The URL can be used to link to this page

Home My WebLink About1998-11-24 Support Documentation Town Council Work Session VAIL TOWN COUNCIL WORK SESSION TUESDAY, NOVEMBER 24, 1998 2:00 P.M. AT TOV COUNCIL CHAMBERS AGENDA NOTE: Times of items are approximate, subject to change, and cannot be relied upon to determine at what time Council wili consider an item. 1 • 1999 World Alpine Ski Championship Update. (15 mins.) Ceil Folz 2. Presentation by David Carter of Eagle County Regional Housing Authority David Carter Proposal (30 mins.) ACTION REQUESTED OF COUNCIL: Provide feedback to the County regarding the proposat for a regional housing authority. 3. PEC/DRB Review. (15 mins.) 4. Discussion of Vail Youth Recognition Award/Vail Valley Exchange. Sybill Navas (10 mins.) Pam Brandmeyer BACKGROUND RATIONALE: For the past three years, Council has set aside $5,000 out of Council contingency fiunds to provide travel fare and spending money for two students to travel to Mt. Buller, Australia. This exchange program has been a component of the Vail Youth Recognition award. Problems have arisen due to the requirement through the exchange program to provide reciprocal housing. It has become untenable on the one hand to reward good citizenship but then on the other hand to have a requirement for the provision of housing. By attaching recognition to this housing extraction, the program has become compromised. Therefore, after discussion with Peter Abuisi (VMS), Jay Schmidt (BMHS), and Karen Phillips, Coordinator for the Vail Vatley Exchange, we have come to believe it makes more sense to separate these two programs. STAFF RECOMMENDATION: 1. Vail Youth Recognition Award. This award will be granted annually to two outstanding juniors with criteria that support their achievements, both in the community and through their schools. Annual presentations will be made in the spring of each year and a thousand dollar scholarship will be attached to this award. 2. Vail Valley Exchange Youth Ambassador Award. Criteria will be established with nominations accepted from both schools which outline what can gained through this program, what responsibilities and expectations this award provides, what the role is of this ambassador both in Australia or St. Moritz, as well as in the Town of Vail, and at their respective schools. After an interview and review by committee, nominees will be accepted into this program. One criteria for acceptance into the program will be provision for reciprocal housing in this valley. The Town Council will fund travel expenses and spending money for the students, which comes to approximately $1,800 per student or a total of $3,600. Recipients of the Vail Youth Recognition Award will be encouraged to apply, as well. 5• Lionshead Development Standards. (45 mins.) Dominic Mauriello Russ Forrest ACTION REQUESTED OF COUNCIL: Review development standards. Ethan Moore BACKGROUND RATIONALE: at the November 17th work session on the Lionshead Master Plan Council directed staff to evaluate existing GRFA in Lionshead. At the November 24th meeting, staff will review existing GRFA in Lionshead and how the proposed changes to GRFA would affect future development. 6• Information Update. (10 mins.) 7• Council Reports. (10 mins.) Other. (10 mins.) 9• Adjournment - 4:35 p.m. NOTE UPCOMING MEETING START TIMES BELOW: (ALL TIMES ARE APPROXIMATE AND SUBJECT TO CHANGE) I I I I I I I THE NEXT VAIL TOWN COUNCIL REGULAR WORK SESSION WILL BE ON TUESDAY, 12/1/98, BEGINNING AT 2:00 P.M. IN TOV COUNCIL CHAMBERS. THE FOLLOWING VAIL TOWN COUNCIL REGULAR WORK SESSION WILL BE ON TUESDAY, 1218/98, BEGINNING AT 2:00 P M IN TOV COUNCIL CHAMBERS. THE NEXT VAIL TOWN COUNCIL REGULAR EVENING MEETING WILL BE ON TUESDAY, 1211/98, BEGINNING AT 7:00 P.M. fN TOV COUNCIL CHAMBERS. I I I I I I I Sign language interpretation available upon request with 24 hour notification. Please call 479-2332 voice or 479-2356 TDD for information. 2 COUNCIL FOLLOW-UP TOPIC QUESTIONS FOLLOW-UP SOLUTIONS 1998 7128198 MUD LOT (LOT A ADJACENT TO RUSSELLIANNIENRDITOMIPAM: Kaye Ferry expressed Hospital staff is currently working on a parking plan, recognizing the THE HOSPITAL AND LfBRARY) concern that the lot reserved for VRD, library personnel, and hospital has a parking shortage. Staff is also working with VRD as they Council hospitaf staff is underutilized, after experiencing difficulties proceed through the public process with their expansion proposal (re: herself in dropping off an injured person and securing a future loadingldelivery, parking needs, etc.). Work prior to Council parking space. It was suggested original agreements wlthe presentation continues. hospital be revisited re: the parking lot west of the hospital, as well as the parking structure to the east. Staff will return to Council wltheir findings. 9115198 PINE BEETLE RUSSELL: What is our current position w1FS in relation to Russ Forrest has met with USFS. Also staff has met with Art Mears to Ludi Kurz the pine beetle kill? It may be time to take a more aggressive discuss natural hazards in respect to the pine beetle problem. stance re: both removal and eradication. It was noted by Sybill that approximately 15 years ago when Summit County • suffered such devastation, federal and state resources were pulled in the helicopter OUT infected trees, as well as to , chemically treat and bundle felled trees. Tom Long in Summit would be a possible contact. 11117/98 STORING/HAULING SNOW LARRY: Why do we? If we were to leave the snow on the We remove snow for three reasons: Lew Meskimen streets + piles around the village, it would add to the winter 1. Limited snow storage space in village areas and issues with ambiance as well as supplying a natural playground for business visibility. children. It would also save the town 2, Reduced municipal liability exposure regarding slips, falls, other injury from kidsldrunks snow mountain climbing and seat-of-pants sledding. 3. Providing for the public's safety by minimizing vehicle roadway obstructions or pedestrian/public gathering space surface conditions that would become unsafe if we did not remove snow. November 19, 1998, Page l 11/17/98 DONOVAN PARK _ LARRY: Did the town misrepresent the length/width of the I will not comment on misrepresentation. The path way is 10' wide and 40' Wolfe Mueller . footpath leading from the lower bench of Donovan Park to long. We measured it yesterday. the walkway leading to the Cascade Club? ~ November 19, 1998, Page 2 71-23-98;11:43AM;EGL CTY INFORM SYS ;9703280556 # 2/ 2 OFFICE OF THE BOARD OF COMMISSIONERS (970) 328-8605 FAX (970) 328-7287 TDD (970) 328-8797 JOHNNET7"E PHILLlPS Email: Fagleco@waA.net JAMES E. JOHNSON, JR. . hccp: !/www.eagle-counq.mm EAGLE COUNTY, COLORADO GEDRGE A"BUD" GATES November 18, 2998 The Honarable Rob Ford Mayor Town of Vait 2765 Bald Mountain Road Vail, Colorado 81657 Dear Rob: Eagle County would like to explore with Vai1 the creadon of a regional multi jurisdictionat housing authority. This is one of the action steps outlined in the recently adopted Eagle County Comprehensive Housing Plan. Such an Authority would provide regional coordination in addressing housing needs. Tt would also provide more funding and development opportunities for housing. We have enclosed, for your reference, some information summarizing the powers of a housing authority. Please advise us of your interest in such a regional multi jurisdictional housing authonity. If you have any questions, feel &ee to contact David Carter of our staff at 328-8876. Your valuable participation with the Housing Task Force has been an appreciated step toward more regional cooperation on county-wide issues. Thank you again for yaur help. Sincerely, . . ~;,d°~ ? ~ J . J , Jr, George A. Gates Johnnette Phillips Chairman Cornmissioner Commissioner Enclosure cc: Bob McLaurin Andy Knudtsen Eagle County Building. 500 Broadway, P.O. Box 850, Eagle, Colorado 81631-0850 11-23-98;12:55PM;EGL CTY INFORM SYS ;9703280556 # 2/ 2 I MULTIJURISDICTIONAL HOUSING AUTHORITY'S POWERS To plan, finance, acquire, construct, reconstruct or repair, maintain, manage, and operate housing projects pursuant to a multijurisdictional plan to provide dwelling accommodations at rental prices within the means of families of 1ow or moderate income. To make and enter into contracts, including, without limitation, contracts with state or federal agencies also involved in providing such housing or the financing for such housing, irrespective of whether such agencies are parties to the contract establishing the authority. To employ agents and employees. To cooperate with state and federal governments in all respects conceming the financing of such housing projects. To a+cquire, hold, tease (as Iessor or lessee), seIl, or otherwise dispose of any real or personal property, commodity, or service. To candemn property for public use, if such property is not owned by any governmental entity or any public utility and devoted to public use pursuant to state authority. To incur debts, liabilities, or obIigations To sue and be sued in its own name. To have and use a corporate seal. To fix, maintain, and revise fees, rents, security deposits, and charges for fixnctions, services, or facilifies provided by the authority. To adopt, by resolution, regulations respecting the exercise of its powers and the carrying out of its purposes. To exercise any other powers which aze essential to the provision of functions, services, ar facilities by the authority and which are specified in the contract. To do and per.form any acts and things authorized by this section under, thraugh, or by means of an agent or by contracts with any person, firm, or corporation. Source: C.R.S. Section 29-1-204.5 11-23-98;11:48AM;EGL CTY INFORM SYS ;9703280556 # 2/ 2 1.)5 r!•~4•9g l~ OFFICE OF THE BOARD OF COMMlSSIONERS " (970) 3284605 FAX (970) 328-7207 TDD (970) 328-8797 JOHNtVETTE PHIWPS Email: Eagleco@vail.net JAMES E: JOHNSON, jR http: //www.eagle-county.com EAGLE COUNTY, COIORADO GEORGEA "BUD" GATES November 18, 1998 - The Honorabte Rob Ford - • Mayor Town of Vail 2765 Bald Mountain Road ' Vail, Colorado 81657 Dear Rob: Eagle County would Iike to explore with Vail the creation of a regional multi jurisdictianal housing authority. This is one of the action steps outlined in the recently adopted Eagle Couniy Comprehensive Housing Plan. Such an Authority would provide regional coordination in addressing housing needs. It would also provide more funding and development opportunities for housing. We have enclosed, for your reference, some information summarizing the powers af a housing authority. Please advise us of your interest in such a regional multijurisdictional housing authority. If you have any questions, feel free to contact David Carter of our staff at 328-8876. - Your vaiuable participation with the Housing Task Force has been an appreciated step toward more regional cooperation on county-wide issues. Thank you again for your help. Sincerely, ~ - J . J Jr. George A. Gates Johnnette Phillips Chairman Commissioner Commissianer Enclosure cc: Bob McLaurin Andy Knudtsen • Eagle County Building, 500 Broadway, P.O. Box 850, Eagle, Colorado 81631-0650 11-23-98;12:S4PM;EGL CTV INFORM SYS ;9703280556 # Q/ 2 MULTIJURISDICTIONAL HOUSING AUTHORITY'S POWERS To plan, finance, acquire, construct, recanstruct or repair, maintain, manage, and operate housing projects pursuant to a multijurisdictionat plan to provide dwelling accommodations at rental prices within the means of families of low or moderate income. _ To make and enter into contracts, including, without limitation, cantracts with state or federal agencies also involved in providing such housing or the financing for such housing, irrespective of whether such agencies are parties to the contract establishing the authority. To employ agents and employees. . To cooperate with state and federal govemments in all respects concerning the financing of such housing projects. To acquire, hold, lease (as lessor or lessee), sell, or otherwise dispose of any real or personal property, commodity, or service. To condemn property for public use, if such pmperty is not owned by any governmental entity or any public utility and devoted to public use pursuant to state authority. To incur debts, liabilities, or obligations To sue and be sued in its own name. To have and use a corporate seal. To fix, maintain, and revise fees, rents, security deposits, and charges far functions, services, or facilities provided by the authority. To adopt, by resolution, regulations respecting the exercise of its powers and the carrying out of its purposes. To exercise any other powers which are essential to the provision of functions, services, or facilities by the authority and which are specified in the contract. To do and perform any acts and things authorized by this section under, through, or by means of an agent or by contracts with any peison, firm, or corporation. Source: C.R.S. Section 29-I-204.5 EAGLE COUNTY COMPREHENSIVE HOUSING PLAN ~ . ~ ~ ~ ~ ~ ~ ~ . ~ ~ ` EAGLE COUNTY ~ : COMPREHENSIVE HOUSING PLAN - - - ~ S S e : - ~ Adopted: July 15, 1998 ~ ~ ~ ~ ~ . ~ ~ ~ ~ ~ • ~ ~ ~ Eagle County Board of County Commissioners ~ James E. Johnson, Jr., Chairman George (Bud) Gates Johnnette Phillips ~ Eagle County Planning Commissioners ~ Rich Barnes Temple Glassier Chuck Powers ~ Ron Brave Patricia Hammon Arlene Stark Quenon ~ Richard Brooks Bonnie Kowar Gary S. Ross ~ David Brown F. Blake Lynch Bob Schultz Peter Delany John Milligan Dan Seibel ~ Jeff Forbes Mark Overstreet Susan Wilson ~ Y ~ Eagle County Housing Task Force Jacki Allen Jill E. Kovacevich ~ Maureen Amundson Rick Mandell i Rich Barnes Kent Mueller ~ Thomas M. Boni Elizabeth Lambert Greg Christman Evelyn Pinney-LeVine : Kraig Forbes Willy Powell ~ Chris Gathman Gayle Reid Karen S. Griffith Jeff Shroll i Andy Knudtsen Betty Whiting ~ Special Advisory Group ~ ~ Allen Black Bill Whaley ~ Kathleen Eorinash - Bill Wood Sonny La Salle : ~ Further thanks to the following: Nancy N. Moss ~ Karen Strakbein ~ Nancy Busch . ~ . . 11 ~ ~ ~ ~ ~ ~ ~ ~ TABLE OF CONTENTS ~ ~ EXECUTIVE SUMMARY . . . . . . . . . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ~ CHAPTER 1 BACKGROUND INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 ~ Introduction .......................................................4 ~ Housing Stock 4 Multi-Family Breakdown . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . g , Ownership/Rental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 ~ Seasonal Use .....................................................ll Housing Sales 15 , Housing Prices ...................................................17 Income Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 , Employment and Labor Force Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 ~ Housing Prices vs. Income . . . . . . . . . . . . . . . . 24 - Home Ownership Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 ~ Rental Costs .....................................................29 Demographic and Socio-Economic Projections . . . . . . . . . . . . . . . . . . . . . . . . . . 31 ~ Summary ........................................................34 ~ CHAPTER 2 HOUSING NEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 ~ Introduction ......................................................36 ~ What Does "Affordable Housing" Mean? . . . . . . . : : : : : : : : : : : : : : : : : : : : : : : 36 General Overview of Housing Needs . . . . . . . . . . . 40 , Specific Measures of Housing Needs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 ~ Special Needs Populations : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : 46 Housing Preferences . 47 , Household Typesand Size ..........................................49 Income Analysis of Housing Needs and Availability . . . . . . . . . . . . . . . . . . . . . . 51 : Very Low-, Low- and Moderate-Income Categories . . . . . . . . . . . . . . . . . . . . . . 54 ~ Wages and Housing Affordability . . . . . . . . . . . . . . . . . . : : : : : : : : : : : : : : : : : : 60 Entry Level Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 ' Summary ........................................................62 ~ CHAPTER 3 EFFORTS TAKEN TO ADDRESS HOUSING NEEDS ~ IN EAGLE COUNTY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 ~ Introduction .................................64 Employer Eff'orts to Provide Housing for Employees . . . . . . . . . . . . . . . . . . . . . 64 ~ Public Sector Assistance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 ~ ~ ~ . ~ ~ Regulatory Approaches . ...........................................67 ~ ~ Private Sector Grant Assistance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Timeline of Assisted Housing Efforts in Eagle County . . . . . . . . . . . . . . . . . . . . 68 ~ Analysis of Techniques Which Have Been Used to ~ Produce Affordable Housing 75 Public Input on Directions Which Should Be Taken . . . : . . . . . . . . . . . . . . . . . . 79 ~ Employer Input on Directions Which Should Be Taken . . . . . . . . . . . . . . . . . . . 80 Summary 81 i ~ CHAPTER 4 OBSTACLES TO AFFORDABLE HOUSING . . . . . . . . . . . . . . . . . 83 Introduction 84 ~ Obstacles to Affordable Housing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 ~ Summary ........................................................89 CHAPTER 5 EAGLE COUNTY HOUSING POLICIES AND ACTION STEPS 91 ~ Introduction ......................................................92 ~ Definition of Local Residents Housing . . . . . . . . . • • • • • • • • • • • • . ' ' ' ' ' ' ' ' • • 92 • ~ Vision Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92 Housing Policies and Action Steps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 ~ APPENDIX A GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 ~ APPENDIX B MORTGAGE TABLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 ~ APPENDIX C BIBLIOGR.APHY . . . . . . . . . . . . . .........................143 ~ ~ APPENDIX D RESOLUTION ADOPTING PLAN . . . . . . . . . . . . . . . . . . . . . . . . . 149 : is ~ ~ ~ ~ ~ ~ ~ . ~ iv : ~ ~ ~ ~ ~ ~ LIST OF FIGURES ~ CHAPTER 1 ~ Figure 1 Growth of Housing Stock . . . . . . . . . . . . . . . . . . : : : : : : : : : : : : : : : 4 Figure 2 Community Populations & Housing Units, 1990 5 ~ Figure 3 Total Residential Units Receiving Building Permits in Eagle County . . . . . . . . . . . . . . . . . . . . . . . . . . 6 : Figure 4 Types of Units in Housing Stock, 1990 . . . . . . . . . . . . . . . . . . . . . . 7 ~ Figure 5 Housing Used by Local Residents, Owner vs. Renter Occupied - 1990 . . . . . . . . . . . . . . . . . . . . . . . . 10 ~ Figure 6 Monthly Employment, April 1995 - March 1996 . . . . . . . . . . . . . . 11 ~ Figure 7 Approximate Breakdown of Local vs. Seasonal Use - 1990 14 ~ Figure 8 Yearly Total Housing Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Figure 9 Types of Housing Sales - 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 ~ Figure 10 Housing Sales by Location, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . 17 ~ Figure 11 Housing Prices in Eagle County by > Type of Housing - 1995 . . . . . . . . . . . . 18 e Figure 12 Comparison of Median Prices for Single ~ Family Homes .........................................19 Figure 13 Single Family Home Prices in Eagle i County by Location - 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Figure 14 Community Median Household Income, 1989 . . . . . . . . . . . . . . . . 20 ~ Figure 15 Employment Breakdown in Eagle County - 1995 . . . . . . . . . . . . . 21 ~ Figure 16 Average Annual Wages, 1995 . . . . . . . . . . . . . . . . . . . . . . . : . . . . 22 Figure 17 Total Sales and Sales Affordable to ~ Median Income Family - 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 ~ Figure 18 Total Single Family Home Sales & Sales Affordable To Median Income Family - 1995 . . . . . . . . . . . . . . . . 26 ~ Figure 19 Cumulative % Increases of Housing Prices & Wages in Eagle County . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 : Figure 20 Owners Paying 30%+ Income for Housing, 1990 . . . . . . . . . . . . . 29 ~ Figure 21 Renters Paying 30%+ Income for Housing, 1990 . . . . . . : : : : : . . 30 Figure 22 Age Groups in Eagle County, 1990 - 2010 . . . . . . . . . . . . . 33 ~ ~ CHAPTER 2 Figure 1 Household Types 49 : Figure 2 Approximate Comparison of What Renters Can Afford vs. Available Rental Units - 1995 . . . . . . . . . . . . . . . . 51 ~ Figure 3 Approximate % DeficitlSurplus of Units ~ by Amount of Gross Rent - 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . 52 , v " ~ ~ ~ ~ ~ . ~ Figure 4 Housing Sale Values vs. Approximate Households' Purchasing Power - 1995 . . . . . . . . . . . . . . . . . . . . . . 53 : Figure 5 Approximate % DeficitlSurplus of : Housing by Value - 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 ~ LIST OF TABLES IN BODY OF REPORT ~ CHAPTER 1 ~ Table 1 Housing Stock Broken Down by Number ~ ofBedrooms-1990 g Table 2 Housing Stock Broken Down by Type of : Structure-1990 ........................................9 ~ Table 3 1995 Contract and Gross Rents in Eagle County . . . . . . . . . . . . . . 30 Table 4 1990 Average Rents/Mortgage Payments . . . . . . . . . . . . . . . . . . . 31 , Table 5 Population, Dwelling Unit and Employment = ' Projections, 1995 - 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 ~ CHAPTER 2 ~ Table 1 Projected Population, Dwelling Unit and Employment Changes in 5 Year Periods . . . . . . . . . . . . . . . . . . . . 45 ~ Table 2 Comparison of Present Type of Housing Versus Prefened Type of Housing . . . . . . . . . . . . . . . . . . . . . . . . . 47 ~ Table 3 Comparison of Present Housing Location Versus Preferred Housing Location . . . . . . . . . . . . . . . . . . . . . . . . 48 ~ Table 4 Eagle County Household Size in 1990 . . . . . . . . . . . . . . . . . . . . . . 50 ~ Table 5 Eagle County Household Income Categories in 1990 54 ~ Table 6 1995 Eagle County Income Breakdown . . . . . . . . . . . . . . . . . . . . . 55 Table 7 Incidence of One or More Housing Problems by Income GrouP and Tenure in Eagle CountY - 1990 56 ~ Table 8 Eagle County Home Ownership by Income : Categories in 1990 . . . . . . . . . . . . . . . 56 ~ Table 9 1995 Eagle County Sales Affordable to Various Income Families by Community . . . . . . . . . . . . . . . . . . . . . . . . . . 57 ~ Table 10 1995 Eagle County Sales Affordable to Various ~ Income Families by Type of Housing . . . . . . . . . . . . . . . . . . . . . . 58 Table 11 1995 Eagle County Sales Affordable to Various ~ Income Families Broken Down by Number of Bedrooms 59 Table 12 Permanent Dwelling Unit Projections Broken ~ Down by Income Categories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 ~ vi : ~ ~ ~ ~ ~ ~ Table 13 Affordable Rents and Purchase Prices for Average Wage Jobs of Various Employment ~ Sectors in Eagle County for Employees Covered ~ Under the Unemployment Compensation System . . . . . . . . . . . . . 61 : CHAPTER 3 ~ Table 1 Summary of Assisted Housing Units Created : : : : : : : : : : : : : : : : 73 Table 2 Present Assisted Units by Location 74 Table 3 Income Groups Served by Present Assisted Units . . . . . . . . . . . . . 75 ~ ~ CHAPTER 4 ~ Table 1 Land Ownership in Eagle County . . . . . . . . . . . . . . . . . . . . . . . . . 84 ~ . ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ : vii ~ ~ ~ ~ ~ ~ ~ ~ EXECUT'IVE SUMMARY ~ ~ Eagle Gounty has determined that affordable housing is a significant problem. Among the highlights of this problem are the following: ~ The rate of home ownership in Eagle County is one of the lowest in the state. Out ~ • of the 63 counties in Colorado, Eagle County ranks 57th in home ownership. ~ • Housing prices are 64% higher in Eagle County than in the state as a whole and ~ 70% higher than in the nation. ~ • Housing prices are rising much more rapidly than wages. From 1990 until 1995, , the median price of a single family home rose 93% while wages increased only ~ 25%. ~ • In 1995, a household would have needed 3.7 average wage jobs in order to have > purchased the median price single family home. ~ ~ • Residents are having to live as roommates at twice the state and national levels. Forty-four percent of permanent resident nonfamily households consist of , roommates. ~ • Approximately 2,300 households are paying more than 30% of their income for ~ housing. " : • Twelve percent of the permanent work force commutes from other counties. ~ In response to this problem, the Eagle County Board of County Commissioners (BOCC) : created a Housing Task Force to guide development of this plan. The members of the Task Force were chosen to represent a wide variety of sectors involved with housing, and , also to represent all geographic areas within the county. As the BOCC believed that ~ effectively addressing the problem would require the efforts of the towns as well, each ~ town also had a representative. ~ The first part of this plan provides details on the problem. The reader who does not wish to review this information can turn to Chapter 5 which contains the policies and action ~ steps adopted by Eagle County to address housing needs. