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Affordable Housing 2011 End of Year Report
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Affordable Housing Provides Homes for Community’s Middle Class
The lower prices and interest rates resulting from the uncertain economy have made some homes on the free market less expensive, yet there is still a large gap between the price of housing available in our community and what many in our workforce can afford.
This is particularly true for people who fall into the community’s middle class. In 2011, the median sale price for a single-family home in Teton County was $950,000. Households earning an income in the county’s middle range could qualify to buy a home for $237,200. This left a gap of $712,800 between what these households could afford and the actual cost of a single family market home.
The free market in our community historically has been unable to adequately serve the needs of our lower to middle income workforce members. This is demonstrated by the continuing demand for affordable workforce housing. To meet this demand, the Jackson Hole Community Housing Trust, Habitat for Humanity, and Teton County Housing Authority (TCHA) each have new affordable neighborhoods in development and construction.
TCHA is developing 5-2-5 Hall, a 12 unit affordable neighborhood slated for completion this spring. TCHA will offer seven Category 1 affordable homes priced at $160,000. To minimize the local taxpayer subsidy for the 5-2-5 Hall homes, TCHA partnered with Habitat for Humanity and secured 2 grants totaling $406,000; one with Wyoming Community Development Authority (WCDA), and the other with the Federal Home Loan Bank of Seattle with support from First Interstate Bank.
Habitat for Humanity is offering the other five homes at 5-2-5 Hall through its program to pre-selected families who have been helping to build the homes and taking financial education classes towards a 500 hours “sweat equity” requirement. Habitat will sell the homes at its cost of construction and issue an interest-free, 30-year loan to its buyers.
The Jackson Hole Community Housing Trust is on track to complete construction of eight new homes in east Jackson in early May. In an effort to secure construction financing for the homes, two financially pre-qualified families have executed purchase agreements for each of the eight homes. In order to make the homes at Daisy Bush affordable to dedicated members of our workforce, a $225,000 subsidy was made possible by the generosity and commitment of the Jackson community.
The need for affordable workforce housing in Teton County is still strong, making it as important as ever for our three housing organizations to continue to provide affordable homes to help preserve a strong, vibrant and healthy middle class in our community.
Teton County Housing Organizations Jackson Hole Report Submission 1.13.12
*All statistics are supplied by sources that have been deemed reliable, but are not guaranteed.
*All statistics quoted in this newsletter are based on sales in 2010 compared to sales in 2011.
*Median sale price is the cost of a lot that has an equal number of sales above and below it on the price scale.
Affordable Housing Resources
Affordable Housing Anchors our Community
An anonymous person once said “change is inevitable; progress is optional”.
While we may never know the context in which this comment was originally made, it is certainly applicable to the relationship between our evolving economy in Jackson and affordable housing.
The recently published 2011 Jackson Hole Compass summarizes the evolution of our economy in Teton County: by looking backwards at where our economy has been and where we are today (with the benefit of 2010 census data), the author forecasts the decline of our community’s middle class. In spite of this loss, the author also projects that Jackson Hole will, over the next several years, become much wealthier thanks in part to Wyoming’s income tax-free status.
By extension, the author notes that the gentrification that will result will “ripple through all facets of life in Jackson Hole; not changing things on the surface necessarily, but clearly altering everything from the community’s politics to its non-profits”.
This summer, our community’s three local housing organizations are continuing to take steps forward to retain the middle class and preserve a strong, vibrant and healthy community. In a unique partnership between the Teton County Housing Authority and Habitat for Humanity, construction has begun on a 12 unit affordable housing neighborhood on four town lots identified and secured by the Jackson Hole Community Housing Trust. Further down the road in east Jackson, the Housing Trust is breaking ground on eight new homes for dedicated members of our workforce.
None of these efforts would be possible without the steadfast encouragement and support of elected officials, donors, neighbors, taxpayers and volunteer board members— hundreds of people that are passionate about preserving the backbone of our community to help maintain our quality of life. Thanks to their commitment, 20 new families in the spring of 2012 will be able to call Jackson Hole home; these 20 families will join over 450 households, all of whom significantly anchor and enrich our community
If you are interested in learning more about affordable housing, please contact any of our organizations.
Affordable housing programs in Jackson Hole are designed to afford housing opportunities for local citizens of Teton County, Wyoming. These programs are deed restricted and applicants have minimum residency and maximum income/asset requirements in order to qualify. Please visit the following websites to learn more.
Jackson Hole Community Housing Trust
P.O. Box 4498
Jackson, WY 83002
A private non-profit organization that encourages community and builds opportunity for the citizens of Teton County by providing permanently affordable homes. 85 total homes located throughout county. Income and asset restricted.
Teton County Housing Authority
P.O. Box 714
Jackson, WY 83001
This agency was created by Teton County Commissioners under a Wyoming State Statute that commits itself to creating affordable housing opportunities, partnerships, and critical oversight to ensure that essential housing remains available to those employed in Teton County. There are currently 238 total homes located throughout county. Income and asset restricted.
It is the mission of the Teton County Housing Authority to enable diverse opportunities for essential housing throughout the County. The Authority shall provide education to the community, facilitate potential solutions, develop housing where necessary, and create multiple layers of partnership, all of which are designed to create housing essential to the future viability of the community.
Habitat for Humanity of the Greater Teton Area
P.O. Box 4194
Jackson, WY 83001
Habitat for Humanity of the Greater Teton Area strengthens our community by building simple, decent homes in partnership with hardworking families in need. Homes are sold at cost with a no-interest mortgage to low-income families who invest 500 hours of “sweat equity” into the construction of their home. There are currently ten homes scattered throughout county and they are adding two to three new homes per year. Income and asset restricted.
