JACKSON, Wyo. — The Jackson Hole Community Housing Trust this week broke ground on a 24-unit housing development at 174 N. King Street.
The project was to have been undertaken by the town/county joint Housing Department but when financing could not come together, it was the Housing Trust to the rescue.
“We are grateful for another opportunity to partner with the town of Jackson and the Housing Department to get much needed affordable housing in the ground,” said executive director Anne Cresswell. “With this project, we will move the needle and make meaningful progress on a problem that affects every sector of our community.”
174 North King Street is a partnership with the town of Jackson that contributed the land and $1.25M. The Housing Trust plans to leverage the contribution of the town with private philanthropy to ensure all 24 homes will be permanently affordable for dedicated members of the workforce. Upon project completion, the homes are expected to serve more than 50 people.
The Housing Trust chose regional contractor Shaw Construction for the build. It is the third time Shaw has worked with the Housing Trust.
The project’s mixed-use component presented a bit of a twist for the Housing Trust but Cresswell was able to puzzle together funding sources to make the build happen this spring.
“The mixed-use component adds another layer to the financing,” Cresswell said. “We are selling two office spaces on the first floor in order to generate meaningful revenue that will minimize the amount of public subsidy and philanthropy necessary to finance the project.”
Cresswell said the commercial component of the project accounts for about 15% of the total financing for 174 North King Street.
Financing headches aside, just getting a major project underway in such an uncertain real estate climate is an achievement.
“In the face of so many unknowns, it is our hope that King Street will be a source of optimism for our community. The relationship between housing and a strong, resilient community has never been more clear or compelling. Providing stable housing for our workforce means that the people we rely on every day are able to rapidly respond and keep our community moving forward during a crisis,” Cresswell said.
174 North King Street is the Housing Trust’s eighth project. The Housing Trust has developed or acquired 146 affordable homes to date that have served more than 420 people.
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