Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 •...

Revitalizing Communities Through

Innovative Housing Partnerships



Workforce Housing Development and Delivery

Policy and Case Study





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





Lion’s Ridge Apartments

Town of Vail

Lion’s Ridge | Vail, CO





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





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





Village at Wintergreen | Keystone, CO





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





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





Workforce Housing UnitsDecember-June 2020 Delivery

(100% AMI rent cap)

Seasonal Housing UnitsOctober 2019 Delivery

(Master Leased)

LIHTC UnitsNovember 2019 Delivery





Village at Wintergreen | Keystone, CO





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

Workforce Housing Development and Delivery · Lion’s Ridge | Vail, CO • Completed in 2016 •...

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