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ . ~ ~ ~ ~ ~ ~ ~ ~ CHAPTER 1 > - - ~ ~ BACKGROUND INFORMATION ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ . ~ Introduction ~ In order to consider housing actions which might be taken, it is helpful to know about the ~ existing housing situation and also a little about the past. This chapter provides some background on the housing situation in Eagle County. Whenever feasible, for each set of ~ data there is information on how Eagle County compares to itself over time, and also how S it compares to Colorado and the United States. The data for Eagle County includes both the incorporated and unincorporated areas. i ~ Housing Stock , The housing stock, like most activities in Eagle County, has been heavily influenced by ~ the development of the ski industry. Prior to the 1960s, the county was an agricultural ~ and mining area with a small population. Since then, it has undergone rapid and continuing change. : From 1950 until 1990, the population increased nearly 400% from 4,488 to 21,928 s ~ persons. As can be seen in Figure 1, the housing stock increased even more rapidly - by ~ 766%. This higher growth of the housing stock reflects rising demand for second homes, and also housing for seasonal employees. As of mid-1995, the Colorado Demography : Figure 1 ~ GROWTH OF HOUSING STOCK : 16,000 9 14,000 - ~ 12,000 _ . _ _ : • U) 10,000 ~ Z 8,000 D ~ 6,000 00 4,000 - ~ 2,000 - ~ 0- 1950 1960 1970 1980 1990 ~ ¦ SINGLE FAMILY Eg MULTI-FAMILY ~ ~ MOBILE HOMES H~E91 OTHER ~ Source: U.S. Census . ~ 4 ~ ~ ~ ~ ~ ~ Information Service estimated that the housing stock consisted of 19,054 units, an additiona125% increase from the 15,225 units existing in 1990. ~ ~ Prior to the ski boom, nine-tenths of the housing stock consisted of single family homes. However, this radically changed when, in the 1960s, the housing stock grew by 85%, and : viriually all the growth consisted of multi-family units and mobile homes. The number of mobile homes increased dramatically from 20 to 575 during this period. ~ ~ The 1970s were the decade of greatest absolute and percentage growth in the housing stock with the number of units increasing by 7,803 units, or 240%. The most noticeable ~ growth during this period took place in multi-family units which grew ninefold to become ~ the largest component of the housing stock at 63%. Given that the housing growth rate was much higher than the population growth rate of 78%, most of the units were probably ~ constructed for seasonal use. : From 1980 to 1990, the population of Eagle County increased from 13,320 to 21,928 ~ persons, an increase of 65%. (For the same period, the national growth rate was about , 9% while the state rate was 14%.) During this period, single family homes began to make : a comeback and increased by over half. However, they still only comprised 23% of the ~ housing stock by the end of the decade. ~ Figure 2 ~ COMMUNITY POPULATIONS & HOUSING UNITS ~ 1990 ~ooo : sooo - , 5000 ~ 4000 ~ 3000-------- ~ 2000- 1000 _ _ ~ o.. ~ Baslt EIJbI Gypsm Eagle Avon Egl-VI Mntm RdClf Vail Outlying Population m Housing Units ~ Source: U.S. Census ~ ~ : 5 ~ ~ ~ ~ ~ ~ Overall, the housing stock in Eagle County is quite new. As of the last Census, 90% of ~ the housing had been built since 1960, with the median year a home was built being 1977. ~ The distributions of the population and housing stock in Eagle County as of 1990 are ~ shown in Figure 2. While the population was split approximately evenly between ~ incorporated and unincorporated areas, nearly two-thirds of the housing stock was in incorporated communities. (El Jebel and Eagle-Vail, together with the "outlying" area, ~ constitute the unincorporated portion of the county.) All of the communities have more ~ persons than housing units except for Vail where second homes are most common. From 1990 - 1995, there has been a rapid increase in the housing stock. According to the ~ ~ Colorado Demography Information Service, there have been building permits issued for 4,847 units. As shown in Figure 3, the annual number of units has ranged from a low of ~ 553 in 1992 to a high of 1,067 in 1994. The largest category of permits has been single family homes, accounting for about one-half of the total permits. The unincorporated : portion of the county has absorbed most of the growth with approximately three-fifths of . the permits being issued for unincorporated areas ~ Figure 3 ~ TOTAL RESIDENTIAL UNITS. RECEIVING ~ BUILDING PERMITS IN EAGLE COUNTY 1100 : 1000 ~ 900 ~ - - - 800 ~ 700 600 . . _ _ . _ ~ 500 ~ 1990 1991 1992 1993 1994 1995 ~ Source: Colorado Demography Information Service ~ According to the Colorado State Demographer, the population of the county has increased : about one-third from 1990 - 1995, with the unincorporated portion of the county growing S the fastest. Among the towns, the most rapidly growing communities have been Avon, ~ Eagle, Basalt, and Gypsum. ~ 6 ~ ~ ~ . ~ ~ ~ ~ ~ The 1990 Census remains the most recent source for detailed information on the housing : stock, and it identified 23% of the units as single family homes, 58% as multi-family ~ units, and 12% as mobile homes. The low percentage of single family homes in Eagle County is particularly noticeable, being less than half the rate for the state. This relatively ~ low percentage is offset by high percentages of row houses (three times higher than the state percentage) and large numbers of multi-family units. In addition, the percentage of : mobile homes is nearly twice as high as that for the state. Figure 4 shows the breakdown ~ of the housing stock. ~ Figure 4 = TYPES OF UNITS IN HOUSING STOCK , 1990 ~ ~ ' - - Mobile Home (12%) Other (7% Single Family (23%) ~ ~ ~ ~ Multi-Family (58%) , Total Units = 15,226 ~ Source: U.S. Census ~ The housing stock can also be considered in terms of the number of bedrooms per unit, as : shown in Table 1. Two- and three-bedroom uniYs are the most common and together comprise 70% of the housing stock. Owner-occupied units have an average of 2.8 : bedrooms per unit, while rental units have an average of only 2.1 bedrooms per unit. ~ Seasonal and vacant units have fewer bedrooms than locally-used units. The overall average number of bedrooms for all units in Eagle County is similar to state and national : figures. However, for rental units, Eagle County has a lower percentage of studio and ~ one-bedroom units and a higher percentage of two- and three-bedroom units than at the state and national levels. ~ ~ ~ ~ 7 ~ ~ ~ ~ ~ ~ TABLE 1. HOUSING STOCK BROKEN DOWN BY NUMBER OF BEDROOMS - 1990 ~ SUBTOTAL OF ~ OWNER RENTER iJT1ITS USED SEASONAL OCCUPIED OCCUPIED BY LOCAL & VACANT ~ UNITS IJNITS RESIDENTS iJ1VITS ALL U1vITS Bedrooms # % # % # % # % # % ~ None 25 1% 76 2% 101 1% 352 5% 453 3% ~ One 240 5% 776 22% 1016 12% 1149 17% 2165 14% ~ Two 1305 27% 1582 45% 2887 35% 2513 37% 5400 35% ~ Three 2317 48% 961 27% 3278 39% 2096 31% 5374 35% ~ Four 735 15% 134 4% 869 10% 600 9% 1469 10% ~ Five plus 180 4% 23 1% 203 2% 162 2% 365 2% ~ Total 4802 100% 3552 100% 8354 100% 6872 100% 15226 100% Avg. # of Bedrooms 2.8 2.1 2.5 2.3 2•4 ~ Source: U.S. Census ~ ~ Multi-Family Breakdown The Census does not provide information on duplexes, triPlexes, etc., Per se. Rather, it ~ ~ separates units which share a wall from ground to roof into a group labeled, "1-Unit Attached", with no distinction made as to how many such units are attached. (These are ~ referred to as "row houses" in this report.) All other multi-family units listed in the ~ Census represent multistory structures which have units below and units above. Table 2 shows the breakdown of the housing stock by the type of structure. ~ There has been a rapid increase in condominium ownership in recent years. As of 1990, : 35% of the total housing stock was owned as condominiums. This is considerably higher ~ than the 7% rate of condominium ownership for the state and the 4% rate for the nation. Of all multi-family units in Eagle County, 60% were condominiums. : ~ ~ ~ 8: : ~ ~ ~ ~ ~ ~ TABLE 2. HOUSING STOCK BROKEN DOWN BY TYPE OF STRUCTURE - 1990 ~ Owner Renter Total Seasonal & Occupied Occupied Occupied Vacant All Units ~ # % # % # % # % # °/a : Single Family 2101 44% 691 19% 2792 33% 703 10% 3495 23% ~ Multi-Family • Row houses 753 16% 407 11% 1160 14% 1433 21% 2593 17% 2 units 81 2% 187 5% 268 3% 210 3% 478 3% ~ 3 or 4 units 186 4% 397 11% 583 7°/a 294 4% 877 6% : 5 to 9 units 141 3% 325 9% 466 6% 522 8% 988 6% : 10 to 19 units 168 3% 530 15% 698 8% 826 12% 1524 10% ~ 20 to 49 units 72 1% 344 10% 416 5% 1056 15% 1472 10% ~ 50+ units 5 0% 71 2% 76 1% 805 12% 881 6% Subtotal M.F. 1406 29% 2261 64% 3667 44% 5146 75% 8813 58% : Mobile Homes 1248 26% 500 14% 1748 21% 153 2% 1901 12% ~ Other 47 1% 100 3% 147 2% 870 13% 1017 7% ~ All Units 4802 100% 3552 100% 8354 100% 6872 100% 15226 1000 ~ Source: U.S. Census ~ : Ownership/Rental Information ~ The U.S. Census counted 8,345 units as occupied. Of these, 57% were owner-occupied : and 43% renter occupied. The rate of home ownership in Eagle County is low compared ~ to the rates for the nation (64%) and the state (62%). Out of the sixty-three counties in the state, Eagle County ranked 57th in its rate of home ownership. ~ The rate of home ownership varies in the county's different communities ranging from a : high of 78% in El Jebel to a low of 37% in Avon. The high rate of ownership in El Jebel S is of interest as much of the housing in El Jebel consists of mobile homes. Given that the county's housing stock also has a high percentage of mobile homes, most of which are ~ owner-occupied, if these mobile homes are factored out, the county's rate of home ownership for other types of structures drops to only 54%. ~ ~ 9 ~ ~ ~ ~ ~ Figure 5 ~ HOUSING USED BY LOCAL RESIDENTS ~ OWNER VS. RENTER OCCUPIED -1990 ~ ALL LOCALLY-USED HOUSING SINGLE FAMILY HOUSES ~ Rent (25% Rent (43% ~ (57%) ~ an(75%) . ~ MULTI-FAMILY HOUSING MOBILE HOMES ~ Rent (29% ~ Rent (62% (38%) n (71%) ~ Source: U.S. Census ~ As shown in Figure 5, for housing occupied by local residents, most single family homes ~ (75%) are owner-occupied, as are most mobile homes (71%), while most multi-family ~ homes (62%) are renter-occupied. Within the multi-family housing, the majority of row ~ houses are owner-occupied. However, all other categories of occupied multi-family housing are primarily renter-occupied, with generally the more units in the structure, the ~ higher the percentage of renters. ~ Overall, 44% of owners live in single family homes, 29% live in multi-family housing, ~ and 26% live in mobile homes. For renters, 19% live in single family homes, 64% in multi-family housing, and 14% in mobile homes. Fifteen percent of owners and 36% of = renters live in condominiums. ~ The majority of householders through the age of 34 are renters, with the majority of those ~ over this age owning their home. This is an indication of the expense of local housing, as nationally the majority of those over the age of 30 are already home owners. In other ~ words, householders in Eagle County postpone purchasing a home until they are older. ~ The highest rate of home ownership in Eagle County is for the age group 65 - 74 years with 84% of people in this group owning their own home. ~ According to the 1990 Census, renters typically had lower incomes than owners. The : majority of renter households had incomes below $35,000, while the majority of owner ~ households were above this level. ~ Owners tend to occupy newer units while renters occupy older units. The majority of ~ 10 ~ ~ ~ ~ ~ - ~ ~ ~ residents in housing built after 1960 are owners, while the majority of residents of housing built before 1960 are renters. ~ ~ Overall, owner-occupied units tended to have more persons per household than renter- occupied units. Owner-occupied housing units had 2.75 persons per household, renter- , occupied units had 2.42 persons, while the county average for all units was 2.61 persons. ~ ~ Seasonal. Use ~ Seasonal use is one of the largest demands for housing in Eagle County. Examples of ~ seasonal use include persons from outside the area purchasing a second vacation home and persons renting living quarters temporarily for seasonal work. The occupants of such , housing are considered by the Census as having a usual home elsewhere and are counted at the address of their usual place of residence. The Census classifies the housing unit ~ temporarily occupied by such persons as "vacant". ~ The demand for seasonal housing is driven by winter sports activities. Employment ~ heavily increases in the winter months and the influx of temporary workers places a strain ~ on the housing stock. In addition, the lower level of economic activity during the rest of the year creates difficulties for both employers and employees in maintaining cash flows. e The monthly employment pattern is shown in Figure 6. • ~ Figure 6 ` MONTHLY EMPLOYMENT APRIL 1995 - MARCH 1996 ~ 25,000 ~ 24,000 _ 23,000 ~ 22,000 - - r-=•--c z>---r.--r--~:--•--r.. ~ 21,000 20,000 - ~ 19,000 . . 18.000 ~ 17,000 APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR ` MONTHLY EMPLOYMENT ~ AVERAGE EMPLOYMENT (21,396) Source: Colorado Oepartment of Labor ~ ~ 11 ~ ~ ~ ~ ~ ~ There has been considerable effort in recent years to increase summertime activities, and ~ success in this would tend to level out employment. This would imply that the winter ~ employment increase is becoming a relatively smaller percentage of average employment ~ while summer employment is rising toward the average level of employment. An analysis of recent employment data indicates this may be occurring. For the last three ~ years, winter employment has decreased from being 21 % higher than average employment to only being 13% above average. In addition, peak summer employment , . has generally fended to rise from being 9% below average employment to being only 4% below average. Whether these recent figures represent a long-term trend, though, will ~ take more time to determine. , In terms of seasonal housing needs, it is necessary to consider the number of additional : employees who arrive to work during the ski season. During the first part of the 1990s, S the number of additional jobs during the ski season rose from about 3,000 to 3,500. However, during the 1995/1996 ski season, this number dropped back to 2,800 additional ~ jobs. Not all these jobs result in additional persons needing housing in the area, though, . as a number of persons will take second or third jobs. In determining the amount of housing needed to accommodate addirional seasonal ~ employees, it is helpful to consider information from The Eagle County Needs ~ Assessment (HNA). This report, completed in May 1990, was based on surveys of ~ employees conducted during March. From these surveys it was found that approximately 10% of employees during the winter months were in Eagle County on a seasonal basis. , (However, the report noted the possibility that seasonal workers were undercounted.) The ~ HNA also found that multiple job holding was common, and in winter there were 1.35 jobs per person. ~ It is possible to apply the HNA figures to employment data to prepare an estimate of how ~ many seasonal employees arrive in winter needing housing. The Colorado Department of ~ Labor (DOL) provides data on the number of jobs per month covered under the ~ unemployment insurance system. For example, during the 1995/1996 ski season there were approximately 24,100 such jobs during peak season. Applying the figures from the ~ HNA results in approximately 1,800 seasonal employees, computed as follows: i • • • • ' 12 ~ ~ ~ . r ~ ~ ~ e SEASONAL EMPLOYEE ESTIMATE ~ (rounded to nearest hundred) ~ 1995-1996 average peak employment 24,100 ~ Jobs per person = 1.35 ~ Total employees 17,800 ~ Seasonal percentage x .10 ~ Seasonal employee estimate 1,800 ~ ~ Because the number of employees only present for the ski season is so important, it is also useful to consider an estimate developed from another data source. The U.S. Bureau ~ of Labor Statistics (BLS) provides monthly estimates of the number of persons residing in the county who are in the labor force. The BLS estimate of the labor force residing in = ~ Eagle County for the 1995/1996 ski season was 19,436. The average number of residents ~ , in the labor force for the rest of the preceding year was 16,521. This results in an increase of about 2,900 in the labor force residing in the county during the ski season. ~ ~ There are important differences between the Colorado DOL data and the BLS data. The DOL data is based on jobs, while the BLS data is based on persons. The DOL does not e include the j obs of self-employed persons, proprietors, and others not covered by unemployment insurance, while the BLS data does. The DOL data is developed from : actual reports filed by employers, while the BLS data depends, in part, on estimation ~ techniques. As can be seen, the differing methodologies result in a range of 1,800 to 2,900 additional employees arriving for the ski season. ~ ~ According to the 1990 Census,'38% of the houses in use in Eagle County were identified as being for seasonal, recreational, or occasional use. The Census does not directly : provide information on the specific types of housing used on a seasonal basis. It does, though, provide vacancy information by type of unit. Since 75% of the units listed in the i overall "vacant" category are identified as being for seasonal use, one can get an ~ indication of which structures contain seasonal units by looking at the "vacancy" data for each type of structure. In other words, one can get a sense of how seasonal housing users ~ are spread over the housing stock. Unfortunately, though, it is not possible to break out ~ separate figures for second home owners and seasonal workers. • Using the modified "vacancy" data indicates that seasonal users primarily occupy multi- ~ family structures, with a majority of the multi-family units in the county (S l%) being : 13 ~ i ' i ~ ~ Figure 7 APPROXIMATE BREAKDOWN OF LOCAL i VS. SEASONAL USE -1990 ~ ' ALL HOUSING SINGLE FAMILY ~ seas.(~s% Seas.(38% 4w ~ ocal Use (62%) ~ ocal Use (84%) ~ MULTI-FAMILY MOBILE HOMES ~ seas. (s% Seas. (51 % ocal Use (49%) ~ OCdI Use (94%) ~ Sources: U.S. Census and Eagle County Housing Division ~ used for seasonal housing. Most of the units held in condominium ownership (54%) are ~ also used by seasonal occupants. In contrast, local residents occupy 84% of the single i family homes and 94% of mobile homes. Figure 7 illustrates these relationships. ~ 1990 Census results indicate that high rates of seasonal use of the housing stock occur ~ primarily in the three communities of Vail (68%), Avon (41 and Eagle-Vail (30%). Other communities in the county have low or negligible amounts of seasonal housing. , There has been concern in recent years about the large increase in second home ~ ownership, particularly in the upper Eagle Valley. In 1995, Data Research Associates examined ProPerh' ownership records from the Eagle ~ ~ County Assessor's Office. It found that only 45% of property was owned by local residents. The remainder was owned by other Colorado residents (24%), persons ~ elsewhere in the United States (29%), and foreign owners (2%). i The Eagle County Housing Division also looked at actual housing sales in 1995, and ~ found that 61 % of the sales were to persons with local addresses. (Local addresses were considered to be both addresses in Eagle County and also those in adjacent counties. ~ Since much of the county does not have home mail delivery, it was thought that persons who live in Eagle County, but work in adjacent counties, would often pick up their mail : in the counties where they work. Adj acent county addresses are primarily found for ~ households in the Roaring Fork Valley portion of the county. This difference in methodology partially accounts for the difference between the sales data and the , inventory figures developed by Data Research Associates.) Of the remaining sales, 11 % ~ 14 , ~ ~ ~ ~ ~ . ~ were to Colorado buyers, 26% were to buyers in other parts of the United States, and only 1% were to international buyers. Condominiums were the most common housing choice : among both local and non-local buyers, with condominiums being 35% of local sales and ~ 60% of non-local sales. The areas with the largest percentages of non-local sales were Beaver Creek/Arrowhead with 90% of its sales being non-local, Vail with 63% non-local ~ sales, and Eagle VaiUAvon with 40% non-local sales. : In 1995 the majority of sales less than $300,000 were made to local buyers while the ~ majority of sales above this were made to non-local buyers. The non-locals tended to buy housing costing twice as much as housing purchased by locals, with the non-local median ~ purchase price being $325,000, and the median local purchase price being $150,000. The most expensive sale, $4,250,000 for a single family home in Vail, was made to a non- ~ local. ~ In general, the housing market in Eagle County is distinctive due to its resort nature. , Many of the housing statistics are heavily influenced by the numerous second homes m S the area, and, with some exceptions, there are not clear boundaries between housing for > local residents and housing for second-home buyers. Housing that has been used for local ~ residents in the past can become housing for second-home buyers in the future. To a ~ limited extent, the reverse is also true. Overall, the area constitutes an interactive housing market, and the continued development of secondary homes strongly affects housing for , local residents. • ~ Housing Sales - ~ Total sales recorded by the Eagle County Assessor's Office in this decade have ranged ~ from a low of 1,160 units in 1990 to a high of 1,621 units in 1993, as illustrated in Figure 8. The most recent data available is for 1995 when there were 1,222 "arm's length" ` housing sales. Arm's length sales exclude sales which are not at market values, e.g., a family member selling property to another family member for a token amount. (It should : also be noted that not all new housing shows up in the sales data. Sales data do not ~ include situations where someone already owns property and then has a home constructed on it.) ~ ~ ~ ~ ~ - : 15 ~ ~ ~ ~ ~ . ~ Figure 8 ~ YEARLY TOTAL HOUSING SALES : 1700 1621 ~ 1600 ---------A-1 1500 ~ Z 1400 D ~ 1300....._. _._..._.._..1 79..__.._....... 1222 1200........_....._...._ 1160 1100 ~ 994 1995 ~ 1990 1991 1992 1993 1 Source: Eagle County Assessors Office ~ As illustrated in Figure 9, the largest category of sales in the county was condominiums ~ (45%), followed by single family homes (24%). The strong level of condominium sales ~ is of note. Although, according to the 1990 Census, only 30% of the housing stock ~ consists of condominiums, they comprise 45% of 1995 sales. Looking at the Census data further reveals that while only 24% of local residents live in condominiums, the majority ~ of seasonal residents use condominiums. The fact that condominium sales constitute the largest part of the housing market indicates the strong impact of outside buyers. , Figure 9 ~ ~ TYPES OF HOUSING SALES ~ 1995 . ~ Mobile Home (14%) ~ Singie Family (24%) Town Home (5% ~ uplex/Triplex (11 °!o) ~ ~ Condo (45% Total Sales = 1,222 ~ Source: Eagle County Assessors Office , ~ - 16 = ~ ~ ~ ~ - ~ ~ ~ ~ ~ As shown in Figure 10, the highest number of sales took place in Vail (24%) followed by the greater Edwards area (19%), and Eagle VaiUAvon area (18%). Out of the total sales, ~ there were 296 sales of single family units, with the highest number of these taking place in the Basalt/El Jebel area (23%), Eagle/Gypsum area (23%), and the greater Edwards • area (22%). ~ Figure 10 ~ HOUSING SALES BY LOCATION ~ 1995 ~ Oudying (2%) Minturn/Red Cliff (2% BasalVEl Jebel (12%) : Vail (24%) Eagle/Gypsum (12%) ~ Edwards, etc. (19%) Eagle Vail/Avon (18% ~ eaver Creek/Arrowhead (11 • Total Sales = 1,222 ~ Source: Eagle County Assessors Office ~ i Housing Prices ~ Before considering housing prices, it may be useful to consider the term "median" which ` comes up repeatedly in analyzing data. This refers to the value in the middle of a range of ranked data. Thus, if one imagines a range of data with the smallest value first and the ~ largest value last, the median value would be the value in the middle. (This is different ~ from the "mean" value which would consist of adding all the values together and then dividing by the number of items in the range.) The reason for using a median value rather : than a mean value is that the median is less subject to being skewed by exceptionally low ~ or high values. (Due to the high end homes in Eagle County, mean values have been about $90,000 higher in this decade than median values.) ~ The 1990 U.S. Census lists a median home value of $135,900 for Eagle County. This is ~ based on the values of single family and attached row houses. In order to get a sense of ~ how Eagle County compares to other areas, it is possible to look at the same figure for the ~ 17 ~ ~ ~ . ~ ~ state and the nation. For Colorado, the median home value was $82,700, while for the ~ ~ U.S. it was $80,015. The median housing value was thus 64% higher in Eagle County than in Colorado, and 70% higher than in the U.S. ~ In order to track housing prices on an ongoing basis, the best source of data is the Eagle ~ County Assessor's Office. Due to different ways of classifying data, though, it is not ~ entirely possible to directly compare data from the Census and the Assessor's Office. . ~ According to the Assessor's Office, the median price of all housing has increased ~ between 1990 and 1995 from $127,000 to $189,000, an increase of 49%. The median price of a single family home has increased during the same period from $130,000 to ~ $250,500, an increase of 93%. The annual changes for all housing tended to be relatively ~ steady and ranged from -2% to 12%. Single family prices, on the other hand, tended to move much more erratically from year to year, ranging from -2% to 37%. The 1995 ~ median prices for other types of housing were mobile homes at $18,500, condominiums at $179,000, townhomes at $199,200, and duplexes/triplexes at $300,000. Figure 11 ~ shows the prices for various types of housing. f Figure 11 ~ HOUSING PRICES IN EAGLE COUNTY ~ BY TYPE OF HOUSE -1995 • $350,000 $300,000 $300,000 ~ $250,000 $250,500 $200,000 5199.200 $189,000 ~ 5178,450 $150,000 ~ $100,000 ~ $50,000 $18,500 $0 MBLE HM CANDO TWNHM SNGL FAM DUPlfRIP ALL HSNG _ Housing Purchasing Power ($144,000) of ~ Counry Median Income Family ~ ~ Median Price Sources: Eagle County Assessors Office and Housing Division ~ The rise in the cost of housing has been much more dramatic in Eagle County than ~ elsewhere. As noted above, the median price of a single family home in Eagle County ~ has increased 93% during the 1990's. During the same period, the increase for a single family home in the U.S. has been 18%, while in the West, the increase has been only 5%. ~ Figure 12 shows these trends. ~ ~ ~ ~ . ~ ~ ~ ~ ~ Figure 12 COMPARISION OF MEDIAN PRICES FOR : SINGLE FAMILY HOMES ~ $260,000 ~ $240,000 EAGLE COUNTY $220.000 ~ $200,000 - $180,000 - - ~ $160,000 WEST $140.000 - - : $120.000 U.S . $100,000 ~ $80,000 1990 1991 1992 1993 1994 1995 ~ - EAGLE COUNTY - WESTERN U.S. --w- UNITED STATES ~ Sources: Eagle County Assessor's Office and the Nationai Association of Realtors ~ The price of housing varied considerably among the various communities around the Y , county. The least expensive area was Minturn/Red Cliff where the 1995 median price for ~ a single family home was $162,000, while the most expensive was Beaver Creek/ Arrowhead where the median price was $785,000. The median single family home prices ~ for the communities are shown in Figure 13. ~ Figure 13 ~ SINGLE FAMILY HOME PRICES IN : EAGLE COUNTY BY LOCATION -1995 ~ $800,000 s7e5.000 S $600,000 ass~,soo ~ $400,000 d$$332255,,222255 ~ a2zo,soo $zoe,soo Iff $200,000 s~ss,soo S11e2,00000 * $0 • BsIUEIJb EgUGps BvC/Arh EgIVUAv Vail MnURdCi Outlyng Housing Purchasing Power ($144,000) of Counry Median Income Family Median Price ~ Sources: Eagle County Assessors Office and Housing Division ~ ~ 19 ~ ~ ~ ~ ~ ~ The sales prices for new housing constructed in Eagle County during 1995 were ~ significantly higlier than the prices for sales of previously existing units. Excluding mobile homes, the median price of all newly constructed units was $290,000, or 41% ~ more than the median price for sales of existing units at $205,000. Looking at just single ~ family homes, the median price of new units was $390,000, or 65% more than the median price of resales at $236,050. ~ The cost of vacant land has also been rising rapidly during this decade. According to e IData Research Associates, the average sales price for vacant land has risen from $94,647 ~ in 1990 to $151,958 in 1995, an increase of 61%. The effective total Price of a house to a home purchaser depends not only on the selling ~ ~ cost, but also the financing cost. During the first years of this decade, mortgage rates dropped from about 10% to 7.1%. However, by 1995 they had risen to about 7.8%. The ~ initial decrease in mortgage rates helped offset, to some degree, the rapidly rising home prices in Eagle County during the first part of the 1990s. However, this is no longer the : case. _ ~ Income Information ~ Housing affordability is a function of housing prices and residents' incomes. The last ~ Census was taken in 1990. As the Census asks people what their income was for the year before, the income data from the last Census is for 1989. : Figure 14 ~ ~ COMMUNITY MEDIAN HOUSEHOLD INCOMES 1989 : $50,000 ~ $45,845 $45,000 $41,211 ~ $40,000 $38,500 $3 $35,000 $33,000 $~'911 $35,294 $33,417 ~ $32,237 $30,000 ~ $25,000 $20,000 • $15,000 , EIJbI Baslt Gypsm Eagle Avon Egl-VI Mntm RdClf Vail - COUNTY MEDIAN HH INCOME ($36,931) ~ Source: U.S. Census ~ 20 ~ ~ ~ ~ ~ S According to the Census, the median nousehold income in 1989 for Eagle County was $36,931. The "households" category includes families, single individuals, and unrelated : individuals living together. Family income is typically higher than that for other types of households, and the median family income was $41,183, while the median nonfamily ~ household income was only $30,082. ~ The median income fi re for the county combines together all the communities within ~ ~ the county. Figure 14 shows that the median household income ranged from a low of S $32,237 in Minturn to a high of $41,211 in Vail. ~ ~ Employment and Labor Force Information = The level of income in an area is, to a degree, a reflection of the employment in that area. As noted earlier, prior to the arrival of skiing, most of the employment in Eagle County : was in agriculture and mining. Since then, overall employment has increased rapidly, ~ while these sectors have declined in importance. The sectors experiencing the largest , growth have been services, retail trade, construction, and the combined finance, , insurance, and real estate (FIRE) sector. ~ During the present decade overall employment has continued to increase rapidly, but the , percentage breakdown of the various sectors has tended to remain about the same. As illustrated in Figure 15, the largest sectors are services (36%), retail (22%), and i construction (14%). The majority of the service sector consists of amusement & ~ Figure 15 ~ EMPLOYMENT BREAKDOWN : IN EAGLE COUNTY -1995 S , Misc. (9%) Construction (14%) ~ Govt. (70%) : Retail (22%) ~ Services (36%) ~ F.I.R.E. (12%) , Source: U.S. BurQau of Economic Analysis ~ * 21 ~ ~ ~ ~ ~ recreanon (34/o and hotels & lodging (33%). Most of the retail sector consists of eating ~ S & drinking operations (53%). There is a maJ'or real estate boom in progress in Eagle County and the construction sector ~ ~ is having a significant influence on other sectors. For example, increased construction is resulting in increased activity in the retail trade and service sectors. If the local economy ~ slows in the future, construction employment may be the first to decrease with resultant declines in other sectors. : As shown in Figure 16, the average wage in the county in 1995 was $23,048. Of the ~ major sectors, the highest paying was construction where the average annual wage was ~ $29,756. However, both of the two largest sectors, services and retail, had average ~ annual wages below the county average. The service sector was slightly below the county average at $22,584, while retail had annual wages of only $17,178. ~ Figure 16 ~ AVERAGE ANNUAL WAGES : 1995 ~ $30,000 $29,756 ~ $26,382 $26,017 $25,000 • $20,000 $17,178 $18,010 $20,219 ~ $15,000 $13,275 $10,000 ~ $5,000 ~ $0 ~ Const Retail EalBDrk F.I.R.E. Srvcs Ht18Ldg Ams&Rec Govl - COUNTY OVERALL AVG. WAGE ($23,048) Source: Colorado Department of Labor ~ It is interesting to look at how Eagle CountY income and wages compare with state and ~ ~ national figures. The median family income, as reported by the U.S. Department of Housing and Urban Development (HUD), in 1995 for Eagle County was $51,900, while ~ for Colorado it was $42,900 and for the U.S. $40,200. Income was thus higher than in the state and nation. , On the other hand, wages have been significantly lower. The average annual wage for ~ Eagle County in 1995 was $23,048, which was only 85% of the average wage for e Colorado ($27,122), and only 83% of the average wage for the nation ($27,845). This ~ . 