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HomeMy WebLinkAbout2024-03-26 VLHA Mintues Vail Local Housing Authority Minutes Tuesday, March 26, 2024 3:00 PM Virtual on Zoom PRESENT ABSENT Steve Lindstrom Craig Denton Kristin Williams Dan Godec James Wilkins STAFF George Ruther, Housing Director Missy Johnson, Housing Coordinator 1. Call to Order 1. 1 Call to Order at 3:09 p.m. 1.2 Zoom Meeting 1 (Pre-Executive Session) 2. Citizen Participation 2.1 Citizen Participation No comment. 3. Approval of Minutes 3.1 VLHA March 12, 2024 Minutes Presenter(s): Missy Johnson, Housing Coordinator MOTION: Williams SECOND: Wilkins PASSED: (3 - 0) 4. Main Agenda 4.1 Grant Applications Update Presenter(s): George Ruther, Housing Director Time: 15 Min. Lindstrom updated the group regarding a recent meeting. A grant application for congressionally directed funding is ready to submit. Ruther added that it is being submitted for Timber Ridge for an amount TBD. The funding of the grant is applicable after May 2025 if it is awarded. 4.2 Rural Resort AMI Adjustment Petition Presenter(s): George Ruther, Housing Director Time: 15 Min. The rural resort AMI adjustment position is the next initiative on the list. This has been granted in other resort areas already, and it is likely to be granted within the Town of Vail. The petition will come back to the Vail Local Housing Authority prior to it going to Town Council. 4.3 Timber Ridge Deed Restriction Discussion Presenter(s): George Ruther, Housing Director Time: 15 Min. Ruther provided background that we are wrapping up with the Timber Ridge Website as a source for sales information. The deed restrictions will be refined and posted. The current plan is for the 294 homes, 165+/- homes will be sold to businesses, 43 homes kept for the Town of Vail as rentals, 10 allocated for Habitat for Humanity and the remainder kept for individuals/employees to purchase. Questions have come up regarding the policy objectives that are being sought through these deed restrictions. When it comes to businesses, the entities can own these as we are most concerned with who lives in the residence. Authority comments that while the business ownership should not be a back door to get one but that it is supported, and could look much like Vail InDEED. Question arose regarding not owning another home in Eagle County and the variety of ways the deed restrictions could direct ownership. There are many similarities between the drafted deed restrictions between individual and business ownership. Questions presented and options for consideration: o Do we keep the price appreciation cap for the individuals? o Shall we consider an inflation index reflective around the price appreciation cap? o Consideration of the market rates vs. lotteries, price appreciation and tracking of capital improvements? o Should it be intended that businesses only sell to businesses and individuals only sell to individuals? If it is sold to the other, it could need a change of deed restriction. o Consideration to keep it simple and boil it down to a qualified employee/tenant. o Consideration of Right of First Refusal to sell to local businesses. o Consideration of allowing businesses to participate in lotteries along with individuals. o Continue to be a problem solver for housing for the workforce, by supporting opportunities for small business owners to purchase housing for employees. o Remember that we are trying to create housing opportunities, creating value and creating and at the same time provide a fundamental gain and attainability. o Consideration to keep it simple on the administrative side as the number of deed restrictions continue to rise in many years to come. o Do we allow the market to drive the sales process moving forward? We have not seen problems with the transfer of Vail InDEED homes and the market drives the sales price. o The Authority will firm up thoughts around the Timber Ridge deed restrictions to present to the Town Council for consideration and we want to be sure we get it right. It will likely be set for a work session with Town Council on Tuesday, April 16th. o Wilkins left the meeting at 4:00 p.m. without anything else to vote on. 5. Matters from the Chairman and Authority Members 5.1 Matters from the Chairman and Authority Members Presenter(s): Steve Lindstrom, VLHA Chairman Time: 5 Min. Town Manager, Russell Forrest joined the discussion portion of the meeting, focusing on the Town Council Goals as part of the Strategic Planning session. There were focus groups with a very diverse group of community members and there was a strong level of alignment focused on Community. Housing was part of the topic of course but also, are we able to connect with the under age of 40 community moving forward. Forrest shared information around goals such as: A.1 By 2027, 100 new deed restricted housing units will be created. A.2 By 2029, X% of Vail homes will be occupied compared to 33% in 2024. A. 3 By 20XX, we will improve the % of full time residents occupying Vail deed restricted homes from 15% to x %. A. 4 By 2029, Vail residents will experience a continuum of mixed housing opportunities ranging from seasonal housing to retirees including apartments and condos, town homes, point access blocks, and, where possible, duplexes and triplexes, single family homes. Forrest referred to current housing usage and the vision that will get the Town of Vail to the 2027 Housing Goal so the Council is interested in determining what is next. In review of the numbers, it is clear to work towards determining which of the unoccupied homes can be re- allocated as deed restricted units and to ramp up Vail InDEED numbers in effort to achieve the goals. Maybe there shall be an additional goal to increase the number in the permanent population, even if it is not through home ownership. th Ruther suggested to add this topic to the April 9 Authority meeting. Continuing along with Matters, Lindstrom updated the group that the new Housing Policies passed and we want to look to keep these front of mind. Lindstrom updated the group regarding the recent PEC meeting. Timber Ridge is moving along with a Sales Website in the works and Timber Ridge current residents will move out by end of April. Williams provided a draft letter for the Authority to review this week. th The State Land Board responses to the RFP will come back on April 17. The Town closes on the CDOT parcels this week, with years in the making and will close on 2 rd of 3. The 3 acquisition continues. 6. Executive Session 6.1 Executive Session per C.R.S. §24-6-402(4)(a)(e) - to discuss the purchase, acquisition, lease, transfer or sale of real, personal or other property interests and to determine positions relative to matters that may be subject to negotiations regarding: Vail InDEED application. The executive session was cancelled. 7. Adjournment 7.1 Adjournment 5:00 PM (Estimate) Meeting was adjourned at 5:00 p.m. 8. Future Agenda Items First VLHA Budget Supplemental Bonds Work Session EHU Occupancy Survey 9. Next Meeting Date 9.1 Next Meeting Date April 9, 2024