JACKSON, Wyo. — This Monday, May 11, at 1:30 p.m. in the Town Council Chambers the Teton County Board of County Commissioners (BCC) and Jackson Town Council will vote on how to move forward with the affordable workforce housing development on 90 Virginian Lane after nearly three years of planning and discussion.
The purpose of the meeting is to make a final decision regarding the types of units to build — both between unit size and rental or ownership opportunities — and how much public funding should be committed to the project.
At the April 6 Joint Meeting, the BCC and Town Council directed staff to work with Pennrose, the development partner for the project, to come up with options to present for the upcoming meeting.
All options that will be presented will include 221 or 216 homes comprising a mix of rental and ownership units. The staff report presents four options.
Options 1A and 1B both propose 221 homes with 326 bedrooms total and a 70% rental, 30% ownership split. Option 1A includes $10 million in additional public investment at $226,244 per home, while Option 1B proposes $5 million in additional public investment at $203,620 per home.
Options 2A and 2B both propose 216 homes with 331 bedrooms total and a 90% rental, 10% ownership split. Option 2A includes $10 million in additional public investment at $231,481 per home, while Option 2B proposes $5 million in additional public investment at $208,333 per home.
The staff report notes that there is an important distinction between the two unit types. Since rents are based on current median incomes, rental projects maintain the same affordability level over time. Ownership projects become more affordable over time due to the 4% Housing Trust appreciation cap.
Those interested in attending the Joint Meeting but unable to do so in person are also able to watch via Zoom here.