22 : ~ ~ ~ ~ ~ ~ ~ same pattern has persisted aver time where income has been higher in Eagle Couiity than elsewhere, while wages have been lower. ~ ~ The reason for this could be due to the way the data is reported. Income data is based on where a person resides, while wage data is based on the location of the job. There are a ~ number of workers earning lower wages who cannot afford to live in Eagle County due to the high housing prices. To the extent such persons with lower incomes live in other : counties, this would tend to raise the median income reported for Eagle County. ~ At first glance, it is surprising that overall wages are lower in Eagle County as it is • believed that many of the local jobs have higher pay than comparable jobs elsewhere. ~ However, these jobs are Iargely in the retail and service sectors, which together comprise a majority of employment. Even though these jobs may have higher wages than service , and retail jobs elsewhere, their rates of pay are not enough to offset the lack of jobs in higher paying sectors, as such sectors are small in Eagle County. For example, there are ~ not significant numbers of manufacturing or transportation, communications, and utilities ~ jobs in Eagle County. These sectors have high wage rates and represent significant portions of the labor force elsewhere, thus bringing up the overall average wages in those ~ areas. ~ Another factor accounting for the high income in Eagle County is the high rate of ~ participation in the labor force. According to the 1990 Census, 90% of residents sixteen years or over were in the labor force. This is much higher than the 76% rate at the state , level or the 70% national rate. While Eagle County residents tended to work the same ~ number of weeks per year as persons at the state or national levels, they worked significantly more hours per week. ~ ~ The number of workers per family in Eagle County is much higher than elsewhere. In 1990, 67% of the families had two workers in the family, with an additional 10% having , three or more workers. Thus, while 77% of the families in Eagle County had two or more workers, only 64% of the families in Colorado, and 59% of the families in the U.S., had , two or more workers. The percentage of women who work, 78%, is the third highest of ~ all counties in the nation. : The high number of workers per family in Eagle County is reflected in higher earnings, with a one-worker family having an average income of only approximately $47,000, a ~ two-worker family having an average income of about $53,000, and a three- or more- ~ worker family having an average income of about $76,000. The large number of family ~ members working in Eagle County also accounts for the strong interest in child care services. The HNA found that in households with two parents, less than one-fifth had ~ only one parent working. , ~ 23 ~ ~ ~ ~ ~ ~ The HNA also developed some further information about the labor force from its ~ employee survey. It found that numerous persons who live in the area full time make their living by combining seasonal jobs occurring at different times during the year. : Respondents indicated they worked on average forty hours per week during the summer ~ and forty-five hours per week during the winter, with multiple job holding being common during the winter. The work force is likely to be married (44%), but a majority of ~ households still have no children in the home (67%). The divorce rate is up sharply with 13% reporting they are divorced in 1990, compared to 8% in 1984. ~ . ~ Housing Prices vs. Income , As noted above, the affordability of housing depends on both the housing prices and the ~ income levels within an area. In Eagle County housing prices are considerably higher S than in the state or nation. On the other hand, income levels are also somewhat higher. ~ One way to compare the relationship between housing prices and income is to look at the , ratio of the median value of housing to the median family income. In fact, one informal ~ rule of thumb for how much a family can afford for housing is that the home price can be ~ two and one-half times a family's annual income. ~ For Eagle County, the ratio of the 1990 median housing price to median family income ~ was 3.3. This compares to a ratio of 2.3 for Colorado and the U.S. In other words, housing is 43% more expensive in relationship to income than in the state or nation. ~ Even though incomes are somewhat higher in this area, the housing prices are much more ~ so. One measure of affordabilitY is the Percentage of households which could qualify to ~ ~ purchase the median-valued home using common underwriting standards for obtaining a mortgage. Assuming a 5% down payment, a household would have needed an income of ~ approximately $57,900 to have purchased the median-valued home in Eagle County in 1990. Only 22% of the households in Eagle County were at this income level. This : compares with approximately 38% of households at the state and 41% at the national ~ levels which could have afforded to purchase the median-priced homes in those areas. Another waY to consider the data for Eagle CountY is that given the median household ~ ~ income of $36,931, this amount of income would have been sufficient to purchase an $80,891 home. Only 15% of the homes in the county were valued at or below this ~ amount. The median household income was approximately $21,000 short of the amount needed to purchase the median-valued home. e ~ 24 ~ ~ ~ . ~ ~ ~ ~ ~ It is possible to break down the data by various age groups. Only 9% of the households with a householder under twenty-five years old could have qualified for a mortgage for : the median-valued home. This increases to 18% of households with a householder aged ~ twenty-five to thirty-four. The twenty-five to a thirty-four-age group is one of the largest, and while it is also an age group particularly interested in purchasing a home, 82% of its • members would not qualify for a mortgage needed for the median-valued home. i The age group in Eagle County with the highest percentage of qualifying households is ~ the forty-five to a fifty-four-year-old group in which 35% of the households would qualify. Of those households with a householder over sixty-five years old, only 10% ~ would have qualified to purchase the median-valued home. ~ In addition to considering "household" income, it is also possible to consider "family" ~ income in relationship to housing prices. The difference between "households" and ~ "families" is that households also include persons living alone and unrelated individuals living together. Of the tota18,354 households in Eagle County reported in the 1990 ~ Census, 5,081 (61 consisted of families. _ ~ It could be argued that most single persons and unrelated persons living together would ~ largely not be interested in home ownership but would prefer to rent. In addition, the reality of the housing market today, to a large extent, requires two incomes in order to ! support house payments and other living expenses. This suggests that it would make ~ sense to look at family income in relation to housing payments. ~ In order to have purchased the median-valued home in 1990, a family would have needed the same level of income as a household, i.e., $57,900. As overall family incomes are : higher than household incomes, about 26% of the families in Eagle County could have qualified for a mortgage to purchase the median-valued home. Alternatively, the median ~ family income was $41,183, and this would have been enough to qualify for a$92,434 , house. The median family income was approximately $43,500 short of the amount ~ needed to purchase the median-valued home. ~ The number of housing units affordable to the median income family varies considerably by community. In Figure 17 the number of 1995 total housing sales and the number of ~ affordable sales by community is noted. Total sales include all types of housing ranging ~ from mobile homes on the low end to single family homes on the high end. Sales affordable to the median income family are those which were about $144,000 or less. ~ The percent of all sales affordable to the median income family varied from 1% in the , Beaver Creek/Arrowhead areas to 68% in the Minturn/Red Cliff areas. However, there ~ were not many total sales in the Minturn/Red Cliff areas. The percent of affordable sales t 25 ~ a ~ ~ ~ Figure 17 ~ TOTAL SALES AND SALES AFFORDABLE TO MEDIAN INCOME FAMILY -1995 : ~ 300 - 289 250 - ~ 200 225 - - - ~ 148 150 ----a41----- - - - - - - - - - - - - - - - - 130 100 - a5-- 5 - - - - - - - - - - - - - - - - - - - 5 60 , 50 , 15 30 8 t 0 ~ BsIUE1Jb Egl/Gps BvC/Arh EgIVI/Av Vail Mn1/RdCI Outlying ¦ ALL SALES ~ ~ AFFORDABLE SALES or < $144,000) Sources: Eagle County Assessors Office and Housing Division ~ in other areas were Basalt/El Jebel at 44%, Eagle/Gypsum at 60%, Eagle-VaiUAvon at ~ 42%, Vail at 21%, and outlying areas at 27%. The overall percentage for Eagle County ~ was 35%. ~ If mobile homes and multi-family units are factored out, and just single family homes are ~ considered, the number of 1995 sales affordable to the median income family drops considerably. This information is presented in Figure 18. ~ Figure 18 ~ TOTAL S.F. HOME SALES & SALES AFFORD- : ABLE TO MEDIAN INCOME FAMILY -1995 ~ 70 -69...... 69=---------------------------------- so - - e 50 - ~ 40 30 - - - - - - - - 23 - - - 24------------27 ' ~ 20 19 t2 - - - - 10... _ e..._.._.. 5..... 2 0 0 0 , IL 0- BsiUEIJb Egl/Gps BvC/Arh EgNUAv Vail MnURdCI Outlying ¦ ALL SINGLE FAMILY HOME SALES : ~ AFFORD. S.F. SALES OR < $144,000) ~ Sources: Eagle County Assessors Office and Housing Division ~ 26 ' ~ ~ ~ ~ ~ • ~ The percentage of single family homes affordable to the median income family ranges ~ from zero in Beaver Creek/Arrowhead, Eagle-VaiUAvon, and Vail to a high of 42% in the • Minturn/Red Cliff areas. (The Minturn/Red Cliff markets are, again, very small, though.) Three percent of the single family homes were affordable in the Basalt/El Jebel areas, ~ 28% in the Eagle/Gypsum areas, and 19% in outlying areas. The overall percentage for • Eagle County was 10%. , Using the coneept of what percent of homes are affordable to the median income family, the National Association of Home Builders prepares a Housing Opportunity Index (HOI) • to measure the affordability of the housing stock in the nation. This index is prepared on ~ a quarterly basis and only includes homes costing $29,000 or more to eliminate mobile homes. According to the HOI's for 1995, approximately 62% of the national housing ~ stock costing $29,000 or more was affordable to the median income family. The National ~ Association of Home Builders does not prepare an HOI figure for Eagle County. However, applying the methodology to Eagle County would result in an HOI of 36%. ~ This would have placed Eagle County among the ten least affordable locations for the approximately 185 areas for which the index is computed. ~ ~ It is possible to examine whether housing has become more or less affordable since 1990. If housing prices have increased faster than incomes during the 1990s, then the ~ affordability problem would have worsened. On the other hand, if incomes have increased faster than housing prices, then the situation would have improved. It is thus ~ necessary to consider recent changes in both housing prices and income data. ~ The median family income reported in the 1990 Census was $41,183. The 1995 updated ~ figure from HUD, $51,900, represents an increase of 26%. Comparing this with the 93% ~ increase for single family homes, or the 49% increase for all types of housing, suggests that the housing stock has become less affordable to local residents. • There are also other income measures which can be considered to see if they bear out the , above results. For example, it is possible to look at the change in wages versus the ~ change in housing prices to determine whether housing has become more or less affordable. The Colorado Department of Labor publishes wage information for Eagle ~ County. In 1990 the average wage paid in the county was $18,438. By 1995 this had risen to $23,048, an increase of 25%. This is also below the increase in housing prices, as is illustrated in Figure 19. ~ It is also possible to consider the number of jobs at the average wage which would have , been required to purchase the median price home. In 1990, it would have taken 3.1 such ~ jobs in Eagle County to purchase the median price home, while in Colorado it would have ~ 27 ~ ~ ~ ~ ~ Figure 19 ~ CUMULATIVE % INCREASES OF HOUSING : PRICES & WAGES IN EAGLE COUNTY ~ 5o% ao% - ~ ~ 30% HOUSING PRICES _ _ _ ~ 20%...____ AVG. WAGES • 1000....__.._......._........... ~ 0% ~ 1990 1991 1992 1993 1994 1995 w-- HOUSING PRICES - AVERAGE WAGES e Sources: Eagle County Assessor's Office and Colorado Department of Labor ~ taken only 1.6 jobs, and in the U.S. 1.5 jobs. In 1990, it thus took about twice as many s ~ average wage jobs in Eagle as in the U.S. and Colorado to afford the median-priced ~ home. By 1995, the number of jobs required to purchase the median price single family ~ home in Eagle County had risen to 3.7. (If one looks at mean prices rather than median prices, it would have taken 5.9 jobs to have purchased the mean value single family home , in Eagle County.) ~ In summary, whether one looks at family income or wages, income has not been ~ increasing nearly as fast as home prices. This is an indicator that housing has become less affordable to local residents over time. , ~ Home Ownership Costs ~ For those owning a house and making mortgage payments, the cost of housing is higher ~ than for renters. The median amount of owner costs for this group in 1990 was $1,031. On the other hand, for those who have paid off their homes, ownership is considerably • cheaper than renting with the median owner costs being $245. The median amount of ~ owner costs as a percentage of income is 24% for those with a mortgage, and 13% for ~ those without a mortgage. While 30% of those with a mortgage are paying thirty percent or more of their income for housing, only 8% of those without a mortgage are paying ~ thirty percent or more of their income for housing. ~ ~ , 28 • ~ r ` ~ ~ Figure 20 ~ OWNERS PAYING 30%+ INCOME FOR HOUSING 1990 ~ 1oo% ~ ~ 80% LU 66% ~ O 60% t~ % ry~o ~ O `Z 40% ~ a. 4% d 20% ~ ' ' 7ao 0% ~ < $10K $10K-20K $20K-35K $35K-50K $SOK+ INCOME GROUPS ~ Source: U.S. Census : Among the group of homeowners, it is possible to break out the data by income groups to ~ determine which groups are paying thirty percent or more of their income for housing , costs. As shown in Figure 20, for households earning less than $10,000, the figure is : 66%. This percentage decreases as incomes go up, until for households earning more ~ than $50,000, it is only 7%. ~ Rental Costs ~ ~ Rents are high in Eagle County. The 1990 Census reported the median contract rent, i.e., the rental amount the tenant is required to pay the landlord, was $544 in Eagle County. : This was 50% higher than the median contract rent for the state and 45% higher than for ~ the nation. , The median gross rent, which also includes all utilities, was $620 per month in 1990. This was 49% higher than the state and 39% higher than the national gross rents. The ~ most common gross rent for a unit with no or one bedroom was within the $300 -$499 ~ range. The most common gross rent for a two-bedroom unit was within the $500 -$749 range. The most common gross rent for a three-bedroom unit was more than $1,000. i ~ In November 1995, the Eagle County Housing Division carried out a survey of apartment rents to update the Census data. The results of this survey showed that the median ~ contract rent had risen to $880, an increase of 62% since 1990. (This same survey turned up only five vacancies out of the 1,093 units counted. This is essentially a zero vacancy , rate.) The rents per type of unit are shown in Table 3. , 29 ~ ~ ~ ~ ~ TABLE 3. 1995 CONTRACT AND GROSS RENTS IN EAGLE COUNTY ~ CONTRACT RENTS GROSS RENTS ~ Average Average ~ Number of Bedrooms Range of Rents Rent Range of Rents Rent Studio n.a. $500 n.a. $500 ~ One $425-$794 $658 $463-$856 $679 : Two $375-$1,085 $886 $492-$1,202 $941 ~ Three $525-$1,245 $1,000 $666-$1,386 $1,032 ~ All Units $375-$1,245 $864 $463-$1,386 $908 ~ Source: Eagle County Housing Division - November 1995 Survey ~ One standard that is applied to determine if rental housing is affordable is whether it can ~ be obtained for 30% or less of a household's gross income. Overall for the county, median gross rent represented 24% of household income. However, those households ~ with lower incomes pay a considerably higher percentage of their income for housing than those with higher incomes. ~ As shown in Figure 21, 92% of the renter households with income below $10,000 are ~ paying thirty percent or more of their income for housing. Eighty percent of households : with an income between $10,000 and $20;000 are paying thirty percent or more of their ~ Figure 21 : RENTERS PAYING 30%+ INCOME FOR HOUSING ~ 1990 100% sz% ~ ~ ao~io ~ w ao°o - - - - - - - - - - z ~ w ~ so% ~ ~ O F" w 40% ..u%.. . W a d 20% - - - - - --12°/a 5% ~ O% - - - - - - - - - - < $10K $10K-20K $20K-35K $35K-50K $50K+ INCOME GROUPS ~ Source: U.S. Census ~ 30 ~ ~ ~ ~ i ~ ~ ~ income for housing. Higher income households pay an increasingly smaller percentage of their income toward rent with only 5% of households with more than $50,000 income ~ paying thirty percent or more of their income for housing. For the county as a whole, ~ over one-third of renter households were paying thirty percent or more of their income for housing. ~ It is likely that the percentage of Eagle County renters paying more than 30% of their ~ income has increased since 1990. As noted above, median contract rents have increased ~ 62%. However, average wages in the county have only increased about 27%. Since rents have risen much more rapidly than wages, renters are probably paying more of their ~ income for housing. ~ It is sometimes suggested that ways to bring down the cost of housing are to allow mobile ~ homes and higher density. The HNA developed some data generally supporting this. As indicated in Table 4, it found that the cheapest per bedroom cost, combining both rental ~ and mortgage figures, occurred in mobile homes where the average monthly cost was ~ $214 per bedroom. Multi-family structures then had cheaper costs than detached housing. The overall average cost per bedroom was $15 greater for renters than for owners. ~ ~ TABLE 4. 1990 AVERAGE RENTS/MORTGAGE PAYMENTS • Per Bedroom : Mobile Home $214 ~ AptlCondo $264 ~ Duplex/'Triplex $294 ~ Cabin $300 ~ Single Family Home $336 Source: The Eagle County Housing Needs Assessment ~ ~ : Demographic and Socio-Economic Projections ~ The final part of this chapter deals with future trends which may affect Eagle County. ~ There is, of course, a high degree of uncertainty how accurate future projections will prove to be. However, they help provide some indication of what the area may ~ experience. Table 5 contains information which was compiled in the preparation of the ~ Eagle County Master Plan. ~ 31 ~ ~ ~ ~ ~ TABLE 5. POPLTLATION, DWELLING iJNIT AND EMPLOYMENT PROJECTIONS, 1995-2010 ~ Permanent Permanent Seasonal Seasonal Dwelling Population Dwelling Units Population Units Employment ~ 1995 27,993 10,663 18,966 6,322 25,013 ~ 2000 32,474 12,367 22,002 7,334 30,616 ~ 2005 36,311 13,828 24,600 8,200 35,730 2010 40,034 15,246 27,123 9,041 40,846 ~ Source: Alan Richman Planning Services, using data from the CO. Div. of Local Govt. ~ ~ The proj ections in this table show continuing large increases in the population, dwelling ~ units, and employment in Eagle County. However, the percentage increases are below the rates which have been experienced in the past. For example, the population increases ~ during 1960 to 1990 ranged from 60% to 78% per decade. The projections, though, show ~ the increase for this present decade at 48%, and for the next decade at only 23%. In terms of absolute numbers, the population increased by about 8,600 persons during the last decade, while the projections show an increase of about 10,500 persons for this decade, ~ falling off to approximately 7,600 persons for the next decade. During the last decade of this century, Eagle County is projected to remain the fastest growing county in its region. ~ The projections for the permanent number of dwelling units are based on the population : growth. It is assumed that the persons per dwelling unit will remain the same as it is ~ today, i.e., 2.6. Dividing the population increases by this number results in the number of dwelling units which will be needed. ~ To determine the projections for seasonal units, it is assumed that the ratio of seasonal to : permanent units will remain the same as today. The seasonal population projections are ~ then obtained by multiplying the number of seasonal units by three persons per unit. ~ In addition to the information above, there are also projections from the Colorado State Demographer's Office for the median age in Eagle County, with the population projected ~ to age considerably. Historically, the county median age has been below that of the state ~ and nation. For example, in 1990 the county median age was 30.6, while the median age for the state was 32.5 and for the nation 32.9. However, after 1995, the county median : age is projected to exceed those for the state and nation. By the year 2000, the median ~ age in Eagle County is projected to be 37.7, and by 2010 it is projected to be 42.2. The Eagle County median age for 2010 is thus projected to be about four to five years older ~ than those for the state and nation in that year. ~ While the State Demogra-pl-er prajects the overall population of Eagle County to increase : 32 - ~ ~ ~ ~ ~ 81 % between 1990 and 2010, the number of persons aged 65 or over is projected to increase by 452%. This age group is thus projected to increase from 3% of the population ~ in 1990 to 10% in 2010. For the period 1990 - 2000, the percentage growth in the 60+ population in Eagle County is projected to be 160.4%, the second highest in the state, ~ following only Douglas County. This will mean an increase of the 60+ population from ~ 1,075 persons in 1990 to 2,798 persons in the year 2000. ~ The other age group which is projected to increase at a faster rate than the rate for the ~ overall population in Eagle County is that composed of persons aged 45 to 64 years. This group is projected to increase 449% from 1990 to 2010. It is thus projected to increase : from a 12% share of the population to a 36% share. This information is illustrated in ~ Figure 22. ~ Figure 22 AGE GROUPS IN EAGLE COUNTY ~ 1990 - 2010 ~ ,s,ooo ' - - - 14,000 1Z,ooo 1Q000.._..__.........._ 8,000 ~ 6,000 4,000 - - - - - - - ~ 2,000 - - 0 law fl.