Eagle County considers a new Housing Authority

Eagle County Commissioners will vote this week on forming a Housing Authority which will assure that new developments in the Vail Valley be responsible for the housing needs their projects create. The County staff has been meeting with developers and planners to establish guidelines that some worry could discourage new construction in the Valley.

Under affordable housing guidelines now being proposed developers would have several choices: 1. 35% of the total square footage must be ‘work force’ housing. 2. 30% of the project must be ‘work force’ and another 10%  owned by locals. 3. 30% of the project would be ‘work force’ and all the market rate homes would be sold with a 15% Transfer Fee for a future ’affordable housing’ fund. 4. 25% of the project would be ‘work force’, 10% locally owned, but sold at market rate and the Transfer Fee would apply to all market rate sales.

On the commercial end, developers would have to build enough ‘work force’ units to handle all new jobs created, which means about 715 sf of housing for every 1,000 sf of commercial space created. Hotels would have to build 204 sf of ‘work force’ units for every one hotel room constructed.

The continuing problem of affordable housing will now be a major issue for any new development in the Vail Valley, but no one knows if the above will be the final solution. Keep in touch with Valley issues by contacting Judd Babcock at 970-376-3230. We have always been the best place for local information on the Valley’s real estate market.

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