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HomeMy WebLinkAbout02 Myler Memo Regional Housing 5.9.17 MEMORANDUM To: Interested Parties From: Bill Lamont, David J. Myler Date: March 7, 2017 Re: Regional Housing Authority Update INTRODUCTION. Based upon feedback from numerous discussions with local government officials, the following concepts and mission appear to have broad support. The purpose of this memorandum is to solicit additional comments and suggestions relating to the pros and cons associated with the creation of a Multi-Jurisdictional Housing Authority("Authority") to pursue a regional approach to the acquisition of land and the production of workforce housing. 1. MISSION. a. Establish a regional Housing Authority pursuant to C.R.S. 29-1-204.5 by Inter- governmental Agreement among its members.. b. Develop a workforce housing production plan for the Roaring Fork Valley and, based on that plan, identify and acquire the most appropriate locations for medium-to high-density transit-oriented projects. c. Produce a mix of rental and for-sale workforce housing on the acquired properties serving the needs of working residents within a broad spectrum of incomes. d. Consider or pursue joint ventures with private sector developers and major employers in order to leverage resources and maximize efficiencies. e. In all cases, comply with the land use policies and requirements of the jurisdiction in which the workforce housing projects will be located. f. Contract with existing housing authorities for the management of deed restrictions and the sale and rental process. 2. MEMBERS AND BOUNDARY OF THE AUTHORITY. a. Members. At this time, we anticipate that Basalt, Carbondale, Glenwood Springs, New Castle, Garfield County, Eagle County and Pitkin County will constitute the initial members of the Regional Housing Authority. Because of their extensive housing programs and funding sources, Aspen and Snowmass Village have indicated that they would not likely be members but may participate in Regional Housing programs via contract. b. Boundaries. There appears to be general support for utilizing the current boundaries of the Aspen School District, less the City of Aspen and the Town of Snowmass Village, and the Roaring Fork School District,plus New Castle, as the boundary of the Regional Housing Authority. Note that the areas within the boundary of a Regional Housing Authority do not need to be contiguous. Regional Housing Authority Update Page 2 of 3 3. REVENUE/FINANCING. a. The mission described above will be funded from voter approved tax revenues and impact fees. b. Organizers will determine the maximum potential tax revenue that could be generated from each member jurisdiction based upon the Multi-Jurisdictional Housing Authority Statute which authorizes up to a 1% sales tax, five mils of property tax and impact fees. c. The Board of Directors of the Authority will determine the amount of sales tax, property tax and/or impact fees for which voter approval will be sought based upon the housing production plan. d. It is anticipated that the Authority will retain the tax revenues generated in order to optimize its ability to purchase land in appropriate locations and efficiently develop transit-oriented workforce housing rather than to return such revenues to the point of collection. 4. BOARD OF DIRECTORS. a. It is anticipated that one individual appointed by the governing body of each member will serve on the Board of Directors of the Authority. b. Powers and Duties. The Board of Directors will have the authority and responsibility to hire staff, consider and approve projects, set priorities, develop a long-range regional plan for the production of workforce housing with guiding principles including the type of housing to be created, the income categories to be served, and the potential to joint venture with private developers and major employers. The Board will be responsible for keeping each member jurisdiction informed of its plans and strategies and to represent the interests of each member community. The Board will be authorized to apply for and obtain available funding and tax credits from Federal and State sources to supplement its programs. Board action will require the approval of a majority of the Directors utilizing guidelines developed to ensure that each member's interests are fairly considered. It is anticipated that the authority will not manage the units that it creates or the deed restrictions applicable to each such unit,but that existing housing authorities will continue to perform that function pursuant to contracts with the Authority. 5. AUTHORITY STAFFING. The Board of Directors of the Authority will hire a professional staff with experience in real estate development and affordable housing. The Board of Directors may establish and appoint qualified individuals to an advisory board in order to evaluate land acquisitions and the design of projects. Because the Authority or Authorities will serve as the "production arm" of each of its members, it may be possible for members with staff devoted to such efforts to eliminate those positions. Authority staff can also be available to assist its members in evaluating re- zonings, annexations and/or utility extensions that involve proposed workforce housing. Regional Housing Authority Update Page 3 of 3 6. COLLECTION AND MANAGEMENT OF WORKFORCE HOUSING DATA. In order to develop an effective regional workforce housing production plan, it will be necessary to employ a consultant to conduct a needs analysis for the area within the boundaries of the Authority which will include an identification of existing and planned projects that will provide workforce housing. In addition, the consultant will outline the process by which potential development sites will be evaluated(e.g. traffic generation, concentrated notes for development, preservation of open space, flood plains and trail corridors, proximity to commercial areas and transit systems, etc.). The consultant will also assist the Board of Directors in creating a voter education program which identifies the many community benefits from the creation of an adequate supply of workforce housing and clearly articulates the values attributable to an investment of tax dollars in the creation of such housing. Organizers are exploring sources of funding for the consultant costs.