*.,-... i ~ 0 to 6 7 to 17 1-8 to 24 25 to 44 45 to 64 65 + 01990 0 1995 EM 2,000 E] 2005 a 2010 ~ Source: Colorado Demography Information Service ~ ~ In 1991 the Skyline Six Area Agency on Aging conducted a telephone survey of the elderly population in Region XII (Eagle, Grand, Jackson, Pitkin, Routt and Summit , Counties). It found that 73% of the sample indicated that they see themselves living in ~ the same town or county in the next five to ten years. If unable to live independently in their own homes, the most popular options were retirement villages (44%) and assisted , living facilities (25%). It also found that the three factors which accounted for the large ~ percentage increase in the elderly population in Eagle County appeared to be aging in place, seeking a place to retire with amenities, and relocating of elders to be closer to their : adult children. ~ ~ , 33 ~ ~ ~ ~ ~ . ~ Summary ~ The housing stock has been growing very rapidly in Eagle County in response to demand ~ from local residents, second home buyers, and seasonal residents. Housing prices have increased at a rapid rate during the decade and have outpaced increases in income and ~ wages. The projections for the future indicate there will be continued rapid development ~ in the county. ~ ~ ~ ~ ~ ~ . ~ ~ ~ ~ ~ ~ ~ . ~ ~ . ~ ~ ~ ~ ~ ~ ~ . ~ 34 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ CHAPTER 2 = - - ~ ~ HOUSING NEEDS ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ - ~ ~ ~ ~ ~ ~ Introduction ~ The previous chapter included background information on the housing situation in Eagle ~ County. This chapter goes a step further and provides information relaring to actual ~ housing needs. The chaPter begins with various definitions of "affordable" for both rental and owner- ~ ~ occupied housing. It then provides a general overview of housing needs, followed by . specific measures that can be used to identify housing needs.. It also provides some ~ information on special needs populations. There are then sections on the housing preferences of local residents and household types and sizes. This is followed by ~ analyses of housing needs and housing availability by income levels. The chapter ~ concludes with a section on entry level housing needs. Part of the mformahon in this chapter is based on The Eagle CountY Housing Needs ~ Assessment (HNA) which was done in May 1990, about the same rime as the 1990 ~ Census was conducted. However, Census results were not released until after the HNA > was completed. The Eagle County HNA is now dated and this raises concerns about using its findings. ~ ~ Given that housing prices have escalated much more rapidly than wages and income since the study was done, it is likely the housing needs identified in the study have become ~ more acute. On the other hand, some steps have been taken since the study to increase ~ the supply of affordable units, and these steps also need to be taken into account. The next chapter has information on the actions which have been taken to address the ~ affordable housing issue. ~ What Does "Affordable Housing" Mean? ~ ~ "Affordable" is a word that is used pervasively, but loosely. For example, in the resort area, houses selling for hundreds of thousands of dollars are still advertised as ~ "affordable". Taken in an absolute sense, this is true because such high end properties are ~ affordable to someone and will sell. However, in designing an affordable housing program, it is not useful to consider such high end product. Rather, it is necessary to ~ come up with a good working definition from a public policy perspective. ~ When affordable housing is popularly discussed in Eagle County, it tends to include a ~ variety of overlapping concepts. It is often thought of as less expensive units, with "less expensive" being thought of either in an absolute sense (i.e., units with low prices), or in a : relative sense (i.e., in comparison with usual prices on the open market). "Affordable ~ 36 : ~ ~ . ~ ~ ~ s ~ housing" also seems to include a concept of value, in other words, that the amount one pays for "affordable" housing is reasonable in terms of what one is receiving. Given that ~ housing prices are so much higher in Eagle County than in most other areas, there is a ~ sense that one typically has to pay too much for housing. ~ In addition, "affordable housing" is commonly used to refer to housing which has received government assistance. (Sometimes, though, it is a disappointment to residents ~ of local government projects that the rents are still so high.) People also tend to include ~ deed-restricted units which have been removed from the open market and limited to local buyers. ~ ~ There is no absolute definition of "affordable". For example, in earlier years in the United States it was considered that no more than 25% of a household's income should ~ go toward housing. However, the cost of housing has increased over time, and it is now often thought that no more than 30% of a household's income should be required for ~ housing. There is also another train of thought, though, that one should expect to pay a ~ premium for living in the resort areas, and it is thus reasonable to expect that a household should pay a higher amount of its income for housing. Ultimately, the definition of what : should be considered "affordable" in a housing program needs to be a reflection of ~ community will, as reflected through the community's political process. ! It is helpful to consider how other resort areas have defined affordable. For example, San ~ Miguel County has defined affordable as meaning housing reserved for local employees. The language in its ordinance reads, "Residential dwelling units in Telluride Region that ~ are permanently deed restricted by County's R-1 Housing Deed Restriction to limit use and occupancy to persons (and their families) who live and earn their livings primarily in = R-1 School District of San Miguel County." There is now concern in San Miguel ~ County, though, whether this definition is adequate as the prices of single family "affordable" homes are in the $300,000 range, and the County is considering whether its = definition needs to be modified. = The Town of Telluride has essentially three types of "affordable housing", with two of S these involving deed restrictions of private sector units. One of the types of deed- restricted housing is referred to as Affordable Housing Units, which are required for new : developments. There are regulations relating to local employment, income limits, asset ~ limits, and unit sizes. Rent and sale prices are geared toward the 45th percentile of wage earners, with gross rent limited to 30% of this earning level. In order to determine the : 45th percentile, the Town undertakes periodic wage surveys. There is also a maximum ~ income limit of $3,600 per bedroom, and no more than 25% of income may be from non- employment sources. The net worth of purchasers and owners may not exceed two times ~ the allowed purchase price, and owners may not own any other local residential property. : 37 ~ ~ r ~ ~ ~ The other type of deed-restncted unit m the Town of Telluride is referred to as EmPloYee ~ Dwelling Units. 'I'hese are secondary units built on residential lots for which a bonus density and waiver of water and sewer tap fees have been allowed. The only restriction is ~ that the. occupants must be local employees, and there are no limits on the amount of rent ~ charged. The Town of Telluride's third type of affordable housing is rental units which have ~ received local and federal subsidies to get costs down as low as possible. They are then : operated by the Telluride Housing Authority, with the rents being set at the rates required ~ to meet debt service and operating expenses. The AsPen/Pitkin CountY area has adoPted a detailed definition of affordable housing ~ ~ which takes into account employment, household income, buyer's assets, housing size, occupancy standards, and a limitation regarding owning other residential property. ~ Specifically, depending on various housing categories, gross household income cannot exceed $23,200 to $119,5001 net household assets cannot be more than $150,000 to : $225,000, the units must be of a minimum size, there must be at least one person per . bedroom, the occupants must be local employees, and they can't own other residential real estate in the area. : Summit County has a relatively simple definition of affordable housing in its : comprehensive plan. It defines affordable housing as housing targeted to low- and ~ moderate-income groups, which includes household incomes up to 115% of the county median income. ~ In Glenwood Springs, a definition is included in a city ordinance exempting affordable ~ housing from fees. The definition used is residential dwelling units for which the rent or : purchase expense does not exceed 30% of the gross annual income for low-income ~ households as defined by H.U.D. This would equate to households with incomes less than 80% of the area median as adjusted for household size. ~ In Steamboat Springs a definition was developed to determine whether a project should : be considered for city incentives or concessions. Under this definition, "Affordable ~ housing is housing available for ownership, long term rental, or seasonal rental for residents and those employed in Routt County.... A project should meet the following : minimum criteria: ~ • Below market financing and minimum down payments (typically 5%) ~ should be available for owner-occupied units. ~ • Below market rents should be available for rental units. • Controls should exist for resale of property and rent increases. ~ a ry - : ~ r ~ ~ ~ • Submittal of a) a pro forma, b) evidence of construction and/or permanent financing, and c) building construction plans, should occur prior to formal = consideration for public assistance." ~ : For this report, the definition of affordable is broken down into one definition for renters and another for owners. For rental housing, the figure of no more than 30% of income is : used as it is a widely recognized national standard. In addition, from an analysis point of ~ view, it is a practical level to use since the U.S. Census provides data on how many households are paying in excess of this amount. (The Cerisus also provides data on how : many households are paying in excess of 35% of their income for housing, so this figure ~ would also be practical to use from an analysis perspective, but no higher percentages are available.) The 30% figure includes both rent for the unit itself and also utilities. ~ For ownership, the affordability question relates to a household's ability to obtain a mortgage under the various underwriting standards. For this report, "affordability" is ~ ~ based on the amount of housing a household could obtain with a 30-year mortgage, a 5% down payment, allowing 28% of household income to be applied toward housing = payments, and the current interest rate. This "affordability" definition is open to ~ challenge. For example, there are mortgage programs which allow for more than 28% of income to be used for housing, and using a higher figure would result in a higher level of = affordability for a given household's income. It could also be argued that a 10% down ~ payment would be reasonable as a reflection of community expectations that home buyers should be expected to accumulate this much in savings. ~ The ownership affordability definition above includes the 28% of household income : figure because it is the one commonly used by the Federal National Mortgage ~ Association, a large quasi-governmental agency which purchases a large proportion of mortgages on the secondary market. It includes the 5% down payment as a result of input : from the Eagle County Housing Task Force. The Task Force believed that even middle- ~ income households are finding it difficult to obtain housing, and that given the very high real estate prices in the area, it is not reasonable to expect a household to accumulate a ~ 10% down payment. : Once the determination is made as to the standards for determining affordability, the next ~ issue becomes, "Affordable to whom?"; in other words, "Who is to be helped?". The answer can be approached by first determining which groups are not adequately having = their housing needs met by the open market. The next step is to determine which of these are priority groups to be assisted. Possible groups which could be considered include ~ local residents, seasonal employees, very low-income, low-income, moderate-income, . ~ middle-income, renters, owners, employees, wage and service workers, single worker : 39 ~ ~ ~ ~ ~ ~ ~ families, families in general, first_time home buyers, senior crtizens, and others. It becomes a policy decision as to which of these groups should receive higher priority. While which groups are to be assisted depends on communitY will, the information below ~ ~ can help provide some indications of need in working through the process of determining community priorities. : ~ General Overview of Housing Needs ~ As noted previously, housing is expensive in Eagle County. People cope with this ~ expense in a variety of ways. One way is through paying more for housing than persons ~ elsewhere and foregoing other purchases or saving. In addition, the number of workers per family is much higher than state and national rates, people work more per week than ~ elsewhere, and individuals work multiple jobs. Some either become, or take in, roommates and crowd together in order to reduce their individual share of expenses. _ They commute from outside the area in order to find cheaper housing. People remain > renters rather than becoming owners. Young people tend to remain with their families longer. They also postpone purchase of a home until later in their lives than is the case = elsewhere. When they obtain housing, they have to accept less than they would ~ elsewhere. For example, the "starter home" becomes a condominium rather than a single family house. Sometimes those who could afford to purchase a home, such as managers, ~ teachers, etc., decide that what they could obtain locally is not worth the price, and they ~ decide to move elsewhere to obtain greater value for a given purchase price. Before moving to consideration of specific measures of housing needs, it is possible to ~ consider some general indicators. The 1990 Housing Needs Assessment included a = survey of employees and employers in the Eagle Valley portion of the county. In the ~ survey a majority of the respondents considered housing to be a major problem. About 39% called it "critical", which is a higher percentage than was reported from similar ~ surveys in other Colorado ski counties. Eighty-seven percent of the respondents felt there ~ was a problem with finding affordable housing. Nearly a11 households share housing costs among multiPle members. Fifty-six percent of ~ households have two persons sharing the costs, while 27% had three or more persons : doing.so. Only 18% of households had housing costs paid by a single person. ~ Renters perceived there was a problem to a greater extent than owners. Forty-six percent ~ of renters stated they were paying too much for housing versus what they were getting for their money while only 32% of owners indicated they were paying too much. Thirty-two = percent of renters and 16% of owners were "dissatisfied" or "very dissatisfied" with their ~ 40 ~ ~ ~ ~ - ~ ~ ~ current residence. : The HNA notes housing needs for the county are in the process of shifting due to the ~ changing nature of the workforce. The workforce is now composed more of persons intending to remain in the area, with 40% of employees planning to stay in the region : indefinitely. This is sharply up from the response received when the same question was asked in a 1984 survey. This stability is one of the basic shifts that has occurred in the = past few years in ski communities here and elsewhere. The workforce is also older than ~ in the past, and these workers have different demands and aspirations than the younger members who previously composed the workforce. In particular, they are interested in = ownership opportunities. ~ The survey found that employers were having an increasingly difficult time in recruiting : and successfully filling employment needs. A higher than desired portion of jobs remained unfilled, and the shortage of available housing resources was one of the main = reasons for this. ~ Usually, housing programs are established to help lower income families. However, the Y : HNA found that due to the high cost of housing in Eagle County, middle income ~ households were affected as well. The HNA found that while the needs of lower income households were more extreme, the problem of affordability extended up to an income = level of $59,999. In 1995 dollars, this would be equivalent to approximately $72,000. ~ ~ Specific Measures of Housing Needs - = In order to identify what housing needs are, it is first necessary to define or set some ~ criteria as to what exactly is meant by "housing needs". This is important in determining what directions to take in providing assistance. In addition, the definition(s) that is (are) = used in defining needs, can also be important in defining what constitutes "success" or ~ "failure". Below are some ways of ineasuring needs: ~ Measure No. 1- Renters Paying More than 30% of Their Income for Housing Costs = The 1990 Census identified 1,108 households meeting this criterion. This ~ represented about 32% of all the renter households in the county. This measure of need particularly includes lower income households, with 92% of the households : earning less than $10,000, and 80% of the households earning $10,000420,000, ~ meeting this criterion. As noted previously, given that rents have increased more rapidly than wages, it is likely than a higher percentage of renter households are ~ now paying more than 30% of their incomes for housing. However, if one applies : 49. ~ ~ ~ . ~ ~ ~ the conservative 1990 percentage to the eshmated number of households in 1995, ~ the result would be 1,450 households needing assistance under this criterion. ~ Measure No. 2- Persons Required to Live Together to Share Housing Costs ~ One of the ways that persons everywhere cope with housing costs is to become ~ roommates and share expenses. The percentage of persons doing this in Eagle County is much higher than elsewhere, though. In Eagle County in 1990, 44% of : the permanent resident nonfamily households consisted of roommate situations. ~ This compares with a state rate of 20% and a national rate of only 18%. The high rate at which unrelated persons in Eagle County are compelled to live together is ~ an indication of the high cost of housing relative to wages. If the roommate ~ situation was to be reduced to the state level, approximately 2,020 persons would have needed to be assisted in 1990. If the conservative approach used to update ~ Measure No. 1 is used again for this measure, the result is 2,643 persons needing assistance in 1995. _ It is possible to estimate the number of units needed to reduce the roommate y ~ situation to the state level. One approach is to consider that it would only be = necessary to build enough new affordable studio and one-bedroom units to house ~ one-half of these persons, i.e., 1,322 units. This would allow this number of persons to move out of existing units and would decrease the percentage of ~ roommate households to the state level. However, the persons left behind in the previously existing units would be faced with paying rents with only their own = resources. If one assumes that decreased market pressure would result in ~ significantly reduced rents for these persons, then those persons too would have affordable rents. However, if rents did not decrease in those units, then it would be = necessary to build new units for all of the 2,643 persons in order to provide enough ~ affordable housing. Depending on the assumptions made, the estimated number of units needed to reduce the roommate situation to the state level thus ranges from ~ 1,322 - 2,643 units. ~ Measure No. 3- Extent of Overcrowding ~ Housing is considered overcrowded if there is more than one person per room. : According to the 1990 Census there were 411 housing units in Eagle County • ~ which met this criterion. However, this figure should not include overcrowding due to seasonal employees for two reasons. The first is that seasonal employees ~ should have been Gounted as living at their normal full-time residence. The other ~ is that the Census is taken in April, and by this time, most or nearly all of the temporary seasonal employees would have left. Overall, the Census results show ~ 42 : ~ ~ . ~ ~ ~ ~ ~ that overcrowding was somewhat more common in rental as opposed to owner- occupied housing, with 6% of rental units and 4% of owner-occupied units being = overcrowded. ~ Measure No. 4- Rate of Home Ownership ~ According to the 1990 Census, the rate of home ownership in Eagle County is = 57%. Out of the sixty-three counties in Colorado, Eagle County was the seventh ~ lowest in its rate of home ownership. The overall state rate of home ownership is 62% while for the nation it is 64%. The need for additional ownership : opportunities in Eagle County becomes more acute if one considers that the 57% ~ figure does not include those who work in the county but live elsewhere, as they are not included in the base of local residents from which this percentage is ~ calculated. = In determining the amount of need under this measure, it is first necessary to ~ establish a desired rate of home ownership. In the HNA, 69% of the respondents indicated they preferred to own. Setting this as the desired level of home = ownership would result in a very high level of need. However, if one used the ~ more modest statewide rate of 62% home ownership, the 19901eve1 of need would have been to assist 380 additional households own their homes. Using the = procedure noted above, the 1995 level of need would have been to assist 500 ~ households. ~ Measure No. 5- Owners Paying More than 30% of Their Income for Housing Costs = The 1990 Census identified 647 households meeting this criterion, about 25% of ~ the owner households evaluated under it. This measure of need particularly includes households earning less than the median income, i.e., it includes 66% of : the specified owner households earning less than $10,000, 50% of the households earning $10,000-$20,000, and 54% of the households earning $20,000435,000. ~ As housing costs have risen much more rapidly than wages since 1990, it is likely ~ that the percentage of owner households paying more than 30% of their income for housing is now higher. However, if one applies the conservative 1990 percentage = to the estimated owner households in 1995, the result would be 847 households ~ needing assistance under this criterion. : Measure No. 6- Percentage of Households Which Can Afford the Median-Priced Home = In 1990, only 22% of the households could have afforded the median-priced home. ~ (As noted above, this figure is based on a mortgage financed for 30 years, a 5% = 43 ~ ~ ~ ~ o ~ down payment, and using 28 /o of household income.) This compares with ~ approximately 38% of households at the state and 41% at the national levels which could have afforded the median-priced homes in those areas. If it was determined ~ to move the county rate toward the state rate, this would mean the 1990 level of ~ need would have been to assist approximately 1,300 households. The 1995 level of need under this measure would have been approximately 1,700 households. ~ Alternatively, another rate of home ownership could also be determined to be desirable. For example, the State of Oregon has adopted a number of housing = goals and its target in this category is 50%. ~ Measure No. 7- Persons Commuting to Eagle County to Work ~ One way that persons cope with high housing costs is to commute from an area : where housing is less expensive. Although not all the persons commuting from ~ other counties would prefer to live in Eagle County, it is likely that most would as job location is a primary determination of where people like to live. According to = the 1990 Census, 1,537 persons or 12% of the Eagle County work force commuted from other counties, primarily Lake and Garfield Counties. It appears that the percentage of the workforce commuting from outside the county ~ ~ is increasing over time. While employment has increased 38% in the county from 1990 until 1995, the population has only increased 3 i%, suggesting that more of ~ the workforce is living in surrounding counties. Applying the conservative 1990 percentage to the level of employment for 1995 results in over 2,100 persons = commuting in 1995. ~ It is possible to estimate the number and size of units needed to house these = commuting workers and their families. On average, there are slightly less than 1.6 ~ workers per residence in Eagle County, with an average residence having two and one-half bedrooms. Dividing the number of commuting workers by the average ~ number of workers per household results in the need for about 1,400 units with an ~ average of two and one-half bedrooms to provide housing for these employees and their dependents. ~ Measure No. 8- Housing for Seasonal Employees = One of the concerns relating to affordable housing is how to provide housing for : all the temporary employees who arrive for ski season from December through ~ April. While the year-round employment level in the county is about 19,500 jobs, ~ there are approximately 4,500 additional temporary jobs during the ski season. This represents an increase of about 23% during the winter months. Not all these ~ 44 : ~ ~ ~ ~ jobs result in additional employees, though, as multiple job holding is common. As described in Chapter 1, the estimated number of seasonal employees who arrive = to work during the ski season is between 1,800 and 2,900 persons. Employers ~ have taken some steps to try to meet this need. For example, Vail Associates advises it is providing housing for more than 900 of the approximately 1,400 : outside employees it ariracts to the area to work for ski season. Nevertheless, there is a consensus that much of the seasonal emplayee need is still unmet. This influx = of seasonal employees also results in difficulties for local residents as there is ~ additional competition for scarce housing, resulting in both availability problems and higher rents. ~ ~ Measure No. 9- Jobs that Are Going Unfilled = The HNA included an employer survey which documented that a large number of employers had vacant positions throughout the winter season. For the 1989/1990 = season this figure was 400 jobs among the survey respondents, and estimated to be ~ as many as 600 jobs in the Eagle Valley portion of the county. A review of the , industries and employers showed that the problem was widespread, with all = categories of business indicating openings. Part of these vacancies was due to ~ applicants who did not take a job or were not offered a job due to lack of housing. Unfortunately, no updated information exists. ~ Measure No. 10 - Housing Units Needed to Accommodate Future Growth ~ ~ Alan Richman Planning Services in the Eagle County Master Plan projects that increases in the housing stock, as shown in Table 1, will be needed to ~ ~ TABLE 1. PROJECTED POPULATION, DWELLING UNIT AND EMPL. CHANGES IN 5 YEAR PERIODS ~ Permanent Permanent Seasonal Seasonal ~ Population Dwelling Units Popularion Dwelling Units Employment ~ 5 Year Cum. 5 Year Cum. 5 Year Cum. 5 Year Cum. 5 Year Cum. Chnge Chnge Chnge Chnge Chnge Chnge Chnge Chnge Chnge Chnge ~ 1990- 1995 6,065 6,065 2,309 2,309 3,552 3,552 1,184 1,184 5,706 5,706 ~ 2000 4,481 10,546 1,704 4,013 3,036 6,588 1,012 2,196 5,603 11,309 : 2005 3,837 14,383 1,461 5,474 2,598 9,186 866 3,062 5,114 16,423 = 2016 3,723 18,106 1,418 6,892 2,523 11,709 841 3,903 5,116 21,539 ~ Source: Alan Richman Planning Services, using data from the CO. Div. of Local Govt. = 45 ~ ~ ~ ~ ~ . ~ accommodate future growth. ~ Accordmg to the above data, the number of permanent units added to the housing ~ ~ stock for local residents between 1990 and 1995 was 2,309 units. When added to the 1990 figure of 8,354 units, this means that as of 1995 there were approximately ~ 10,663 dwelling units used by local residents. For the remainder of this decade, an additional 1,704 units are projected to be needed to accommodate local population : growth: For the first decade of the next century, the projection calls for an ~ increase of about 2,900 units to meet the needs of local residents. The seasonal data in Table 1 includes both units used for seasonal emPloYees and ~ ~ also second homes. While promoting the development of housing for seasonal employees has been cited as a public policy concern, actively promoting the ~ development of second homes has not. Therefore, although the data on seasonal homes is of some interest, it does not directly assist in determining the housing = need for seasonal employees. Unfortunately, there is no more precise breakdown available, so the above data on seasonal units is provided to give a general indication of seasonal housing trends. ~ It is interesting that employment is projected to grow faster than the permanent ~ population, and by the year 2010 this trend will result in there being more ~ employees than residents. Changing this trend implies that even more permanent ~ dwelling units affordable to workers would be required than shown above. ~ Special Needs Populations = In addition to the needs of persons indicated by the above measures, there are special = needs populations. Using 1990 Census data, the Colorado Division of Housing has ~ determined the levels of special needs for Planning Region 12, which consists of Eagle, ~ Summit, Pitkin, Routt, Grand and Jackson Counties. The figures given for supportive housing need were for 311 frail elderly, 1,486 severely mentally ill, 483 developmentally ~ disabled, 14 persons with alcohol or drug abuse, and four persons with AIDS. This information is supplemented by information from the Division of Mental Health : indicating that 58% of those in Region 12 with severe mental illness admitted to the local ~ mental health center were unsheltered at the time of admission. The Colorado Division of Housing also noted that, based on U.S. Census information, 27 ~ individuals were identified as homeless in Eagle County. This included 24 adults and ~ tbree youths. It also reported that the Women's Resource Center of Eagle provided ~ . 