Telluride Affordable Housing INTERGOVERNMENTAL WORKSESSION November 12, 2018
Telluride region’s commitment to deed -restricted housing began in the late 1970’s and 1980’s with specific requirements on large - scale developments and incentives by the Town of Telluride and San Miguel County
Telluride region’s commitment to deed -restricted housing began in the late 1970’s and 1980’s with specific requirements on large - scale developments and incentives by the Town of Telluride and San Miguel County In 1994 Town of Telluride approved comprehensive, affordable housing mitigation requirements on new development concurrent with a ½ cent affordable housing sales tax approved by voters
Telluride region’s commitment to deed -restricted housing began in the late 1970’s and 1980’s with specific requirements on large scale developments and incentives by the Town of Telluride and San Miguel County In 1994 Town of Telluride approved comprehensive, affordable housing mitigation requirements on new development concurrent with a ½ cent affordable housing sales tax approved by voters - Mitigation requirements have been refined over time, most recently an increase in affordable housing mitigation fees in Feb. 2018
Telluride region’s commitment to deed -restricted housing began in the late 1970’s and 1980’s with specific requirements on large - scale developments and incentives by the Town of Telluride and San Miguel County In 1994 Town of Telluride approved comprehensive, affordable housing mitigation requirements on new development concurrent with a ½ cent affordable housing sales tax approved by voters - Mitigation requirements have been refined over time, most recently an increase in affordable housing mitigation fees in Feb. 2018 - New 2-Mill Affordable Housing Property Tax Ballot Measure November 2018
Current Mitigation and Incentive Programs produce about approximately 4 units/yr., and an estimated $300-400,000 in mitigation fees ½ Sales Tax produces approximately $761,000 /yr. 2-Mil Property Tax would produce approximately $554,000/yr.
Unit Production Mitigation/Incentive programs (104 units) Town-Constructed/Financed (247 units + 46 boarding house rooms) variety of unit types (single family, multi-family, apartment, boardinghouse, tiny homes) rental and ownership most units price and/or rent- capped variety of financing approaches and and partnerships (public/private, public/public) Public/Private Partnerships Under Review Public/Public Partnerships Sunnyside Lot (MOU Town/County Partnership)
Current/Recently Completed Projects Entrada Project
Gold Run with SMC
Spruce House
Recently Completed Virginia Placer Project (completed May 2018) 19 Rental Apartments, 3 Rental Tiny Houses, 46-Bed Boarding House
Under Construction SMPA/Four Corners Project 10 Owner-Occupied Condominium Units + Parking + Art School
Under Construction Lot B North Project 16 Owner-Occupied Condominium Units
Policy Where we are: Approximately 32% of County population reside in deed restricted housing Approximately 47% of the Telluride Region’s population reside in deed restricted housing
Town Master Plan Goals
Town Master Plan Goals The Town uses a Goal of housing 60%-70% of the region’s employees within the Telluride region (Telluride, Mountain Village, nearby portions of San Miguel County). Having employees reside close to places employment underpins several important public policy objectives such as Preservation of Community, Stable Employment Base, Reduction in Transit Demands/Reduced Carbon Footprint, etc.)
Master Plan envisions the Town building approximately 20 units/year, and continuing land banking and mitigation/ incentive programs, over a 20-year planning horizon to achieve the targets and goals in the Master Plan. For modeling purposes, Town forecast assumes continued growth in job rate, new units will be developed through mitigation/incentives programs and on vacant sites reserved or required for deed restricted housing, continued occupancy of some free market units by local employees, and reductions in the supply of free market housing in Telluride due to “gentrification”
2018 Housing Needs Assessment Recent Housing Needs Assessment estimated the current shortfall of 441 units, with an additional 324 Units required over the next 10 years. Housing Needs Assessment indicated approximately 288 units (existing shortfall + new job generation) are a result of needs related to the Town of Telluride.
Existing Housing Need by Employment Distribution, 2018
Future Housing Need by Employment Distribution, 2016-2026
Telluride generally uses the Telluride Affordable Housing Strategy Plan Site Evaluation Matrix to guide decisions regarding sites for future housing development Town can potentially achieve approximately 200-300 additional housing units within the Town, without substantially comprising other Town needs.
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