Jackson Hole Community Housing

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JACKSON HOLE COMMUINTY HOUSING TRUST (THE HOUSING TRUST) OWNS AND MANAGES 34 AFFORDABLE RENTAL UNITS IN JACKSON, WY: 28 UNITS AT REDMOND STREET RENTALS WAS DEVELOPED BY THE HOUSING TRUST IN 2018; TWO UNITS AT 630 EAST KELLY AND 3950 W PONY WERE DONATED TO THE HOUSING TRUST IN 2023; AND A FOUR UNIT APARTMENT BUILDING LOCATED AT 225 EAST HANSEN, ALONG WITH ADDITIONAL LAND AT 235 EAST HANSEN WHICH IS AFFORDABLY LEASED TO SEVEN MOBILE HOMEOWNERS, WAS ACQUIRED IN 2021. THE HOUSING TRUST IS RESPONSIBLE FOR THE ANNUAL RE-QUALIFICATION OF EACH HOUSEHOLD, LEASE PREPARATION AND EXECUTION AS WELL AS THE FINANCIAL MANAGEMENT OF ALL ASPECTS OF THE PROPERTY, INCLUDING THE PROCUREMENT AND PAYMENT OF UTILITIES, INSURANCE, NEGOTIATING CONTRACTS WITH SNOW REMOVAL AND LANDSCAPING PARTNERS AND ANNUAL BUDGETING. THE HOUSING TRUST IS ALSO RESPONSIBLE FOR THE REPLACEMENT RESERVES FOR EACH RENTAL DEVELOPMENT, AS WELL AS MAINTENANCE OF EACH PROPERTY. IN ADDITION, EACH TIME A RENTAL UNIT TURNS OVER, HOUSING TRUST STAFF FACILITATES THE RE-LEASING OF THE UNIT AND SELECTS A NEW INCOME QUALIFIED TENANT TO LEASE THE UNIT FOR A MINIMUM 12-MONTH TERM.

SINCE 1991, THE HOUSING TRUST HAS DEVELOPED OR ACQUIRED 150 HOMES FOR SALE. THE AFFORDABILITY OF EACH HOME IS PROTECTED IN PERPETUITY BY A 99-YEAR GROUND LEASE OR SPECIAL RESTRICTION RECORDED AGAINST THE PROPERTY. CENTRAL TO THE STEWARDSHIP OF THESE ASSETS ARE THE MANAGEMENT AND ADMINISTRATION OF THE RESTRICTION ASSOCIATED WITH EACH HOME. IN CONCERT WITH THIS SCOPE OF WORK, STAFF ENSURES THAT THE HOUSING TRUST LEGAL, FINANCIAL AND LENDING GUIDELINES ARE CURRENT WITH FEDERAL REQUIREMENTS. IN ADDITION, EACH TIME A HOUSING TRUST HOME IS SOLD OR RE-SOLD, HOUSING TRUST STAFF WORKS TO ENSURE EVERY BUYER IS INCOME QUALIFIED AND EDUCATED ABOUT DEED RESTRICTED HOUSING AND THEN SUCCESSFULLY FACILITATES THE SALE. TO QUICKLY FACILITATE THE LEASE OR SALE OF AN AFFORDABLE HOME, THE HOUSING TRUST ACTIVELY MANAGES A GROWING DATABASE OF INCOME-QUALIFIED APPLICANTS - CURRENTLY NEAR 1,500 ACTIVE HOUSEHOLD APPLICATIONS. EVERY APPLICANT TO THE HOUSING TRUST PROGRAM IS REQUIRED TO COMPLETE A COMPREHENSIVE APPLICATION IN ORDER TO BE CONSIDERED FOR AN AFFORDABLE HOUSING OPPORTUNITY.

AS THE NEED FOR AFFORDABLE HOUSING IN TETON COUNTY GROWS, THE HOUSING TRUST WORKS TO ADD TO ITS INVENTORY OF AFFORDABLE HOUSING FOR RENT AND FOR SALE. AS A NOT-FOR-PROFIT DEVELOPER OF AFFORDABLE HOUSING THIS SCOPE INCLUDES, BUT IS NOT LIMITED TO, LAND ACQUISITION; PRECONSTRUCTION DUE DILIGENCE; FINANCIAL ANALYSIS; COORDINATING ARCHITECTS, ENGINEERS, AND CONTRACTORS; BUDGET DEVELOPMENT AND FUNDRAISING. IN 2023, THE HOUSING TRUST'S DEVELOPMENT EFFORTS WERE FOCUSED ON THE DEVELOPMENT OF 20 AFFORDABLE HOMES AT 620 EAST HANSEN. SPECIFICALLY, HOUSING TRUST STAFF WORKED TO FINALIZE THE SITE AND UNIT DESIGN, DEVELOP A COMPREHENSIVE PROJECT BUDGET, SECURE CONSTRUCTION FINANCING, AND FUNDRAISE THE SUBSIDY REQUIRED TO ENSURE THE HOMES ARE AFFORDABLE FOR INCOME QUALIFIED BUYERS. ALL PRE-DEVELOPMENT EFFORTS WERE DRIVING TOWARD A SPRING 2024 GROUNDBREAKING.