46 ~ ~ ~ ~ ~ - ~ ~ ~ housing vouchers for the homeless, and on average assisted 40 people per day, 20 of whom were children, during the peak periods of winter. Of these individuals, = approximately 5% sought long-term assistance with shelter. ~ : Housing Preferences = In looking toward meeting the needs described above, it is important to take into account ~ the preferences of residents. The HNA found that the housing preferences of renters and owners were different. In addition, the preferences of the two subgroups which make up = renters, year round workers and seasonal workers, were also found to be different. ~ The HNA also found that the characteristics of owners and renters were different. : Owners generally tend to be older, earn a higher median income, and have been in the ~ region for a longer time period. Renters who are year round workers have relatively low incomes and wish to stay in the area and become homeowners. Renters who are seasonal ~ workers have even lower incomes but do not intend to remain in the area. > = As shown in Table 2, owners have a strong preference for single family houses (86%). ~ = TABLE 2. COMPARISON OF PRESENT TYPE OF HOUSING VERSUS PREFERRED ~ TYPE OF HOUSING ~ Owners - Renters ~ Present Preferred Differ- Present Preferred Differ- Housing Housing ence Housing Housing ence : Single Family 42% 86% (44%) 10% 56% (46%) : Duplex 23% 3% 20% 19% 11% 8% : Apt./Condo 15% 3% 12% 54% 18% 36% ~ Mobile Home 20% 3% 17% 11% 2% 9% ~ Dorn1. 2% 2% ~ Room 1% 1% 1% 1% ~ Cabin 5% (5%) 12% (12%) ~ Other 1% 1% 3% 1% 2% ~ Source: The Eagle County Housing Needs Assessment = 47 ~ ~ ~ . ~ ~ ~ They would have liked to move out of duplexes, mobile homes, and condominiums. (In ~ Tables 2 and 3, negative numbers in the difference columns indicate preferences which were not being met under the existing housing conditions.) : Compared to the housing they were actually living in at the time, renters would much : have preferred to move into single family homes and cabins. They would like to have ~ moved out of apartments/condominiums, mobile homes and duplexes. Overall, 52% of renters would prefer to own their housing. Also, 39% of renters said they would rent in = - employer housing if given the option. ~ There were differences between seasonal renters and the overall group of renters. ~ Seasonal renters were more likely to prefer apartment/condominium units (28%) and ~ cabins (16%). Forty percent of them indicated they were living in employee housing, versus only 12% of year round renters. ~ As shown in Table 3, owners' locational preferences are spread over many communities, _ with the most preferred communities being Vail, Edwards and Eagle. Generally owners are living in their preferred communities. However, there was some desire to be able to move into Vail. Likewise, there was expressed a limited desire to move from Gypsum. ~ ~ TABLE 3. COMPARISON OF PRESENT HOUSING LOCATION VERSUS = PREFERRED HOUSING LOCATION ~ Owners - Renters ~ Present Preferred Differ- Present Preferred Differ- ~ Location Location ence Location Location ence Vail 16% 22% (6%) 36% 45% (9%) _ Eagle/Vail 9% 8% 1% 15% 14% 1% : Avon/Wild. 10% 8% 2% 16% 10% 6% _ Edwards 15% 17% (2%) 10% 6% 4% ~ Eagle 10% 14% (4%) 6% 6% 0% ~ Gypsum 16% 7% 9% 5% 3% 2% ~ Minturn 7% 5% 2% 3% 2% 1% ~ Source: The Eagle County Housing Needs Assessment ~ ~ 4~ ~ ~ . , ~ ~ ~ ~ Renters have a strong preference for Vail, followed by lower preferences for Eagle-Vail and Avon. Compared to the locations where they were actually living, renters would = somewhat have preferred to live in Vail. They expressed a limited desire to move out of ~ Avon and Edwards. Over three-quarters of the seasonal renters expressed a preference to live in Vail. ~ Overall, the HNA found that single-familY units are still the preferred choice of both ~ owners and renters, but many respondents identified other housing as their first choice. ~ Apartment/condominium units have a strong following among seasonal workers, especially if they are located in Vail. ~ ~ Household Types and Size ~ In considering housing Preferences, it is also useful to take into account household types : and size. Sixty-one percent (5,081) of the total households consisted of families in 1990, ~ with the various family categories included in Figure 1. This represented an increase from the 1980 Census when only 57% of households consisted of families. However, it : was still below the percentages of families at the state (67%) and national (70%) levels. = Figure 1 = HOUSEHOLD TYPES ~ 1990 ~ Unrelated Roommates (17% arried Couples (21%) ~ ~ ~ Live Alone (22%) arried Couple w/Children (30%) ~ Other Family (3%) ~ Single Parent Families (7% = Source: U.S. Census ~ Most of the families (83%) in Eagle County were made up of married couples (with or ~ without children) and virtually all consisted of two to four persons. The average number : of persons per family was 3.13 persons, a slight increase from the 1980 figure of 3.08 ~ persons per family. = 49 ~ ~ ~ ~ o ~ The percentage of families in Eagle County with children (61 /o) was significantly higher ~ than at the state (53%) and national (51°l0) levels. According to the 1990 Census, there were 3,100 families with children in Eagle County, nearly double the number in 1980, ~ when oflly 53% of families had children. The average number of children per family in ~ Eagle County in 1990 was 1.77, just slightly lower than the averages at the state and federal levels. The average size of families with children was about 3.58 persons. ~ Overall, 37% of all households in the county had children, which was marginally higher than the state and national figures. _ Most of the nonfamily households (56%) consisted of single individuals. However, 40% ~ of the nonfamily households included roommate situations where two or three unrelated ~ persons lived together. ~ In general, family households are larger than nonfamily households. Table 4 provides a ~ breakdown of household sizes in Eagle County. ~ TABLE 4. EAGLE COUNTY HOUSEHOLD SIZE IN 1990 ~ FAMILY NONFAMILY ~ HOUSEHOLDS HOUSEHOLDS ALL HOUSEHOLDS ~ # % # % # % ~ 1 Person n.a. n.a. 1838 56% 1838 22% ~ 2 Persons 1783 35% - 942 29% 2725 33% ~ 3 Persons 1329 26% 354 11% 1683 20% ~ 4 Persons 1287 25% 104 3% 1391 17% 5 Persons 478 9% 20 1% 498 6% ~ 6 Persons 146 3% 14 0% 160 2% : : 7+ persons 58 1% 1 0% 59 16/. Total 5081 T 100% 3273 100% 8354 100% ~ Avg. # of = Persons 3.13 1.65 2.61 Source: U.S. Census ~ ~ ~ ~ 50 _ ~ ~ s • ~ It is likely that most of the nonfamily households would be renting units. If one compares = the size of such households with the rental units available in 1990, there appears to be a ~ great shortage of smaller units. Whereas one-person households compose 56% of the total nonfamily households, only 24% of the rental units are studio or one-bedroom units. ~ = Income Analysis of Housing Needs and Availability ~ It is possible to analyze household incomes and housing costs to determine where there = are gaps in meeting housing needs. For example, for renters, one can look at the incomes ~ of rental households and, using 30% of these incomes, determine the maximum affordable rents. One can then look at the supply of units for each rent category to see ~ how the supply of units matches up with renter household needs. This is done in Figure 2 ~ and Figure 3. ~ Figure 2 : . _ APPROX. COMPARISON OF WHAT RENTERS ~ CAN AFFORD VS AVAIL. RENTAL UNITS-1995 ~ ao% . 35% ~ 30% 25%......._. ~ 20% ~ 15%..._ .-.'.........^...................j..... 10%.. . _ _ ~ ~ 5% 0% ~ $0-528 $528-645 $645-762 $762-880 $880-997 $997-1114 % OF RENTER HOUSEHOLDS ~ • -a.- % OF RENTAL UNITS Source: Eagle County Housing Division ~ ~ In Figure 2, it can be seen that the percentage of lower income renter households is greater that the percentage of affordable units in their price range. On the higher end, the = percentage of apartments is greater than the percentage of higher income renters. The ~ differences between the percentage breakdowns of renters and units result in the relative deficits and surpluses shown in Figure 3. ~ ~ ~ _ 5i ~ ~ ~ i • Figure 3 ~ APPROXIMATE % DEFICIT/SURPLUS OF ~ UNITS BY AMOUNT OF GROSS RENT -1995 ~ so% ~ zo% ~ 1o%..._._.......__ - ~ o% ~ ~ -10% _ ~ ~ -2o% ~ $0-528 $528-645 $645-762 $762-680 $880-997 $997-1114 Source: Eagle County Housing Division There are deficits in rental units below $645, which correspond to annual incomes below ~ about $26,000 in 1995. In the $645 to $762 range, there is an approximate matching of ~ units with what households could afford. Above $762, there is a relative surplus of units. ~ Since there is a deficit of lower priced units, renter households live in the higher priced units and end up paying more than 30% of their income in rent. ~ The household income figures used above combine the income of unrelated roommates : living together. As has been noted, many of these people live together out of financial ~ necessity, and would prefer to live alone. By living together, they raise the level of their household income. Despite the fact they are living together and sharing expenses, : though, many such households are still paying more than 30% of their income for ~ housing. If the income of roommates was considered separately, the shortage of less expensive rental units would be even more acute. : It is also possible to analyze for-sale housing in terms of its affordability to various = income households in Eagle County. The purchasing power of the various income groups ~ can be computed by using the for-sale affordability criteria noted earlier (a 30-year mortgage, a 5% down payment, and 28% of income). One can then examine the prices at ~ which housing is selling in the county. (The housing sales consist of sales to both local ~ residents and second-home buyers.) By comparing the two sets of data, it is possible to get a rough approximation of where there are deficits or surpluses of housing product in ~ relationship to local residents' purchasing power. ~ Figure 4 shows the relationship between local household purchasing power and total ~ 52 : ~ ~ ~ ~ - ~ ~ Figure 4 : HOUSING SALE VALUES VS. APPROXIMATE ~ HOUSEHOLDS' PURCHASING POWER -1995 25% ~ ~ 200~ ~ - - - - - - - - - - - - - - - - - 15% ~ 10% - - _ _ _ ~ 5% ~ 0-50K 50-100K 100-150K 150-200K 200-250K 250-400K 400K+ -m-- °/a of Households -u- % of Housing Sales ~ Sources: U.S. Census, H.U.D., Eagle County Assessors Office and Housing Division ~ housing sales in 1995. As can be seen, the percent of local households having lower : purchasing power is greater than the percent of lower end housing sales. This = relationship is clearer in Figure 5, which is based on the same data, with the bars : representing an approximation of the difference between the housing purchasing power of ~ each group and the housing product available. : Figure 5 ~ APPROXIMATE % DEFICIT/SURPLUS OF HOUSING BY VALUE -1995 ~ 10% - ~ s% - ~ o% - --0--'-- - -5% ~ ~ -10°/a ~ -15% 0-50K 50-t00K 10050K 150-200K 200-250K 250-400K 400K+ ~ Sources: U.S. Census, H.U.D., Eagle County Assessofs Office and Housing Division : Relative to local purchasing power, there is generally a deficit of for-sale housing in the ~ lower and middle ranges. There is then a surplus in the upper range, with the strong level of high end sales an indication of the impact of outside buyers. ~ ~ 53 ~ ~ ~ . , ~ ~ Of note is that the above data includes mobile homes, which are a very limited form of ~ ownership. Typically in Eagle County a mobile home owner only owns the mobile home itself and pays rent of approximately $325 -$425 a month for the space on which it is : located. Virtually all of the housing sales in the $0 -$50,000 range consist of mobile ~ homes. If mobile homes were not considered, the deficit of for-sale housing for lower income households would be much greater. : In summary, the above for-sale data suggest that a wide range of local households find it = difficult to owri a house in Eagle County, and this tends to lower the rate of home ~ ownership. The difficulty is especially great for households with smaller incomes who face a much more limited selection. Much of the housing which is produced is high end : product oriented toward the higher incomes of second-home buyers. ~ Very Low-, Low- and Moderate-Income Categories ~ ~ Housing needs are often analyzed in terms of "very low-", "low-", and "moderate- . income" households. The definitions of the first two of these terms are fairly standard with "very low" typically being defined as less than 50% of area median income, and = "low" usually being defined as 50% to 80% of area median income. (These terms are ~ distinct from the "poverty-level" income which nationally is approximately 30% of median income.) : There is no standard definition of "moderate", with this category extending up as high as : 120% of area median income in some areas. In various discussions it has been noted that ~ currently households up to an income level of about $70,000 encounter problems obtaining housing in Eagle County. This would suggest having moderate-income ~ ~ TABLE 5. EAGLE COUNTY HOUSEHOLD (HH) INCOME CATEGORIES IN 1990 : % of Area % of all Owner % of all Renter : Median Income % of all HHs HHs HHs ~ Very low-income 0- 50% 15% 12% 20% ~ Low-Income 50 - 80% 19% 16% 23% ~ Moderate-Income 80 - 120% 28% n.a. n.a. ~ s: Comprehensive Housing Affordability Strategy (CHAS) and U.S. Census ~ rSource ~ 54 ~ ~ ~ . ~ ~ ~ ~ ~ households being defined as those earning from 80% to 120% of area median income. Using this breakdown would result in the numbers of households in each category as : shown in Table 5. ~ The U.S. Department of Housing and Urban Development (HUD) provides an estimate of : area median income each year down to the county level. For 1995, the median income ~ for a family of four in Eagle County is estimated to be $51,900. (HUD adjusts this figure based on household size when considering eligibility for its programs.) Using this figure, ~ the breakdowns of the various income categories would be as shown in Table 6. ~ : TABLE 6. 1995 EAGLE COUNTY INCOME BREAKDOWN ~ AREA MEDIAN FAMILY INCOME _ $51,900 ~ % of Area Median Income Income Range : Very low-income 0 - 50% $0 - $25,950 • - - : Low-Income 50 - 80% $25,951 - $41,520 : Moderate-income 80 - 120% $41,521 - $62,280 ~ ~ Another way to consider the above income categories is that the upper limit for very low- income is somewhat higher than the earnings from one average wage job, while the upper : limit for low-income is somewhat less than the earnings from two average wage jobs. ~ Households with housing needs are often considered on a national basis to consist of : those with any of three housing problems: excessive cost burden (greater than 30% of ~ income), physical inadequacy (lacking complete kitchen or plumbing facilities), or overcrowding. The most common of these is excess cost burden. According to data : prepared for HUD, 31 % of all Eagle County households in 1990 experienced one or more ~ of these problems. A bxeakdown of this overall figure by income categories and tenure is provided in Table 7. Unforiunately, there is not data available for the 80% to 120% of ~ median income group. : The data in Table 7 show the incidence of housing problems is much higher in lower ~ income categories. In general, renter households are more likely to have housing problems than owner households. Other data obtained from HUD indicate that one of the : largest grUUps having housing problems is unrelated roommates renting a unit together, ~ with 44°% of this group having one of the housing problems noted above, primarily excess~~-_, cost burden. ~ 55 ~ ~ ~ ~ ~ TABLE 7. INCIDENCE OF ONE OR MORE HOUSING PROBLEMS BY INCOME ~ ~ GROUP AND TENURE IN EAGLE COUNTY - 1990 Owners Renters : % of Median Family % with Housing % with Housing : Income Households Problems Households Problems ~ 0-30% 266 79°/a 278 78% ~ 31-50% 304 59% 405 78% 51-80% 811 45% 796 56% ~ 81-95% 456 33% 314 31 % ~ Remaining Households 3086 14% 1689 13% ~ Total Households 4923 27% 3482 37% ~ Source: Eagle County's Colorado Consolidated Plan r ~ ~ One common goal of housing efforts is to increase the rate of home ownership. While the : county's overall rate of home ownership is low, the lowest rates tend to be among lower ~ income groups, as can be seen in Table 8. ~ TABLE 8. EAGLE COUNTY HOME OWNERSHIP BY ~ ~ INCOME CATEGORIES IN 1990 % of Median Family Income Rate of Home Ownership : 0-50% 45% ~ 51 - 80% 50% : 81% - 95% 59% ~ Remaining Households 65% : Source: Eagle County's Comprehensive Housing ~ Affordability Strategy County Profile ~ ~ ~ 56 ~ ~ ~ ~ ~ ~ It is possible to look at housing sales in terms of their affordability to the various income categories. Using the underwriting criteria noted previously (30-year mortgage, 5% down ~ payment, and 28% of income applied toward a housing payment), one can compute how much each category could afford to spend for housing. This information is presented for , 1995 in Table 91 along with a breakdown of the sales affordable to each category by ~ community. ~ In this table the sales affordable to a lower income group are also affordable to a higher • income group: Thus, for example, low-income families would be able to afford all the sales in the very low-income category, as well as those in the low-income category. It , should also be noted that the data presented are for family incomes. If household incomes were considered instead, there would be fewer affordable sales as household incomes are ~ lower than family incomes. . • • TABLE 9. 1995 EAGLE COUNTY SALES AFFORDABLE TO VARIOUS INCOME FAMILIES ~ BY CONIIVIUNITY - - - ~ VERY LOW- LOW- MODERATE- ~ INCOME INCOME INCOME BALANCE TOTAL • PURCHASING Up to $63,493 - $112,003 - Over POWER $63,492 112,002 $176,682 $176,682 • # % # % # % # % # % ~ BasaltJEl Jebel 44 30% 8 5% 23 16% 73 49% 148 100% ~ Eagle/Gypsum 36 26% 23 16% 50 35% 32 23% 141 100% ~ Edwards, etc. 74 31% 10 4% 30 13% 123 52% 237 100% • Avon/ Eagle Vail 5 2% 39 17% 92 41% 89 40% 225 100% • Beaver Creek/ • Arrowhead - - 1 1% - - 129 999 0 130 100% Minturn/ , Red Cliff 11 50% 2 9% 6 27% 3 14% 22 100% • Vail - - 27 9% 60 21% 202 70% 289 100% • Outlying 5 17% 2 7% 4 13% 19 63% 30 100% ~ Total 175 14% 112 9% 265 22% 670 55% 1,222 100% ~ Sources: Eagle County Assessor's Office and Housing Division ~ 57 ~ ~ ~ ~ ~ Almost all of the sales affordable to verY low-income families were in the Edwards, ~ ~ Basa1t1E1 Jebel, and Eagle/Gypsum areas, and would be primarily mobile homes. Low- and moderate-income families were also able to access a few up valley properties. ~ Overall, though, the majority of sales were out of reach of even moderate-income • families. This was particularly true in the Beaver Creek/Arrowhead and Vail areas. It is also Possible to consider what type of product would be affordable to the different ~ ~ income groups, and this is done in Table 10. Almost the only type of housing which very low-income families could afford to purchase was mobile homes. These mobile homes ~ would be located in mobile home parks and the family would continue to have to pay space rent. For low-income families there began to be a few other alternatives, ~ particularly low-end condominiums. For moderate-income families there were additional ~ options, including mid-range condominiums and some low-end single family homes. However, as noted above, the majority of sales were not affordable to the families in any • of these three income categories. This was particularly true of single family home, duplex/triplex, and townhome sales. • . ~ TABLE 10. 1995 EAGLE COUNTY SALES AFFORDABLE TO VARIOUS INCOME FAMILIES ~ BY TYPE OF HOUSING , VERY LOW- LOW- MODERATE- • 1NCOME INCOME INCOME BALANCE TOTAL ~ PURCHASING Up to $63,493 $112,003 - Over POWER $63,492 112,002 $176,682 $176,682 , # % # % # % # % # % ~ Single Family 7 2% 7 2% 50 17% 232 78% 296 100% ~ Duplex/Triplex - - 4 3% 12 9% 119 88% 135 100% ~ Townhome - - 6 9% 16 25% 42 66% 64 100% ~ Condominium 5 1% 83 15% 186 34% 276 50% 550 100% Subtotal 12 1% 100 10% 264 25% 669 64% 1,045 100% ~ Mobile Home 163 92% 12 7% 1 1% 1 1% 177 100% : Total 175 14% 112 9% 265 22% 670 55% 1,222 100% • Sources: Eagle County Assessor's Office and Housing Division , ~ ~ 56 ~ ~ ~ ~ ~ - ~ ~ • It is also useful to consider the size of the units affordable to the various income categories. As can be seen in Table 11, the units available to the lower income categories • tended to be smaller than those available to the moderate-income category. • , Table 11. 1995 EAGLE COUNTY SALES AFFORDABLE TO VARIOUS INCOME FAMILIES • BROKEN DOWN BY NUMBER OF BEDROOMS (EXCLUDING MOBILE HOMES) ~ VERY LOW-INCOME LOW-INCOME MODERATE-INCOME PURCHASING • POWER Up to $63,492 $63,493 - $112,002 $112,003 - $176,682 ~ # % # % # % ~ Studio 0 0% 0 0% 2 1% • 1 Bedroom 5 45% 28 28% 25 10% ~ 2 Bedroom 3 27% 52 53% 140 54% y _ 3 Bedroom 2 18% 17 17% 83 32% ~ 4 Bedroom 1 9% 1 1% g 3% ~ 5 Bedroom 0 0% 1 1% 2 1% • 6 Bedroom 0 0% 0 0% 1 0% , Total 11 100% 99 100% 261 100% ' Sources: Eagle County Assessor's Office and Housing Division ~ ~ Table 11 does not include mobile home sales as it was not feasible to obtain data on how many bedrooms they contained. It should also be kept in mind that since virtually all of , the mobile homes were on rented spaces in parks, these sales represented a very limited form of ownership. They would not be eligible for real estate financing and public ~ assistance programs oriented toward real estate transactions. In addition, as the closure of ~ area trailer parks has recently shown, this form of ownership is tenuous. Most of the ~ mobile homes in the parks were built before the mid-1970s and do not meet current code requirements. If a park is closed, it is extremely difficult to relocate the mobile homes ~ and their value can drop to nothing. ~ It is possible to analyze Measure No. 12 (number of units needed to accommodate future ~ growth) in terms of the three income categories to develop an estimate of the projected permanent dwelling units needed for each category. In order to do so, it is necessary to • assume that the relative percentages of very low-, low-, and moderate-income households ~ 59 ~ . ~ ~ ~ will remain the same through the projection period. These estimates are presented in ~ Table 12. • TABLE 12. PERMANENT DWELLING UNIT PROJECTIONS BROKEN DOWN BY ~ INCOME CATEGORIES ~ Very Low-Income Moderate-Income ~ All Permanent Units Low-Income Units Units ~ Dwelling Units (15% of total) (19% of total) (28% of total) 5 Year Cum. 5 Year Cum. 5 Year Cum. 5 Year Cum. , Change Change Change Change Change Change Change Change ~ 1990- ~ 1995 2,309 2,309 344 344 441 441 646 646 2000 1,704 4,013 254 598 326 767 477 1,124 ~ 2005 1,461 5,474 218 816 279 1,047 409 1,533 2010 1,418 6,892 211 1,027 271 1,318 397 1,930 , Source: Eagle County Housing Division, using data from Allan Richman Planning Services, • CO. Div. of Local Govt., CHAS Databook and U.S. Census ~ ~ Wages and Housing Affordability : .Another way to analyze housing needs in terms of affordability is to consider the average ~ wages for major sectors of the economy, and what housing costs those wages will ~ support. A major advantage of using published wage data, rather than published income ~ data, is that the wage figures are reported based on the location of jobs, whereas the income figures are reported based on where people live. The incomes of employees who ~ work in Eagle County, but cannot afford to live there, are not included in the published income data for Eagle County, but instead in the county where they live. Eagle County : income data would thus indicate higher purchasing power than its employees have. ~ If one uses the 30% affordability standard for rent and the mortgage underwriting criteria ~ noted earlier, it is possible to determine the rents and mortgages that average wages for the various sectors will support, as shown in Table 13. While this table provides a useful ~ beginning in considering the affordability of housing for various wage levels, there are a ~ number of issues which need to be considered in analyzing the information in it. ~ 60 ~ ~ . ~ ~ ~ ~ ~ : TABLE 13. AFFORDABLE RENTS AND PURCHASE PRICES FOR AVERAGE WAGE ~ JOBS OF VARIOUS EMPLOYMENT SECTORS IN EAGLE COUNTY FOR EMPLOYEES COVERED UNDER THE UNEMPLOYMENT COMPENSATION SYSTEM : Average Annual Monthly Affordable Affordable Purchase ~ Sector Wage Rent (incl. utilities) Price ~ Construction $29,756 $744 $75,350 ~ Retail Trade $17,178 $429 $36,161 ~ Finance, Insurance, & Real Estate $26,382 $660 $64,838 ~ Services $22,584 $565 $53,004 : Government $26,017 $650 $63,700 ~ All Industries $23,048 $576 $54,450 ~ Source: CO. Department of Labor & Employment and Eagle County Housing Division • ~ ~ One issue is that it becomes necessary to convert the wage data into household incomes when considering housing affordability. Some households will have only one wage ~ earner with one job. Others will have multiple wage earnera and/or jobs. One would thus ~ need to consider how many average wage jobs there would be in a household. For example, one might assume that a household would have one worker in the construction ~ sector. Alternatively, one might assume that a household would have one worker in the retail sector and another in the service sector, and could thus combine the average wages ~ for these two workers to come up with household income. Other assumptions could also ~ be made to come up with varying incomes for considering housing affordability. , Another issue is that there are varying wages associated with different occupations within ~ each sector. For example, each sector contains both lower-paying clerical jobs and also higher-paying management jobs. Even for the same occupation, there are varying wages : depending on such factors as how much experience an employee has. The average wage ~ for a sector as a whole does not reveal these differences. A further issue is that household incomes consist of other sources of income in addition to wages, such as interest earnings, : pensions, etc., and it is necessary to take these other sources of income into account when considering housing aff4rdability. ~ ~ ~ : 61 _ ~ ~ ~ ~ ~ ~ Entry Level Housing ~ Affordable housing efforts are often geared toward placing first-time home owners in ~ "entry level" housing. In order to pursue this concept, it would be useful to define what ~ price level constitutes entry level housing. The Census breaks households into age groups and then provides data on the incomes for ~ each of those groups. Generally, the concept of entry-level housing is thought to apply to : younger households, and a Census category which corresponds to this is households ~ headed by persons between the ages of 25 and 34 years old. As noted earlier, HUD Provides YearlY median income figures for families. According to ~ ~ the 1990 Census, though, households headed by persons aged 25 to 34 have a median income that is only 87% of the median family income. Applying this percentage to the ~ 1995 HUD family income results in a median income of approximately $45,000 for the younger households. Using the underwriting criteria noted previously, entry level , housing in 1995 would have had to have been priced at about $118,000 to have been . affordable. ~ Summary ~ The measures of need indicate that there are considerable unmet housing needs in Eagle ~ County. A large proportion of renters are paying more than thirty percent of their income ~ for housing and an unusually high proportion of unrelated persons are required to become ~ roommates in order to share expenses. The rate of home ownership is low, as is the percentage of households which can afford to purchase the median-priced home. : With the free market tending tQ produce housing which is too expensive for workers, : there is an increasingly large number of employees commuting from outside the county. ~ In addition, jobs in the area are not being filled due to a lack of affordable housing, resulting in staffing problems for businesses and difficulties in providing customer : service. For example, in the 1995/1996 ski season there have been reports that bus drivers have not been able to be hired, retail operations were closed due to lack of ~ staffing, and hotels were short of help. The lack of affordable housing has community- : wide implications. ~ ~ ~ ~ 62 ~ ~ r ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ CHAPTER 3 • - - ~ ~ EFFORTS TAKEN TO ADDRESS HOUSING NEEDS IN EAGLE COUNTY ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ . ~ Introduction ~ There have been a number of efforts taken to date to meet housing needs in Eagle County. ~ The private sector is playing a key role by producing units on an ongoing basis. ~ However, many of these units are relatively high end and not affordable to the local residents and workers of Eagle County. ~ In addition to what is being produced on the open market, there have also been a number ~ of units brought on board through the efforts of employers, various types of government ~ assistance programs, government regulatory requirements; and private sector grant assistance. The housing assistance techniques which have been used are briefly described ~ below. (Often a particular project may involve combining a number of these techniques.) ~ Following this description is a chronological listing of the projects which have been brought about through these techniques. Next there is an analysis of the techniques ~ themselves. The chapter then concludes with survey information from the public and employers on what directions should be taken to provide housing. ~ . ~ Employer Efforts to Provide Housing for Employees : The first category of techniques consists of efforts carried out by employers to assist their ~ employees obtain housing. These include the following: ~ 1. Construction/purchase of rental units for employee housing: Vail Associates, Inc. : has two apartments totaling 110 uriits for its employees. City Market in Avon has ~ built 14 employee units above its store. Other employers also have units for their employees. : 2. Master leasing of rental uriits to reserve them for employees: A number of the : larger employers have master leased units. S 3. Purchase of subordinate debt for apartment projects: This takes the place of equity : and allows the bulk of the debt associated with a project to be financed through ~ conventional sources. Vail Associates, Inc. and Cordillera have purchased subordinated debt for the Lake Creek Village Apartments. Vail Associates also ~ purchased subordinated debt for the Eaglebend Aparhnents. ~ 4. Guarantee of a portion of a mortgage so employees can make a smaller down ~ payment. ~ 5. Lending a portion of a mortgage directly to employees. ~ 64 : ~ ~ ~ ~ - ~ ~ ~ Public Sector Assistance ~ ~ The second category of techniques involves the use of public sector dollars and subsidies. These include the following: ~ 1. Mortgage revenue bonds: This consists of the issuance of tax-free bonds to : provide lower interest rates for mortgages and assistance with up front payments m ~ purchasing a house. Ten homes have been financed in Eagle County using this technique. ~ 2. Mortgage credit certificates: This program provides mortgage credits that ~ homeowners can use to offset their federal income tax liability. Three homes have ~ been financed using this technique. ~ 3. Private Activity Bonds (Industrial Revenue Bonds): This program utilizes tax-free ~ bonds to provide housing. This technique has been used for one condominium > project totaling 156 units. ~ ~ 4. 