECT UPDATE: The Ground Lease for the development of workforce housing at 174 N. King Street was executed and $1,250,000 provided to the Jackson Hole Community Housing Trust for the project.
9/5/2019 PROJECT UPDATE: The Town Council chose to work with the Jackson Hole Community Housing Trust on September 3, 2019. The board felt the risk to re-apply for the Low Income Housing Tax Credits for a third time was too high and that the Housing Trust provided a safer option. Staff will bring a Ground Lease and Development Agreement to the Council for consideration at a future meeting date.
ABOUT THE PROJECT: The Housing Trust has committed to providing 24 ownership units that will serve households earning 80-120% of median family income (income of approximately $70,000 to $125,000 per year). The Trust expects to break ground in the spring of 2020 and to welcome new homeowners in the fall of 2021. If you are interested in purchasing one of these units, please contact the Housing Trust at 307-739-0665.
The project includes:
- 18 one-bedroom units that range in price from $275,000 to $357,500
- 2 two-bedroom units that are priced at $425,000 and $467,500
- 4 three-bedroom units that range in price from $460,000 to $517,000
8/29/2019 PROJECT UPDATE: The 9% Low Income Housing Tax Credit application to the Wyoming Community Development Authority was denied a second time in July 2019. The Jackson Town Council is now reconsidering the project and will decide on a path forward on September 3 at 12:30pm. You can find the staff report and supporting documents for this item, below.
- Staff Report - August 29, 2019
- Project Criteria Worksheet (Comparative Tables)
- Revised Proposal
ABOUT THIS PROJECT: This is the first project in the Housing Department’s "Request for Proposals" portfolio and represents a major step in implementing the Workforce Housing Action Plan.
In November 2017, the Town Council directed Housing Department staff to release a Request for Proposals to develop housing at 174 North King Street. In January 2018, four developers responded to the RFP. The Housing Supply Board reviewed the proposals, interviewed finalists, and provided a recommendation to the Town Council. The board was split between the CaRE Residential proposal with the incredible opportunity to leverage the adjacent northern parcels for a 100% workforce housing project, and the Westmount proposals with the opportunity to leverage Low Income Housing Tax Credits to provide much needed low-income rental housing to our most underserved population.
In May 2018, the Town Council awarded the project to Westmount Development. In September 2018, Westmount Development submitted an application to the Wyoming Community Development Authority (WCDA) for Low Income Housing Tax Credits (LIHTC) for the project. In January 2019, WCDA declined to award LIHTC to the project, but encouraged the team to reapply. In March 2019, Westmount Development reapplied for LIHTC. A decision on the LIHTC allocation is expected in July 2019.
- 30 rental units priced from $437/month to $1,269/month and serving households earning <28% of median family income to 60% of median family income.
- 1,920 square-feet of "community benefit" commercial space will activate the ground floor. Through a RFP process, the Town Council will identify a tenant for the space.
- Town of Jackson will provide the land to the developer for $1/year (land value = $2,000,000).
- Westmount Development will build and manage the property.
- The units will be permanently deed restricted.