Robert Allen of the Summit Daily News reported Feb. 21 that although demand for affordable housing in Summit County has dropped for households making more than 100 percent of the area median income (AMI), a pair of affordable housing projects valued at a combined $31 million could break ground there as soon as this spring.
Excerpts from Allen’s article follow:
Overall demand for local attainable housing appears to have lessened since the economic downturn, but it’s as steady as ever for folks below the county’s median income levels.
“It’s not the frantic demand it was for anything within the attainable price range,” said Jennifer Kermode, executive director for the Summit Combined Housing Authority.
She said demand remains high for people at 100 percent ($85,100 for a family of four) and below the Area Median Income.
The housing authority’s most recent demand analysis was published in 2007. Kermode said that by the end of April, it’s anticipated that a snapshot will be available including information such as housing inventory and wages “for a baseline trend analysis” to help with planning.
The countywide target is to build 2,500 more attainable housing units; existing units number about 770.
New projects
Both the $12 million Valley Brook development in Breckenridge and Frisco’s roughly $19 million Peak One development are expected to begin construction as early as this spring.
At Valley Brook, 26 of the 42 units have been reserved. Most of them are through the federal Housing and Urban Development low-income program available to people at a bit less than 80 percent of AMI.
Units range to accommodate people up to 120 percent of AMI.
Kermode said most of the reservations have been made by young “start-up families.”
Construction anticipated last year was delayed after a falling-out between the developer and previous contractor.
Kermode said the development is expected to be back before Breckenridge Town Council by March 9.
Peak One development homes are to be available to people making 80 percent to 160 percent of AMI.
For more information about affordable housing including the AMI scale, visit www.summithousing.us.