63-20 financing: This allows for the construction of rental units with tax-free bonds. Proj ects built under this program also come off the property tax roles and ~ the construction materials used to build them are not subject to sales tax. There are ~ two apartments utilizing this technique totaling 564 units. ~ 5. Section 8 New Construction: This program provides assistance to a developer in constructing rental housing. The low-income residents of that housing are then ~ eligible for an ongoing subsidy in which they do not have to pay more than 30% of ~ their adjusted income for rent and utilities. There is one project consisting of 72 units built under this program. ~ 6. The Rural Development (RD) 515 program: This program provides a developer ! with assistance obtaining construction funding for a rental project in exchange for ~ a commitment by the developer to have a reduced rate of return. Some of the units can then cany an ongoing subsidy for the tenants under the RD 521 program. This ~ mechanism has been used once to put up senior housing totaling 36 units, 25 of ~ which carry the ongoing subsidy. ~ 7. Low Income Housing Tax Credits: This program requires a housing developer to ~ compete for an allocation of tax credits. The competition is based on a number of factors, including the number of units reserved for lower income households, and ~ how long that reservation will last. If successful in obtaining an allocation of tax ~ 65 ~ ~ ~ e ~ ~ ~ credits, a developer can sell the credrts to an individual or companY seeking to ~ reduce its tax burden. The money received from the sale is then used to help fund construction, thereby reducing the project cost to the developer. This technique ~ has been used for an apartment project with 100 units and also the senior citizen ~ project with 36 units. 8. Community Development Block Grant: This program involves the use of federal ~ funds passed through the state to provide housing. It has been used to buy the land ~ for one project, yet to be constructed, which will total.61 units. ~ 9. Energy/Mineral Impact Assistance: This state program provides grants and loans ~ for planning, construction and maintenance of public facilities and the provision of ~ public services. Eligible recipients are local govemment entities socially or economically impacted by the development, processing or energy conversion of ~ minerals and mineral fuels. This program has been used to help provide the public infrastructure for one project which will provide 53 less expensive for-sale units. : 10. Section 8 Existing: This program provides a rental subsidy for very low-income ~ households so they do not have to pay more than 30% of their adjusted income for ~ rent and utilities. This program is not limited to housing projects in a particular ~ location. Rather, once a household is found to be eligible, it can use the subsidy for housing located anywhere. There is enougli funding for approximately 15 ~ households. ~ 11. Donation of land or providing land at less than its market value by public entities: ~ This can bring down the cost of a project. It has been done for one project involving 17 townhomes, another for a rental project with 36 units, and another ~ which will provide 53 less expensive for-sale units. ~ 12. Down payment assistance program: The one program established by a local town ~ requires a buyer to have only a 10% down payment. The town then establishes an ~ offsetting balance with the bank for an additional 10%. As part of the package, there are a reduced interest rate, a lower origination fee, and a deed restriction ~ limiting price appreciation. No one has yet applied for assistance under this program. : 13. Federal Home Loan Bank: This organization can help subsidize the cost of : construction for very low-, low-, and moderate-income households. It has been ~ used to build one house to date. ~ 14. Special funding to provide housing for developmentally disabled individuals: ~ 66 : ~ ~ . ~ ~ ~ ~ S These individuals are provided housing to assist them live independent lives. Currently six persons living in three units are being helped. ~ ~ Regulatory Appraac-hes ~ The third category of techniques involves the use of government regulations. These : include the following: ~ 1. Negotiations during the subdivision approval process: When a developer seeks ~ something not normally allowed under existing regulations, local governmental ~ entities can add additional requirements in exchange for allowing what the developer wishes. This can be accomplished either through the existing zoning ~ regulations or through the planned unit development process. For example, units might be restricted to employee housing in exchange for additional density. ~ Alternatively, units might be restricted to local residents. This approach has been ~ used for one aparhnent project with 198 units, and one condominium project with 56 units. ~ . ~ 2. Requiring commercial developers to construct employee housing units or provide resources to bring such units about: Several commercial developments have been , required to meet this requirement. Some met it through purchasing the junior debt for an apartment project with 270 units. Another has constructed 26 units : restricted to employee occupancy. ~ 3. Deed restrictions: These have been used in different instances to limit ownership : to local residents, require employee occupancy, limit units to certain income ~ groups, and limit price appreciation. The deed restrictions have been put in place for varying amounts of time. They have been used for several condominium , projects and a townhome project. Many of the deed restrictions have now expired ~ and the units can be sold on the open market. S 4. Infill zoning: This technique changes the zoning of existing areas so that employee units can be added. This approach has resulted in the construction of ~ about 30 units. ~ 5. Revision of zoning regulations to allow aparhnents in commercial areas: This has ~ resulted in the construction of 14 employee units. ~ ~ ~ 6i ~ ~ ~ ~ ~ ~ Private Sector Grant Assistance ~ The fourth category of assistance consists of a grant fund administered by the Colorado ~ Association of Realtors Housing Opportunity Foundation (CARHOF). This fund is ~ obtained from the interest eamings on earnest money held in deposit while a closing is in progress. Habitat for Humanity has used this source in its program. ~ ~ Timeline of Assisted Housing Efforts in Eagle County ~ This section is a brief chronological listing of how the techniques described above have ~ been used. It includes the efforts of employers, public assistance programs, regulatory ~ approaches, and private sector grant assistance. ~ 1974 ~ Colorado Housing and Finance Authority (CHFA) Mortgage Revenue Bond Y ~ Program: Ongoing program which allows qualified homeowners throughout county to ~ obtain lower interest mortgages and assistance with up-front cash requirements. Ten homes have been financed in Eagle County to date. ~ Colorado Housing and Finance Authority (CHFA) Mortgage Credit Certificate ~ Program: Ongoing program which allows qualified homeowners throughout county to ~ take tax credit for mortgage interest. Three homes have been financed in Eagle County to ~ date. ~ 1976 . ~ Sunbird Lodge: 50 employee units providing seasonal housing in Vail owned by Vail ~ Associates. ~ ~ 197g ~ Pitkin Creek Park: 156 condominiums in Vail with seven-year deed restrictions ~ limiting sales to local buyers with incomes less than $30,000. Price appreciation was ~ limited to one and one-half times the Consumer Price Index. Financing was provided through Industrial Revenue Bonds. : ~ . : 6 ~ ~ ~ ~ 1979 : Riverview Apartments: 72 apartment units with H.U.D. subsidized rents for low- ~ income residents in Eagle-Vail. The subsidies will end in 1999. ~ 1980 ~ ~ Beaver Creek: Planned unit development above Avon in which developer was required to provide employee housing. Vail Associates met this requirement through its ~ participation in Lake Creek Village Apartments. ~ Timber Ridge Village Apartments: 198 apartments for employee housing in Vail. The ~ Town of Vail required the developer to reserve the units for employees for twenty years ~ in exchange for allowing increased density on the site. ~ ~ The Tarnes: 60 aparhnents for employee housing provided by Vail Associates in Beaver Creek. ~ Homestead Meadows Condominiums: 56 condominiums in Edwards deed-restricted ~ for seven years to buyers who would use the units as their primary residence. ~ - : 1983 ~ Arrowhead: Planned unit development between Avon and Edwards in which developer : was required to provide employee housing. Vail Associates met this requirement through ~ its participation in Lake Creek Village Apartments. ~ 1984 ~ ~ Cliffside Village: Condominium units located east of Eagle-Vail originally deed- restricted to Eagle County residents with price appreciation limited to 6% per year. ~ However, the project went bankrupt, and the deed restrictions were removed the same ~ year they were imposed. ~ : 69 ~ ~ ~ ~ ~ . ~ 19g7 ~ Golden Eagle Apartments: 36 senior citizen apartments in Eagle in which Eagle ~ County provided the land at a below-market price and financing was provided through the ~ Rural Development (RD) 515 program. Twenty-five of the units carry an ongoing subsidy under the RD 521 program. The project also received assistance under the Low ~ Income Housing Tax Credit program. ~ Mountain Valley Residential Services: Ongoing program which seeks housinS for ~ developmentally disabled adults. At present there are three units housing six persons in Eagle-Vail, Avon, and Vail. , Cordillera: Planned unit development above Edwards in which developer was required : to provide employee housing. Cordillera met this requirement through its participation in ~ Lake Creek Village Aparhnents. ~ 1989 t ~ Real Estate Transfer Tax: Avon exemPts first $80,000 of real estate value from tax in ~ ~ order to enhance affordability of owner-occupied units. ~ 1221 ~ Revision of zoning regulations: Avon rewrote zoning code to allow apartments as a ~ secondary use in commercial area. : Eaglebend: 240 apartments were built in Avon using 63-20 financing. : . ~ 1992 : Wildwood Townhomes: 17 units for which the Town of Avon donated the land and staff ~ time. The units are deed-restricted. : City Market employee units: 14 employee units built by City Market above its Avon ! store. ~ Zoning to allow for infill employee housing units: Property owners in Vail are alloweci : to build employee housing units on already developed sites. Since the revision, about 30 ~ 70 : ~ ~ 0 ~ - ~ ~ S units have been created and another 70 units have received approval, but have not yet been built. ~ ~ 1993 ~ Lake Creek Village Apartments: 270 apartments financed with 63-20 tax-free bonds in : Edwards. ~ ~ 1994 ~ Riverwalk: Commercial development required to establish deed-restricted employee ~ units in Edwards. Twenty-six units have been built to date. : Eagle Villas: 100 apartments financed through Low Income Housing Tax Credit ~ program in Town of Eagle. _ , Vail Associates housing financing program for emgloyees: Vail Associates provides a ~ mortgage guarantee to help its employees purchase homes anywhere in Eagle County. Employees are only required to put down 10% and the company then guarantees an ~ additional 10%. One home has been financed to date. ~ ~ 1995 = Section 8 Existing: Rental subsidy for approximately 10 very low-income households in ~ Eagle County. : Eaglebend: 54 additional apartments were added using 63-20 financing in Avon. : Town of Vail Down Payment Assistance Program: Mortgage guarantee program in ~ which home purchasers in Vail are only required to put down 10% and the Town of Vail establishes an offsetting balance with the bank for an additional 10%. As part of the : package there is a deed restriction limiting price appreciation. So far, no one has applied ~ for the program. ~ Vail "Type A" Deed Restriction: Homeowners limited to 3% per year price ~ appreciation under this deed restriction which is coupled with other incentive programs in Vail. ~ : 71 ~ ~ ~ . ~ ~ ~ Habitat for Humanity house: one single family home has been built in Gypsum using ~ donated labor and materials, a subsidy from the Federal Home Loan Bank, and a grant ~ from CARHOF. Section 8 Existing: Additional funding obtained to subsidize rents of approximately 5 ~ more very low-income households in Eagle County. ~ Vail Commons project: Commercial and residential development which will include 53 ~ less expensive for-sale units for local residents and employees, with pnce appreciation ~ limited to 3% per year. There will also be 18 rental units limited to City Market + employees. The project received $300,000 under the Energy/Mineral Impact Assistance i program to help pay for public infrastructure. The Town of Vail is providing the land for ~ the project and will retain ownership of it. Residents will pay property taxes only on the improvements. : Archdiocesan Housing Committee, Inc. project: 61 apartments to be built through ~ private activity bonds and low income tax credits in Gypsum. Project has already ~ received Community Development Block Grant to pay for the land. ~ Eagle Valley Health Center: 36 employee units are ultimately to be included in this ~ planned unit development for a medical center in Edwards. This project will be phased in over time. ~ Northstar Center: Planned unit development for a commercial center in Edwards which ~ will include four employee units. : ~ The above Timeline information is summarized in Table l. ~ ~ ~ ~ ~ ~ ~ . ~ 72 = ~ ~ . ~ ~ ~ ~ ~ TABLE 1. SUMMARY OF ASSISTED HOUSING LTNITS CREATED : Proj ect Units Proj ect TU;S t: 1976 1992 (continued) ~ Sunbird Lodge-employee units 50 City Market employee units 14 ~ 1978 1993 ~ Pitkin Creek Park - condos 156 Lake Creek Village Aparhnents 270 ~ 1979 1994 ~ Riverview Apartments 72 Riverwalk employee housing 13 ~ 1980 Eagle Villas - apartments 100 ~ Timber Ridge Village Apartments 198 1995 ~ 1982 Section 8 Existing rental subsidy 10 = The Tarnes - employee units 60 Eaglebend expansion 54 ~ Homestead Meadows Condos 56 Ongoing ~ 1987 CHFA Mortgage Revenue Bonds 10 ~ Golden Eagle Apartments - seniors 36 CHFA Mortgage Credit Certs. 3 : 1991 Mountain Valley Residential Svcs. 3 : Eaglebend 240 Town of Vail infill zoning 30 : 1992 Vail Assocs. housing financing 1 : Wildwood Townhomes 1 ~ : There are presently existing about 1,100 - 1,200 units which have been brought about ~ through the efforts of employers, public sector assistance, or regulatory approaches. This represents about 6% of the overall housing stock in the county. It does not include a : number of units which were previously deed-restricted, but which are no longer ~ controlled. It thus excludes River Run Apartments (Cliffside Village), Pitkin Creek Condominiums, and Homestead Meadows Condominiums. It should also be kept in mind ~ that the 72 units at Riverview Apartments will lose their subsidy in 1999, and the 198 units at Timber Ridge Village Apartments will no longer be limited to employees after the : year 2000. The location of presently existing units brought about tnrough some means of ~ assistance is shown in Table 2. ~ 73 ~ ~ ~ ~ ~ ~ TABLE 2. PRESENT ASSISTED UNITS BY LOCATION ~ Avon. Eagle-Vail ~ Eaglebend Apartments 294 Riverview Apartments 72 ~ Wildwood Townhomes 17 ~ City Market employee units 14 Edwards ~ Avon Subtotal 325 Lake Creek Village Apartrnents 270 ~ Riverwalk employee housing 13 , Beaver Creek Edwards Subtotal 293 : The Tarnes 60 , Vail : Eagle Sunbird Lodge employee units 50 Golden Eagle Apts. - seniors 36 Timber Ridge Village Apts. 198 : Eagle Villas - apartments 100 Infill zoning units 30 ~ Eagle Subtotal 136 Vail Subtotal 278 ~ ~ It is interesting to note that of the five major apartments built during the 1990's, only one ~ has been built without some form of public assistance. Two have been built using 63-20 financing (Eaglebend and Lake Creek Village), one has been built under the Low Income ~ Housing Tax Credit program (Eagle Villas), and one is being built using private acrivity ~ bonds and grant funding (the Archdiocesan Housing Committee, Inc. apartments in Gypsum). : It is possible to consider the presently existing assisted units in terms of the income ~ groups they serve. Some of the projects have specific income guidelines and it is thus ~ easy to classify these units. Others do not have such guidelines, but taking into account ~ either the rents or purchase prices, it is possible to identify the income groups to which they are affordable by using the affordability criteria specified earlier in this report. The ~ breakdown of units by the income groups they serve appears in Table 3. . ~ ~ ~ 74 ~ ~ ' i i ~ ~ ~ : TABLE 3. INCOME GROUPS SERVED BY PRESENT ASSISTED U1vITS : Project Units Income Group : Golden Eagle Apartments 36 very low ~ The Tarnes (employee units) 60 very low ~ Riverview Apartments 72 very low ~ Sunbird Lodge (employee units) 50 very low ~ Section 8 Existing (various locations) 10 very low ~ Eagle Villas - apartments 100 very low/low ~ Eaglebend Apartments 294 low ~ City Market employee units 14 low Wildwood Townhomes 17 low ~ Timber Ridge Village Apartments 198 low/moderate ~ Lake Creek Village Apartments 270 low/moderate ~ Riverwalk 13 low/moderate ~ Vail Infill zoning units 30 unclassifiable ~ ~ Analysis of Techniques Which Have Been Used to Produce Affordable Housing : There have been a wide variety of techniques which have been used to bring about ~ affordable housing in Eagle County. These techniques have had varying degrees of success. This section consists of an analysis of the pros and cons associated with the : various techniques. It considers the techniques in the same order as they were presented ~ earlier in this chapter with employer efforts being first, followed by public sector assistance, regulatory approaches, and finally private sector grant assistance. ~ One factor which needs to be considered for all of the efforts is the problem of units : leaving the inventory of assisted housing. As noted earlier, the deed restrictions for Pitkin ~ Creek Condominiums and the Homestead Meadows Condominiums were only short- term. Similarly, the Riverview Aparhnents will soon lose their subsidy, and the Timber ~ Ridge-uillage Apartments will soon be no longer restricted to local employees. The Eagie Villas will also eventually no longer have their rents be controlled. Given that it is ~ : 75 ~ ~ ~ s • ~ ~ so difficult to bnng about addrtional umts affordable to local residents, thought needs to be given to maintaining the affordability component of existing units for extended periods. : Fmployer Efforts In regard to emPloYer efforts, the construction of rental units is a direct solution to ~ ~ housing employees. It results in an increase in the housing stock and thereby takes pressure off rents. On the other hand, the purchase of existing units by employers does ~ not increase the supply of housing units, but does protect the individual units from being sold as condominiums to second-home buyers. However, as areas in which the units are ~ located redevelop, there is an increasing economic incentive for the employer to upgrade ~ the use of the site as a whole and end its use as employee housing. . Master leasmg of existmg unrts does not increase the housing stock, but does reserve a ~ portion of it for a firm's employees. However, an advance commitment to master lease , unbuilt units can also be a method of encouraging new units by providing assurance to a developer that a proposed apariment project will be rented and, therefore, profitable. The purchase ~ of subordinate or 'unior debt is an imPortant tool to bring about rental units ~ ~ in conjunction with 63-20 projects. For 63-20 projects, the owner of the aparhnents for the duration of the bonds is a nonprofit corporation, with the aparlments being turned ~ over to a local government after the bonds have been paid off. The nonprofit corporation ~ is unlikely to have any equity funding to invest in the project. Likewise, the local government behind the project will have difficulty providing large amounts of equity ~ funding due to competing needs. Just as when an individual is purchasing a house the lender making the loan on the house likes to see a substantial down payment as an : indication that the purchaser will not default on the mortgage later, so lenders on large apartment projects like to see substantial equity financing. In the absence of such equity : financing, though, subordinate debt can be used. In the event of a default, the holders of ~ the subordinate debt will be the first to bear any losses and this protects those who own ~ the more senior debt. A concern associated with subordinate debt is that its owners might receive a relatively high rate of return. This would push up the cost of a project and result ~ in the need to charge higher rents. A few employers have provided mortgage assistance to their emPloYees in the forms of ~ ~ either guaranteeing or lending a portion of the mortgage. While these types of assistance have potential in concept, the existing programs have not been much utilized by ~ employees due to conventional mortgage financing being more attractive to those who ~ can afford to purchase. Unfortunately, real estate prices are so high that many employees are not able to purchase homes with the modest mortgage assistance being offered, and ~ ` 76 : ~ ~ ~ ~ - ~ ~ ~ such programs would need to be much more aggressive to successfully allow many households to become new home owners. ~ • Pnblic Sector Assistance , Turning to public sector assistance, one of the techniques used has been mortgage revenue bonds. This program is administered on a statewide basis and has been of only i limited benefit in Eagle County. Two problems which arise are that the qualifying household income and the allowed purchase price are too low to meet much of the need in this area. It is possible for a local jurisdiction to set up its own mortgage revenue e program, set different qualifying guidelines, and sell bonds to finance it. However, there • is risk involved as market interest rates might inove down and the bond funding might prove unusable. This happened recently to Boulder County. ~ The mortgage credit certificate program to date has not been of much assistance to Eagle t County. It is administered on a statewide basis and, as with the mortgage revenue bonds, ~ the income and purchase price qualifications are too low for this area. However, a local jurisdiction can set up its own program and, subject to Internal Revenue Service ~ regulations, set up qualifying criteria more appropriate to its local area. Both San Miguel ~ County and Summit County have done this. e Private activity bonds are also another mechanism to build aparhnents. However, the ~ return allowed on a project is limited. In an area where returns for real estate are normally high, private developers may be reluctant to limit their return in exchange for a ~ source of less expensive funding. However, nonprofit developers may find this an attractive financing avenue. For example, the Archdiocesan Housing Committee, Inc. is ~ using this technique to build its apartments in Gypsum. One hurdle associated with ~ private activity bonds, as well as establishing local mortgage revenue bond and mortgage certificate programs, is that it is necessary to compete for an allocation of the total portion , of bonds allowed to be issued in the state each year. ~ The 63-20 bond program has been noted above in regards to subordinate debt. Overall, it ~ has been a major success in producing apartment units in Eagle County. There are two concerns which need to be kept in mind regarding the future use of this technique, , though. One is the potential public sensitivity of not having an apartment be on the ~ property tax roles. Another, is that the factors bringing down the cost of the units, i.e., tax-free financing, no property taxes, and no sales taxes, can only bring down costs, and ~ thereby rents, to a limited degree. Concerns are still voiced on the "affordability" of these ~ projects. ~ The Section 8 New Construction and the Rural Development 515 programs have both ~ ~ ~ . ~ • ~ been successfully used in producing units in the past. However, with the cutbacks in ~ federal funding, they are not available at present. The Low Income Housing Tax Credit program is still intact, although the competition for funds is very intense. However, it is ~ limited to low- and very low-income households, and thus cannot be used for moderate- ~ income rental units. The Community Development Block Grant and other sources of grant funding can provide only small amounts of assistance relative to costs in this area. ~ They can be important, though, in filling gaps required to make projects feasible. The Section 8 Existing program is available to assist a small number of low-income , households, but is unlikely to expand much in the near future. ~ The donation of land by public entities is a valuable method of bringing down the costs of , housing and is being used in a number of the resort communities. It provides a means of ~ assisting housing while still leaving development primarily with the private sector. In order to take advantage of this technique, though, it is first necessary for the public entity ~ to already have land, or else have a