workforce housing development and delivery · lion’s ridge | vail, co • completed in 2016 •...
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![Page 1: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/1.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Workforce Housing Development and Delivery
Policy and Case Study
![Page 2: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/2.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Lion’s Ridge | Vail, CO• Completed in 2016• 114 Units of deed restricted Workforce Housing• Public, Private, Non-Profit partnership• Town of Vail:
• ground leased land• provided use tax rebate• property tax exemption
UNIT MIXBedrooms # of Units RentsOne 29 $1,500Two 84 $2,200Manager 1
![Page 3: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/3.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Lion’s Ridge Apartments
Town of Vail
Lion’s Ridge | Vail, CO
![Page 4: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/4.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Lion’s Ridge | Vail, CO• Total Development Cost: $240,184 per unit
SOURCES USESInvestor Equity $4,640,000 Land $0First Mortgage $21,377,000 Hard Construction $21,194,603Use Tax Rebate (Town of Vail) $413,923 Fees $340,913Contributed Development Fee $950,000 Soft Costs $5,511,966
Reserves $333,441TOTAL $27,380,923 TOTAL $27,380,923
![Page 5: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/5.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Village at Wintergreen | Keystone, CO• Estimated completion in phases in 2019 and 2020 • 156 units of deed restricted Workforce Housing• (+ 40 units of LIHTC)• Public, Private, Non-Profit partnership
• Vail Resorts ground leased land • The site was zoned, but required modification to PUD for
entitlements related to Employee Housing Credits• Summit County LIHTC support:
• $300,000 in funding• property tax exemption
![Page 6: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/6.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Village at Wintergreen | Keystone, CO
![Page 7: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/7.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Village at Wintergreen | Keystone, CO• Workforce Housing (156 units)• Total Development Cost: $299,860
per unit
SOURCES USESFirst Mortgage $34,443,000 Land $0
Investor Equity $6,996,175 Hard Construction $33,618,262
Forward Commitment Fee Refund $674,000 Developer Fee $1,800,000
Subordinate Loan $2,865,000 Development Staff/Overhead $1,800,000
Developer Contribution $1,800,000 Soft Costs $9,096,028
Reserves $463,885
TOTAL $46,778,175 TOTAL $46,778,175
WORKFORCE UNIT MIXBedrooms # of Units Rents Sq FootageOne 40 $1,700 650Two 80 $2,040 880Three 36 $1,938 1,100
![Page 8: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/8.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Village at Wintergreen | Keystone, CO• LIHTC Housing (40 units)• Total Development Cost:
$299,165 per unit
SOURCES USESLIHTC Equity $7,562,100 LandFirst Mortgage $2,735,000 Hard Construction $7,591,979State HOME $400,000 Developer Fee $1,180,924Summit County Financing $300,000 Development Staff/Overhead $344,076Developer Contribution $914,811 Soft Costs $2,545,012
Reserves $304,620TOTAL $11,966,611 TOTAL $11,966,611
LIHTC UNIT MIXBedrooms # of Units Rents AMI%
One 1 $510 30%One 11 $510 50%One 18 $1,020 60%Two 1 $612 30%Two 6 $1,020 50%Two 1 $1,224 60%
Three 1 $1,178 50%Three 1 $1,413 60%
TOTAL 40
![Page 9: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/9.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Workforce Housing UnitsDecember-June 2020 Delivery
(100% AMI rent cap)
Seasonal Housing UnitsOctober 2019 Delivery
(Master Leased)
LIHTC UnitsNovember 2019 Delivery
![Page 10: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/10.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Village at Wintergreen | Keystone, CO
![Page 11: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/11.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Village at Wintergreen | Keystone, CO
![Page 12: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/12.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Village at Wintergreen | Keystone, CO
![Page 13: Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 • 114 Units of deed restricted Workforce Housing • Public, Private, Non-Profit partnership](https://reader035.vdocument.in/reader035/viewer/2022070819/5f1843326f19711cdd5f72f2/html5/thumbnails/13.jpg)
Revitalizing Communities Through
Innovative Housing Partnerships
Revitalizing Communities Through
Innovative Housing Partnerships
Lessons Learned• Local Support is mandatory
• Political• Financial
• There is no ‘template’ deed restriction• AMI• Rents• Working requirement
• What defines ‘local working’
• Large Employers are a critical component