Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Workforce Housing Development and Delivery

Policy and Case Study

Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Lion’s Ridge | Vail, CO• Completed in 2016• 114 Units of deed restricted Workforce Housing• Public, Private, Non-Profit partnership• Town of Vail:

• ground leased land• provided use tax rebate• property tax exemption

UNIT MIXBedrooms # of Units RentsOne 29 $1,500Two 84 $2,200Manager 1

Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Lion’s Ridge Apartments

Town of Vail

Lion’s Ridge | Vail, CO

Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Lion’s Ridge | Vail, CO• Total Development Cost: $240,184 per unit

SOURCES USESInvestor Equity $4,640,000 Land $0First Mortgage $21,377,000 Hard Construction $21,194,603Use Tax Rebate (Town of Vail) $413,923 Fees $340,913Contributed Development Fee $950,000 Soft Costs $5,511,966

Reserves $333,441TOTAL $27,380,923 TOTAL $27,380,923

Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Village at Wintergreen | Keystone, CO• Estimated completion in phases in 2019 and 2020 • 156 units of deed restricted Workforce Housing• (+ 40 units of LIHTC)• Public, Private, Non-Profit partnership

• Vail Resorts ground leased land • The site was zoned, but required modification to PUD for

entitlements related to Employee Housing Credits• Summit County LIHTC support:

• $300,000 in funding• property tax exemption

Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Village at Wintergreen | Keystone, CO

Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Village at Wintergreen | Keystone, CO• Workforce Housing (156 units)• Total Development Cost: $299,860

per unit

SOURCES USESFirst Mortgage $34,443,000 Land $0

Investor Equity $6,996,175 Hard Construction $33,618,262

Forward Commitment Fee Refund $674,000 Developer Fee $1,800,000

Subordinate Loan $2,865,000 Development Staff/Overhead $1,800,000

Developer Contribution $1,800,000 Soft Costs $9,096,028

Reserves $463,885

TOTAL $46,778,175 TOTAL $46,778,175

WORKFORCE UNIT MIXBedrooms # of Units Rents Sq FootageOne 40 $1,700 650Two 80 $2,040 880Three 36 $1,938 1,100

Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Village at Wintergreen | Keystone, CO• LIHTC Housing (40 units)• Total Development Cost:

$299,165 per unit

SOURCES USESLIHTC Equity $7,562,100 LandFirst Mortgage $2,735,000 Hard Construction $7,591,979State HOME $400,000 Developer Fee $1,180,924Summit County Financing $300,000 Development Staff/Overhead $344,076Developer Contribution $914,811 Soft Costs $2,545,012

Reserves $304,620TOTAL $11,966,611 TOTAL $11,966,611

LIHTC UNIT MIXBedrooms # of Units Rents AMI%

One 1 $510 30%One 11 $510 50%One 18 $1,020 60%Two 1 $612 30%Two 6 $1,020 50%Two 1 $1,224 60%

Three 1 $1,178 50%Three 1 $1,413 60%

TOTAL 40

Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Workforce Housing UnitsDecember-June 2020 Delivery

(100% AMI rent cap)

Seasonal Housing UnitsOctober 2019 Delivery

(Master Leased)

LIHTC UnitsNovember 2019 Delivery

Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Village at Wintergreen | Keystone, CO

Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Village at Wintergreen | Keystone, CO

Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Village at Wintergreen | Keystone, CO

Revitalizing Communities Through

Innovative Housing Partnerships

Revitalizing Communities Through

Innovative Housing Partnerships

Lessons Learned• Local Support is mandatory

• Political• Financial

• There is no ‘template’ deed restriction• AMI• Rents• Working requirement

• What defines ‘local working’

• Large Employers are a critical component