means of acquiring it. ~ The one public down payment assistance program in Eagle County has not had anyone . apply for it to date. The reasons for this appear to be that for those households which • qualify, conventional mortgages are more attractive, and also the reluctance of those , households to agree to the accompanying limit on price appreciation for the home purchased. In addition, real estate prices are so high that, even with this mortgage ~ assistance, households still cannot afford to purchase housing. Other types of public ~ mortgage assistance programs elsewhere, though, have been quite popular. For example, in Summit County some of the local governments are providing grants to individuals to , use toward their down payments. Re l,g au torvJ~pproaches : In regard to regulatory approaches, using negotiations during the subdivision process can ~ be very successful. In order for it to be successful, the local government needs a clear ~ vision of what it wants to achieve. For example, if the local government wants to ensure an adequate supply of units affordable to local residents, it would need to have in mind : factors such as the percents of low and moderate-income units needed, the types of units ~ desired, and whether they should be owner or rental units. Requiring commercial develoPers to help bring about emPloYee housing has had success ~ ~ in the few times it has been applied in Eagle County. A concern which would need to be addressed if it was applied on a more widespread basis is to what extent smaller ~ employers would be required to participate. ~ Deed restrictions have been successfully.applied to segregate a portion of the housing ~ ~ ~ . ~ ~ ~ ~ ~ market so that local residents do not have to compete with outsiders. However, the benefits don't last if the deed restriction is-short term, as when the restriction ends, the = units rise to market values. The administration of a deed restriction program also ~ involves challenges. = Infill zoning has the potential to increase the number of residential units at relatively low cost. However, it is necessary to take into account issues such as increased parking : demand. Revising zoning to allow residential units in commercial areas has been ~ beneficial in the past and could also be applied in other areas within the county. = Private Sector CTrant Assistance ~ Private sector grant assistance has been a valuable aid in individual situations. However, ~ the amount of funding available is, unfortunately, very small and will not be able to make ~ a large impact on fulfilling overall county housing needs. ~ Public Input on Directions Which Should Be Taken r ~ ~ In recent years the Town of Vail has carried out an annual survey of how the public perceives its services and what issues the community would like the Town to address. ~ The 1996 survey included responses from full-time residents, seasonal residents, and second home owners. As there has not been a housing survey for Eagle County since = 1990, it is interesting to look at the results of the Vail survey to get a sense of public input ~ on what directions should be taken to provide affordable housing. However, it needs to be kept in mind that a survey covering all of Eagle County could show differing results. ~ ~ The Vail survey found that housing was a major issue of concern. Of a number of possible housing approaches listed in the survey, the following were the most popular in = descending order: ~ • Support affordable owner-occupied housing for year-round resident employees ~ • Require employers to participate in employees' housing needs • Provide incentives for developers/businesses to construct affordable housing _ • Acquire land in town for affordable housing ~ • Support dormitory housing for seasonal employees • Encourage more accessory/caretaker units in town ~ ~ ~ : 79 ~ ~ ~ ~ ~ Employer Input on Directions Which Should Be Taken ~ The consultants who prepared the 1990 Housing Needs Assessment also carried out an ~ updated survey of employers during the first months of 1996. Most of the employers ~ expected their employment would continue to increase. Nearly half of those responding indicated they had been short of employees during the 1995/1996 ski season. Thirty-one ~ percent responded they had higher turnover due to limits of housing and labor force. ~ The recent survey also inquired about present employer efforts to assist employees with ~ housing. The percent of respondents indicating they provided rental units for employees was about 27%, which was down from the response rate in the 1990 survey when 35% of ~ employers indicated they provided employee housing. Small sample sizes in both ~ surveys prevent concluding that there is less employer involvement in providing housing, though. Of the responses in 1996, 6% indicated they are providing rental units for all ~ employees and 21 % for some employees. This compared to 1990 results where 1% of respondents indicated they housed all employees and 34% housed some. _ At the time of the 1990 survey, the data indicated that 9% - 11 % of employees were x ~ receiving some form of assistance from their employers. This was the highest level of ~ employee housing found by the authors in any of the comparable ski counties including ~ Summit, Routt, and San Miguel counties. This data was not collected in the 1996 survey so there are not updated figures. _ A number of the major employers maintain master leases to reserve units for their : employees. Overall though, the 1990 HNA found a major reluctance on the part of ~ employers to guarantee payment of units throughout the year. On average, employers indicated a willingness to pick up approximately a 25% share of the housing costs for = their employees. This figure, along with other data, provide a starting point for ~ identifying the share of housing costs that participating employers might consider funding. _ The 1996 survey asked employers for their evaluation of a number of options to address : housing needs. The options were divided into the three categories of employer efforts, ~ public sector assistance, and regulatory approaches. Overall, the respondents were most favorable toward regulatory approaches, followed by approaches involving public sector ~ assistance. They responded least favorably to employer efforts. ~ The 1996 survey also asked employers to evaluate the potential of housing programs and ~ then asked which should have highest priority. The programs ranked as having high ~ potential were as follows: ~ 80 = ~ ~ 0 ~ ~ • ~ • Zoning changes to allow apartments in commercial areas • Infill zoning, other density changes to add employee units : • Down payment assistance from the public sector ~ • Subdivision controls in retum for density, etc. • Public land donations at less than market value : • Bonds to lower developer interest rates : The question as to which programs should be the top two priorities resulted in a wide ~ dispersal of responses among the options. However, the most common included the ~ following: ~ • Down payment assistance from the public sector • Public land donations at less than market value : • Requiring new commercial development to construct units or provide cash ~ contributions • Conshuction/purchase of rental units by employers ~ • Zoning changes to allow apartments in commercial areas. _ ~ ~ Summary = There are two tendencies which need to be avoided in regards to the affordable housing ~ issue. One is to conclude that nothing has been done. As the information in this chapter indicates, a great deal has been accomplished. ~ The other tendency is to conclude that given all that has been done, the problem is solved. = Despite all the housing that has been provided, there are still large numbers of ~ households paying more than 30% of their income for rent. The rate of home ownership is low, as is the percentage of local households which can afford to purchase the median- : priced home. In addition, much of the work force is commuting from outside the county. : While the supply of relatively affordable units has increased, the demand for such units ~ has also continued to increase. It is not enough to meet existing needs, but rather an affordable housing program needs to be a dynamic process which continues to bring new : units on line. Ideally, the measurements of housing need would show improvement over ~ time. This would imply that affordable units are being brought on line at a faster pace than the need for them is growing. ~ ~ ~ : 81 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ . ~ ~ ~ ~ ~ CHAPTER 4 ~ ~ OBSTACLES TO AFFORDABLE HOUSING ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ . ~ ~ ~ Introduction ~ There are numerous obstacles to providing affordable housing in Eagle County and it is ~ important to understand them in developing an affordable housing program. Some of ~ them, such as natural features of the landscape, cannot be changed. Others are actions which have been taken by man to accomplish a variety of ends. These actions have not ~ been established to prevent affordable housing. Rather, in accomplishing another goal, they also have the effect of pushing up housing costs. _ Communities need to be consciously aware that there are trade-offs, and then take the ~ policy actions which best reflect the community's will. There are not necessarily "right" ~ and "wrong" answers, and listing an item as an "obstacle" does not imply a value ~ judgement. Rather, it represents a factor which needs to be taken into account in developing steps to address affordable housing needs. ~ ~ Obstacles to Affordable Housing = - ~ 1. Limited private land: Only 20% of the land in Eagle County is in private ownership. _ The ownership of land is noted in Table 1. ~ ~ TABLE 1. LAND OWNERSHIP IN EAGLE COUNTY ~ Category y Square Miles Percent of Total ~ Federal ~ National Forest 727 43% ~ Bureau of Land Management 384 23% ~ Wilderness 231 14% ~ State of Colorado 19 1% Private 333 20% ~ Total 1,694 100% ~ ~ 2. Natural Features: Eagle County is blessed with an abundance of natural beauty. It is ~ an area of high mountains and narrow river valleys, and such features rnake it ~ difficult to build affordable housing. It is not feasible to build on the steep slopes in ~ 84 : ~ ~ . ~ ~ ~ ~ ~ the area. It is also not feasible to build within the flood plains of the rivers, and wetland areas are protected. Added to these limitations is the desire to protect = wildlife habitat and migration routes. ~ 3. Manmade features: Much of the land on which housing could be built is already : taken up by manmade improvements. A major example is the highways running through the river valleys. Railroad rights-of-way are also major consumers of land. ~ ~ 4. Problems obtaining federal mortgage guarantees: This obstacle is related to the manmade features obstacle described above. Large rental projects can be eligible for = federal mortgage guarantees which significantly reduce the cost of financing. ~ However, obtaining such guarantees in the past has been difficult due to federal requirements that projects be located away from major sources of noise such as = highways. Given the narrow valleys in which both highways and housing need to be located, it has been difficult to find sites which would meet federal guidelines. ~ ~ 5. The mountains have been perceived as a relatively risky market in which to develop housing due to several factors. One is the seasonal nature of a portion of the housing = demand. Another is that a resort economy is dependent on discretionary spending, ~ and in the event of a downturn in the national economy, fewer tourists would come to the area. Finally, the market is relatively small, and if the investors in a housing = project wished to sell their investment, there would not be many potential buyers. Therefore, in order to attract capital, one has to provide investors a higher rate of = return. In addition, investors have also required that proj ects maintain higher cash ~ reserves than would otherwise be the case. The higher rate of required return and the cash reserves requirement both increase project costs. ~ ~ 6. High end of housing market more attractive to housing developers: The rate of return on high end housing is higher than housing targeted toward middle and lower income = households. This encourages development of higher end properties. For example, as illustrated in an earlier section of this report, in 1995, while 20% of housing sales = were $400,000 or more, only 6% of local residents could have afforded housing in ~ this range. = 7. Lack of tract home developers: The housing developers in the county are relatively ~ small, working on limited projects. There are no large tract home developments which would allow economies of scale to hold down building costs. ~ 8. Reluctance to allow higher density projects and lack of sites zoned for higher density: Planning concerns encompass a wide variety of issues, and ultimately need to reflect ~ ~ community values. There has been hesitancy to allow high density projects because ~ 85 ~ ~ ~ ~ ~ ~ of concern whether they are appropriate for mountain communities. As a ~ consequence, developers see low density projects as politically easier to get through the approval process. On the other hand, higher density is one mechanism which can ~ help bring down development costs. ~ 9. The "Not in My Back Yard" concem: Even if there should be a general consensus ~ that a given affordable housing project needs to be built, the persons living near the proposed site may express considerable opposition. A project may be of substantial = benefit to the community as a whole. Nevertheless, it may very well impact ~ unfavorabl y on those who will be living near to it. As one example, it will likely generate increased traffic in the immediate vicinity, even though on a regional basis, ~ it will reduce traffic as people have to commute less from outlying areas. Addressing this concern involves a sensitive weighing of both the needs of the community as a : whole and those who live adj acent to a site. ~ 10. Reluctance of communities to accept additional residential growth: Most of the jobs = in the Eagle Valley portion of the county are concentrated up valley. In the Roaring , Fork portion of the county, most of the residents have their jobs in Aspen, which is located in neighboring Pitkin County. These jobs, in turn, are associated with = commercial activities which generate sales tax revenues for the local governments in ~ whose jurisdiction they are located. Given the high real estate values in these jurisdictions, many of the persons who work in them cannot afford to also live there. ~ They therefore seek housing in other locations. Local governments often perceive that while commercial development helps pay the bill for town services, that : residential development generates a demand for services without corresponding ~ revenues. 11. Town mfrastructure limitations: Present growth and aging facilities have strained ~ ~ existing town infrastructures such as water and sewer lines. The Town of Eagle has a moratorium on growth until it has constructed new sewage facilities. The Town of ~ Minturn is in the process of replacing old water lines, some of which were made out of wood. The Town of Red Cliff has one of the highest tax rates in the county due to = the need to upgrade its facilities. ~ 12. Impact fees: In past years the expense to provide new public facilities required to = accommodate growth has often been paid, in large part, by existing residents. This in ~ turn meant that new housing was less expensive to build. Now though, there is considerable emphasis on having growth pay its own way through impact fees. ~ These are fees which are assessed to cover items such as roads, schools and parks. ~ They increase the costs to developers, who in turn, pass them on to housing purchasers in the form of higher prices. ~ 86 ~ . ~ ~ ~ ~ 13. High tap fees: Many of the residences in Eagle County obtain their water and sewer services from special purpose districts set up to provide these services. Such districts = often are reluctant to reduce their fees to accommodate affordable housing, as doing ~ so would require them to charge their other users more. = 14. High land costs: Land is consistently cited as a major factor pushing up the cost of ~ development. ~ 15. Strong housing market allowing high profit mark up: The demand for units is so strong relative to the supply of units that high levels of return can be built into both : owner and rental housing units. ~ 16. High construction costs: The strong demand for construction workers results in = higher wages. Construction firms sometimes also have to provide housing for their ~ workers due to the shortage of housing, and this further increases labor-related costs. In addition, materials are more expensive. They often have to be shipped into the ~ area from outside, resulting in added transportation costs. The small number of local suppliers also limits the amount of competition among them. One developer has = found it is 17% more expensive to build in Eagle County than in the Denver area. ~ 17. Expensive subdivision design requirements: Eagle County is a beautiful area and the = design requirements which new subdivisions must meet are high. Meeting these ~ requirements can be expensive and developers pass these costs on to the ultimate consumers of housing. ~ 18. Managed growth policies: While the County has not adopted a no growth policy, it = has adopted a policy of managed growth. This constricts the areas which can be ~ developed and makes the remaining areas more valuable. = 19. Shorter construction season: The winter months limit construction activity and ~ increase costs. ~ 20. Low wages: While a few sectors have high wages, overall wage levels in Eagle County are consistently below those in the state and nation. This limits the housing = which employees can afford. ~ 21. Booming economic conditions: The economy in Eagle County has been increasing = very rapidly. Although there are some locations where growth has slowed, overall ~ county measures of economic activity, such as employment and sales, are showing large increases. This results in high demand for housing which in turn causes the ~ prices of housing to increase. ~ ~ ~ s • . ~ 22. Desirability of the area to live: The beauty of Eagle County is attracting many people ~ to move to the area. Some of the factors which tend to limit the supply of housing, such as the mountains and federally-protected land, are the same factors which cause = people to want to move to the county. These people seek housing and this, in turn, ~ increases the competition for units. 23. Purchase of second homes: Outside buYers are purchasing second homes in the area. ~ ~ Local residents thus compete with outside buyers and this pushes up costs. Many of the outside purchasers have stronger income positions and thus can afford to pay ~ higher prices. While most of the outside buyers purcliase condominium units, many purchase high end homes in exclusive neighborhoods. These high end homes are = sited on large lots which reduce the remaining supply of land available for affordable ~ units. They also create employment opportunities for construction workers, and later service workers, who need to locate housing for themselves. ~ 24. Newness of housing stock: While in other areas there is a mix of older and newer = units, with the older units tending to be less expensive, most of the housing stock in , Eagle County is quite new. This limits the options of residents seeking housing. ~ 25. Desire for open space: Available land sites can often be used for either open space or ~ housing. Open space is a high priority which competes with affordable housing as a priority. _ 26. Antigrowth sentiment (fatigue): Eagle County has been experiencing very rapid = growth. There is a feeling among some that it is necessary to slow or stop this ~ growth. ~ 27. Long-term housing being converted to short-term housing: The Eagle County ~ Housing Needs Assessment noted the increased demand for lodge-type units for visitors has resulted in long-term housing being converted to short-term housing, and ~ this has constricted the supply of housing and resulted in rent increases to local ~ residents. 28. Seasonality of problem: While local residents have difficulties finding affordable ~ housing throughout the year, seasonal employees face the problem during the five = ~ months or so of the ski season when there is a tremendous inflow of temporary workers. If employers wish to provide housing for these employees, they are often faced with the prospect of paying for the units throughout the year in order to keep = them available when needed. This results in a tremendous cash drain without ~ conesponding revenue during most of the year. ~ ~ 88~ ~ ~ ~ ~ ~ ~ ~ 29. Limited federal funding: In the past the supply of federal dollars to provide affordable housing for low- and moderate-income groups was relatively much greater = than at present. . ~ 30. Changes in tax law in 1986: It used to be possible to easily apply "paper losses" in ~ apartment projects to offset other income, which made investing in apartments attractive to many individuals. The 1986 tax changes greatly limited the ability to = pass on such paper losses. ~ 31. Exclusionary development: Many of the recent real estate developments are highly _ "amenitized" with golf courses and other features. The costs of these features are ~ passed on in the form of higher housing prices, and puts such housing out of reach for many local residents. 32. Large 1ot zoning: Much of the county is zoned for relativelY large minimum lot sizes. ~ ~ This helps preserves open space, but also has the effect of pushing up housing costs ~ and excluding many households which cannot afford to purchase the large lots. ~ ~ Summary : As indicated above, there are many obstacles to providing affordable housing. They range from natural features to competitive factors, from government regulations to = community concerns. These factors are not designed to prevent affordable housing, but ~ do complicate the provision of such housing. An affordable housing program needs to ~ keep them in mind. ~ ~ ~ ~ ~ ~ ~ = 89 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ CHAPTER 5 - - - ~ ~ EAGLE COUNTY HOUSING POLICIES AND ACTION STEPS ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ Introduction ~ This chapter begins with the definition of local residents housing which will be used by ~ Eagle Gounty. It then contains the policies and action steps which have been developed ~ based on the housing needs identified earlier. These include people paying high amounts of their incomes for housing, inability to purchase, having to live with roommates to share ~ housing costs, and commuting long distances. They also take into account the obstacles identified earlier, as the policies need to be directed at overcoming them. _ The policies and action steps are also based on a recognition that there is no single ~ solution, but rather there is a need for a variety of approaches. In addition, they reflect an ~ effort to have an overall program that is equitable. The entire community is affected by ~ the issue of providing housing for local residents, and the entire community needs to be involved in its solution. _ ~ Definition of Local Residents Housing = Local residents include those who live or work in Eagle County. Housing for local ~ residents is housing which serves the needs of three categories of households. These ~ categories are based on the earnings from average wage jobs in Eagle County. The first of the categories is households with an income equivalent to or less than one average ~ wage job. The second is households with an income equivalent to one to two average ~ wage jobs. The last category is households with an income equivalent to two to three average wage jobs. ~ Local residents rental housing will have gross rents (rent plus utilities) not exceeding 33% _ of gross income. Local residents for-sale housing will have prices that result in housing ~ payments and homeowners association/condominium dues not totaling more than 33% of gross household income, with a 5% down payment and a 30-year mortgage, and the ~ homes should be built to an 80 rating on the Energy Rated Homes Scale. ~ Vision Statement ~ ~ ~ Housmg for local residents is a major pnonty of Eagle County. There should be a wide variety of housing to fulfill the needs of all its residents, including families, senior citizens, and those who work here. Elements of Eagle County's vision for housing are: ~ • Housing is a community-wide issue. _ ~ 92 = ~ ~ ~ ~ ~ • Housing should be located in close proximity to existing community centers, as defined in the Eagle County Master Plan, where public infrastructure and services, = commercial, and recreational facilities are provided. Housing for local residents ~ should be dispersed, both throughout the county and also within each community, and it should be appropriately scaled to the neighborhoods in which it is located. • DeveloPment of local residents housing should be encouraged on existing or planned ~ ~ transit routes. ~ • Housing is primarily a private sector activity but government should be actively = involved. The public role includes serving as a catalyst and encouraging housing ~ through policies, regulations, and participation in public/private partnerships to meet housing needs not being adequately produced by the private sector. Without the ~ active participation of government, there will be only limited success. : • It is important to preserve existing local residents housing. ~ •Persons who work in Eagle County should have adequate housing opportunities : within the county. ~ • Development applications that will result in an increased need for local residents : housing should be evaluated as to whether they adequately provide for this additional ~ need, the same way as they are evaluated for other infrastructure needs. ~ The County's policies and implementing actions follow from this vision. ~ ~ Housing Policies and Action Steps ~ The information below is organized with each Policy statement listed first, followed by its ~ implementing actions. ~ I. Eagle County will collaborate with the private sector and nonprofit : organizations to develop housing for local residents. ~ 1. Create a system of incentives to induce the private sector into producing = housing for local residents in such volume so as to significantly satisfy the demand for local residents housing. Developers seeking to have their = developments considered as local residents housing will submit building ~ construction plans and other information the County may request. Possible : 93 ~ ~ ~ ~ ~ . ~ incentives include the following: ~ Develonment Standards: _ • Creating density bonuses in the form of additional dwelling units in = community centers. If density bonuses are adopted, they should be allowed ~ only where they supply housing for clearly expressed community needs, and should be coupled with limitations on the future use and sale of the = housing units. ~ • Encouraging the development of secondary units by rewriting regulations so the construction of a secondary unit is a use by right in appropriate zone ~ districts throughout the county. ~ • Exploring options for flexible development standards. • Evaluating Eagle County Land Use Regulations and permits to recommend ~ revisions of any requirements that may add unnecessarily to the cost of housing development. _ • Encouraging housing which can be added on to incrementally by owners . after purchase - for example, unfinished basements, to bring down initial costs. _ C'ost Reduction Measures: _ • Reducing, waiving, or deferring fees such as those for development review ~ ~ and platting, building permits/plan review, and impact fees for roads. • Providing financial assistance to developers for infrastructure development. ~ • Modifying collateral requirements for subdivision improvement agreements. _ • Changing the way infrastructure costs are assessed against development so ~ that costs are assessed by the square foot, rather than by the unit, to make smaller units more affordable. ~ • Working with water and sewer providers to change fee structures so that they are assessed to reward small-scale, highly efficient units. _ • Providing in-kind services for construction use. ~ 2. Facilitate tax-exempt bond financing for local residents housing. This could = take the form of additiona163-20 projects, bonds issued through the housing ~ authority, bonds issued through the County, bonds issued through nonprofit 501(c)3 corporations, private activity bonds and other sources. ~ 3. Support applications by developers for state and federal assistance. Assist and = encourage developers to use state and federal housing programs. ~ 94 = ~ ~ ~ ~ - ~ ~ ~ 4. Seek to obtain state, federal, and other funding to subsidize the cost of local residents housing. ~ ~ 5. Seek to attract and encourage developers to produce housing for the three identified categories of local residents. Bring together cooperative partners and = consider public-private and public-nonprofit partnerships. Encourage developers to build smaller homes on smaller lots. Publicize local residents = housing solutions by area builders. Develop an award to present to developers ~ of local residents housing. . = 6. Provide information to the business community on what employers can do to ~ help their employees with housing in order to promote voluntary employer participation programs. Such steps include the following: ~ Committing to master lease units, esPecially prior to construction. ~ • • Investing in apartment projects through equity, buying up bonds, providing ~ up-front development costs, etc. > - - • Guaranteeing leases. _ • Constructing units - either on or off site. ~ • Acquiring ownership of units. • Providing down payment and mortgage assistance. For example, funds = could be lent for down payment and/or closing costs with payroll ~ deductions made for repayment. Alternatively, funds could be lent as a second mortgage. Also co-signing or guaranteeing mortgage loans. ~ • Contributing to a damage deposit pool so employees would not have to pay such a high up-front security deposit. _ • Providing loans or other help with rental deposits required to move in. ~ 7. Work with financial institutions to meet their obligations under the Community ~ Reinvestment Act. ~ ~ II. Housing for local residents is an issue which Eagle County needs to address in collaboration with the municipalities in the county. ~ ~ 1. Contact the towns within the county to explore the establishment of a regional multi jurisdictional housing authority as soon as possible. ~ 2. Serve as a source of technical assistance to towns. ~ ~ 3. Encourage towns to endorse this plan or portions of it. = 95 ~ ~ ~ . ~ ~ ~ III. Steps should be taken to facilitate increased home owaership by local ~ residents and workers in Eagle County. _ 1. Apply for an allocation of bond cap to start a mortgage credit certificate = program. _ 2. Develop mortgage assistance programs. These could include the following: a = . down payment assistance program, purchasing points on home loans to buy ~ down the interest rate, guaranteeing mortgage loans, etc. ~ 3. Continue efforts to develop a rent-to-own program. ~ IV. Addrtional rental opportunrties for permanent local residents should be ~ ~ brought on line. Some of these opportunities should be for households with an income equivalent to or less than one average wage job. > 1. Seek to develop additional low income housing tax credit and tax-exempt bond = projects. ~ V. Seasonal housing is Part of the Problem and needs to be further addressed. It ~ ~ is primarily the responsibility of seasonal employers. However, Eagle County should be very supportive of employers seeking to address their seasonal ~ housing needs. ~ 1. Encourage major seasonal employers to develop housing products specifically ~ for seasonal employees near their places of employment. ~ VI. New residential subdivisions will provide a percentage of their units for local = residents. ~ 1. Develop regulations requiring new residential subdivisions to address the needs = of each of the three identified categories of households. The first preference ~ for meeting these needs will be on-site within the subdivision. The second preference will be having units be built in the nearest existing community ~ center. As a last option, Eagle County can accept payment or other resources ~ in lieu of construction, which will be set aside by Eagle County in a designated housing fund. ~ 96 ~ ~ ~ ~ ~ ~ ~ ~ VII. Commercial, industrial, institutional, and public developments generating = increased employment will provide local residents housing. The first ~ preference will be for units on-site where feasible, or if not feasible, in the nearest existing community center. As a last option, Eagle County can accept = payment or other resources in lieu of construction, which will be set aside by ~ Eagle County in a designated housing fund. ~ 1. Develop regulations requiring employers to provide housing for a certain percentage of their new employees. The percentage will be lowest for units = provided on-site or nearby, and higher when cash, land or other resources are ~ provided in lieu of housing. ~ 2. Develop regulations requiring construction projects to adequately address the housing needs for their workers during the period of construction. ~ ~ VIII. The County will seek to make land available for local residents housing in : proximity to community centers. ~ 1. Identify sites that are most suitable for local residents housing. As part of this = effort, conduct inventory of county, town, school district, special district, state, ~ and federal lands to determine which might be suitable. ~ 2. Explore options to use county, town, school district, special district, state, U.S. Forest Service and Bureau of Land Management lands for local residents = housing. ~ 3. Acquire land and provide it below cost for housing. Have the actual housing : be developed through requests for proposals or similar processes. Some of the ~ lands acquired could also be held for land banking for future local residents housing use. ~ = IX. Mixed use developments in appropriate locations are encouraged. ~ 1. Examine land use regulations to explore options for additional mixed use, = including having residential over commercial, and having residential as a use ~ by right in commercial districts. ~ : 97 ~ ~ ~ ~ ~ X. Factory-built housing is an important part of Eagle County's housing stock. ~ 1. New mobile home subdivisions, modular home subdivisions, and mobile home ~ parks will be encouraged. These developments should be of high quality, with ~ appropriate landscaping. 2. DeveloP stePs to Protect existing mobile home parks. ~ ~ XI. There is a need to segment a portion of the housing market to protect local ~ residents from having to compete with second home buyers. Where public ~ assistance or subsidies are provided for housing, there should generally be ~ limits on price appreciatioa, as well as residency requirements. 1. Maintain and enhance the CountY's deed restriction program. ~ ~ XII. Eagle County recognizes that housing for local residents is an ongoing issue. ~ ~ 1. Establish a housing fund. ~ 2. Develop local sources of funding for housing. ~ 3. Establish an ongoing group of community members to work on housing issues. _ 4. Maintain a housing data base. ~ ~ 5. Estabhsh long-term goals for a local residents housing program and develop ~ measurement criteria for ongoing evaluation of the success of the program. ~ ~ ~ ~ ~ ~ ~ ~ 9a : ~ ~ ~ ~ ~ . ~ ~ ~ ~ ~ ~ ~ ~ ~ . ~ ~ APPENDIX A = - - ~ ~ GLOSSARY ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 0 • Ad valorem taxes: Property taxes based on assessed value of property. ~ Adjustable rate mortgage (ARN): A mortgage in which the interest rate is adjusted : periodically according to an index. Specific types include the renegotiable rate mortgage, ~ which uses a cost of funds index. Affordable housing: Affordable housing is often defined as housing where the occupant ~ ~ is paying no more than thirty percent of gross income for gross housing costs, including utility costs. ~ Arms length transaction: A proceeding where the agents involved deal completely with ~ each other as strangers and do not collude. ~ Assessed valuation: Value assigned to a piece of property by the local governmental ~ unit for real estate tax purposes. This is usually less than the market value of the ~ property. The relationship between assessed and market value varies widely depending on location and jurisdiction. - - ~ Assessment: A charge made against property by a state, county, city or other authorized : taxing jurisdiction. ~ Balloon mortgage: A type of mortgage loan which involves regular monthly payments ~ for interest plus either no or partial amortization of the loan principal, so that at the end of ~ the term of the mortgage there is a lump sum payment, commonly called a"balloon payment," of the remaining principal due. ~ Basis point: Equivalent to 1/100th of a percentage point in bond interest yield. _ Building code: Local health and safety regulations that pertain to construction of new = buildings. _ Capital improvement: Any structure or component erected as a permanent = improvement to real property which adds to its value and useful life. ~ Carrying charges: Development or building costs imposed upon the developer until the : time that the property is sold. ~ Circuit breaker: A state income tax credit for property taxes paid by elderly or low- ~ income persons. ~ Cluster zoning: A type of zoning where there is a limited residential or unit density for ~ 100 = ~ ~ ~ ~ ~ an entire area, although density may vary within the area. = Community Development Block Grants (CDBG): Under Title I of the Housing and ~ Community development Act of 1974, eight former categorical grant and loan programs were replaced by a system of unified block grants administered by the U.S. Department of = Housing and Urban Development (HUD) under which communities over 50,000 people are entitled to receive funding while other communities may apply for discretionary = funding. Its purpose is to encourage more broadly conceived community development ~ projects and expand housing opportunities for low- and moderate-income persons. : Community development corporatioo (CDC): A nonprofit organization incorporated ~ to engage in development activities with a majority of its board of directors representing the community, and its principal beneficiaries being low- and moderate-income = households and/or neighborhoods. : Community Reinvestment Act: Federal legislation that defines the responsibilities of ~ banks and savings and loans to depositors' communities, particularly with regard to , meeting credit needs, making loans, taking deposits and promoting and marketing their = services. ~ Condominium status: A type of ownership that enables a person to own an apartment or = house in a development of similarly owned units and to hold a common or joint ownership in some or all of the common areas and facilities such as land, roof, hallways, = entrances, elevators, swimming pool, etc. ~ Construction loan: A short-term loan which enables a developer to pay contractor's bills = and other expenses incurred before and during the construction period (also known as an ~ interim loan). = Conventional loan: A mortgage loan not insured by FHA or guaranteed by the VA or ~ Rural Development. ~ Continued affordability: Requirements that residential units affordable to a targeted population remain affordable to that population for a specified period of time or in : perpetuity (for the life of the project), regardless of changes in ownership or tenancy. ~ Cooperation agreement: Agreement between a PHA and local government under which : the government gives tax-exempt status to the PHA and its property and agrees to provide such municipal services as police and fire protection, trash removal, etc., and the PHA ~ agrees to make payments in lieu of taxes (PILOT), e.g., 10% of the rents collected, ~ excluding utilities and maintenance. = 101 ~ ~ ~ ~ 0 8 Cooperative: A corporation where the stockholders are entitled to occupancy or real ~ estate (i.e. apartments) through proprietary leases or other like arrangements. ~ ~ Cost-plus contract: A construction contract wluch has an allowance for builder's Proft (as distinct from a set price contract). Cost-plus-fee-agreement: An agreement under which the contract (in an owner- ~ ~ contractor agreement) or the architect (in an owner-architect agreement) is reimbursed for direct and indirect costs and, in addition, is paid a fee for services. The fee is usually ~ stated as a stipulated sum or as a percentage of costs. ~ ~ Debt coverage ratio: The ratio of net yearly income to total yearly debt service. Debt service: A borrower's periodic payment comprising repayment of principal plus ~ payment of interest on the unpaid balance. ~ Dedicated tax or reveaue stream: A permanent guarantee that all or a portion of designated incoming revenue will be committed to a separate fund account, usually enacted by an ordinance, resolution or legislation. _ Deed restriction: Limits on the conditions of occupancy and resale of real property. : Density: The ratio of the number of structures to the land area on which they are built. ~ ~ Density zoning: Population controlled land use. Cluster zoning. ~ Development process: The process through which development projects are conceived, _ initiated, analyzed, financed, designed, built, and managed. ~ Development loan: A short-term loan, advanced before a construction loan, used by ~ developers to acquire land and install basic utilities such as roads, sewers, water supply ~ systems, etc. DeveloPment ordinance: Provisions in a zoning ordinance that require developers to ~ ~ lessen the impact of their development on the locality's supply of low-income housing. Examples include: linkage ordinances, preservation ordinances, condominium/ ~ cooperative conversion ordinances or inclusionary zoning ordinances. Discount pomts: Amount payable to the lending institution bY the borrowers or seller to ~ ~ increase the lender's effective yield. One point is equal to one percent of the loan. ~ 102 = ~ 0 . 0 0 ~ ~ ~ Document tax, fee or surcharge: A tax, fee or added charge paid to a unit of state or local government when required documents are filed during the transfer or purchase of = real estate; usually a standard fee per document or a sliding-scale fee based on the value ~ of the property. = Down payment: The amount of cash the buyer is required to put up in order to purchase a piece of property; it is equal to the purchase price minus the amount of any mortgage = loans used to finance the purchase. ~ Easement: A right to the limited use or enjoyment of land held by another. An easement = is an interest in land to enable sewer or other utility lines to be laid, or to allow for access ~ to a properiy. : Elderly household: A family in which the head of the household or spouse is at least 62 ~ years of age. ~ Eminent domain: The right of governmental bodies, public utilities, and public service corporations to take private property for public use (e.g., schools, roads, etc.) on payment = of its fair market value. ~ Escrow account: An account in which the borrower's monthly deposit for taxes, hazard = insurance, and HUD/FHA mortgage insurance are placed and held in trust by the lender. = Exaction: A zoning or subdivision requirement placed on a developer by local ~ govemment to provide certain public facilities, to be fulfilled either by constructing the faciIityg contributing land or making an in-lieu payment. Exactions must be rationally = related to and proportional to the impact of the proposed development and are usually ~ imposed as a condition for obtaining development approval. = Exempt property: Property that is immune to taxation, such as churches and ~ universities. ~ Factory-built home: Any residential dwelling that is wholly, or in substantial part, made, fabricated, formed or assembled in manufacturing facilities for installation or = assembly on a building site. Factory-built homes include, but are not limited to, ~ manufactured homes, modular homes and mobile homes. Also used to refer to a home built in a factory in compliance with the Uniform Building Code as adopted by the = Colorado State Housing Board in 1971. (Note: The definition of factory-built home ~ varies from one source to another.) ~ Fair market rent: An amount determined by HUD to be the cost of modest, non-luxury = 103 ~ ~ ~ ~ ~ rental units in a specific market area. With certain exceptions, it is the highest rent ~ chargeable for that market under Section 8. ~ ~ Fair market value: The pnce at which property is transferred between a willing buyer and a willing seller - both with good information and under no compulsion to buy or sell. Families (family households): Includes a householder and one or more persons living in ~ ~ the same household who are related to the householder by birth, marriage, or adoption. All persons in the household who are related to the householder are regarded as members ~ of his or her family. A household can contain only one family for purposes of census tabuiations. Not all households contain families since a household may comprise a group ~ of unrelated persons or one person living alone. ~ Feasibility study: A detailed investigation and analysis conducted to determine the ~ financial, economic, technical, or other advisability of a proposed project. ~ Federal Home Loan Mortgage Corporation (FHLMC): A quasi-governmental agency that purchases mortgages in the secondary mortgage market from insured depository institutions and HUD-approved mortgage bankers. Also known as Freddie Mac. _ Federal National Mortgage Associates (FNMA): Federally chartered private = corporation providing a secondary market for residential mortgages. Also known as ~ Fannie Mae. ~ Fecieral Housing Administration (FHA): A federal agency designed to encourage ~ private housing financing through the insurance of mortgages. ~ ~ Fee or fee simple: Absolute ownership wrth the nght to dispose of the property or pass it on to one's heirs. Fees: Revenue collected as compensation to a unit of Sovernment for expenses incurred ~ ~ in providing certain services. FiduciarY: One who acts in a capacity of a trust and confidence for another. ~ ~ First-time home buyer: An individual or family who has not owned a home during a ~ specified period of time, often three years. Flexible development standards: Modified zoning, site & design requirements that are ~ ~ designed to lower housing costs. Examples include smaller lots, reduced setback requirements, innovative site design, modified construction techniques, and use of ~ 104 ~ ~ ~ ~ ~ ~ different building materials. Such standards are associated with the "new urbanism" or "neo-traditional" concept. ~ ~ FmHA: The Farmers Home Administration (now known as Rural Development). = For rent: Year round housing units which are vacant and offered/available for rent. = For sale: Year round housing units which are vacant and offered/available for sale only. ~ Frail elderly: An elderly person who is unable to perforxn at least three activities of daily = living (i.e. eating, dressing, bathing, grooming, and household management activities). ~ Gap financing: Additional funds required to make a development project financially = feasible, usually cash or subordinated debt used to fill the "gap" between available financing and total development cost. Also, a loan required by a developer to bridge the : gap, i.e., to make up a deficiency between the amount of mortgage loan due on project ~ completion and the expenses incurred during construction. _ = General partner: The co-owner(s) of a venture who is liable for all debts and other ~ obligations of that venture as well as for the management and operation of the partnership. The general partner can have control of the business and can take actions ~ which are binding on the other partners. (See Limited Partnership.) = Government National Mortgage Association (GNMA): A government corporation ~ which provides a secondary market for housing mortgages and special assistance to housing mortgages finance under special HUD mortgage insurance programs. Also : known as Ginnie Mae. ~ Gross rent as a percentage of household income in 1989: A computed ratio of _ monthly gross rent to monthly household income. : Gross rent: Monthly contract rent plus the estimated average monthly cost of utilities ~ and fuels, if these are paid by the renter. = HOME Investment Partnership Program (HOME): a federal grant program funded ~ by the U.S. Department of Housing and Urban Development and administered by the state and larger local jurisdictions. HOME funds may be used for a variety of housing : activities, including acquisition, rehabilitation, new construction, and tenant based rental ~ assistance. ~ Hotel/Motel taxes: A tax paid to a unit of government on occupancy of tourist hotels : 105 ~ ~ ~ ~ ~ . ~ and motels, usually a percentage of the room rate, paid by the occupant. ~ Household: Includes all the persons who occupy a housing unit. Households can ~ include families or unrelated people living together. Persons not living in households are ~ classified as living in group quarters. In sample tabulations, the count of households may differ from the count of occupied housing units because of the weighting process. ~ Householder: Includes, usually, the person or one of the persons in whose name the ~ home is owned, being bought, or rented and who is listed in column one of the census ~ questionnaire. If there is no such person in the household; any adult household member fifteen years old and over could be designated as the householder. _ Housing unit: Includes a house, an apartment, a mobile home, a group of rooms, or a ~ single room occupied (or if vacant, is intended for occupancy) as separate living quarters. ~ Housing Assistance Plan: A part of the CDBG application describing local housing ; conditions and setting quantitative goals for providing housing to low- and moderate- iricome residents. ~ Housing count: This mcludes both occupied and vacant umts, except that RVs, boats, ~ caves, tents, railroad cars, etc. are included only if they are someone's usual place of residence. The count includes vacant mobile homes if they are intended for occupancy on ~ the site where they stand. Those on dealers' sales lots, at the factory, on in storage yards are excluded from the housing count. _ Housing finance agency (HFA): State agencies which are responsible for the financing ~ of housing and the administration of subsidized housing programs. _ Housing development corporation: A private multi-family housing corporation = established to serve a specific geographic area (neighborhood, city, state, or region). ~ Provides technical assistance, lends seed money, and directly sponsors housing ~ developments. Generally, community residents, local businessmen, and governmental officials have representation on its board of directors. ~ Housing problems: Households with housing problems include those that: (1) occupy = units meeting the definition of physical defects; (2) meet the definition of overcrowded; ~ and (3) meet the definition of cost burden greater than 30%. Housing subsidies: Funds made available to a housing develoPment to enable it to ~ ~ provide units at a cost affordable to a targeted population. Alternatively, subsidies may be directed to the occupant household itself in the form of "vouchers" or "certificates" ~ 106 = ~ ~ ~ ~ ~ that are transferable to other housing developments in the same or adjacent localities. = Inclusionary zoning: Requirement that affordable housing be included in order for a ~ proposed development to receive approval. = Income in 1989: Information on money income received in the calendar year 1989 was requested from persons fifteen years and over in the last Census. "Total income" is the = algebraic sum of the amounts reported separately for wage or salary income; net nonfarm ~ self-employment income; net farm self-employment income;.interest, dividend, net rental or royalty income; Social Security or Railroad Retirement income; public assistance or = welfare income; retirement or disability income; and all other income. ~ Income limits: Family income limits established by law for admission into low- and : moderate-income housing projects or to qualify for rent supplement assistance. Based on ~ family size and geographic location. ~ Income, low: Households whose incomes do not exceed 80% of the median income for the area, as determined by HUD with adjustments for smaller and larger families, except = that HUD may establish income ceilings higher or lower than 80% of the median for the ~ area on the basis of HUD's findings that such variations are necessary because of prevailing levels of construction costs or fair market rents, or unusually high or low ~ family incomes. HUD income limits are updated annually and are available from local ~ HUD offices for the appropriate jurisdictions. ~ Income, moderate: The definition of moderate income varies widely. For this report, moderate income in Eagle County is defined as being between 80% and 120% of inedian : income adjusted for family size. ~ Income, very low: Households whose incomes do not exceed 50% of the median = income for the area, as determined by HUD, with adjustments for smaller and larger families, and for areas with unusually high or low incomes or where needed because of = prevailing levels of construction costs or fair market rents. ~ Industrial revenue bond: A form of financing whereby a municipality or development : corporation issues bonds, up to a statutorily defined limit, to revenue-producing projects. ~ Project revenues are used to pay the debt service on the bonds. : Interim financing: Loan covering land and construction costs, current real estate taxes, ~ and other incidental expenses attributable to the construction period. Also called a construction loan. ~ : 107 ~ ~ ~ ~ ~ ~ Investor sponsor: Used in connection with the cooperative housing program, it refers to ~ a private, profit-making organization that undertakes development of housing projects for sale at a profit to a nonprofit cooperative corporation. : Joint venture: A partnership formed for a limited, specific purpose by investors in a ~ development project. The joint-venture agreement establishes the partner's duties in the ~ development process and specifies the ownership. ~ Land loan: A loan for the purchase of property that is held pending zoning or financial ~ approval. ~ Land bank: Property held for long run development potential. ~ Large related: A household of five or more persons which includes at least two related ~ persons. ~ Letter of credit: A document which approves the credit of an individual or corporation = and enables it to borrow or get bank funds. ~ Leveraging: In development finance, using funds already committed to a project to ~ generate additional funds. Lien: A legal claim on a property for payment of a debt either secured bY the Property or ~ ~ some other financial obligation; e.g., mortgage, taxes, unpaid repair or construction bill. Limited PartnershiP: A partnership consisting of one or more general partners, with ~ ~ unlimited partnership liability, by whom the business is conducted; and one or more limited partners, contributing cash to the capital of the partnership whose partnership ~ liability is limited to their investment. (See Partnership.) Limited dividend entity• . Profit-motivated housing development sPonsor. It is eligible ~ ~ for HUD/FHA - insured mortgage loans for as much as 90% of the total development cost and can earn up to 6% cash flow annually on its equity investment. ~ Linkage: The impact of market-rate developments on the supply of affordable housing. ~ For example, a new office building that brings new employees to a neighborhood will ~ increase demand on housing and raise housing costs, which may force current residents to move. _ Linkage program: A zoning ordinance or other ordinance that requires developers of = commercial or office space to mitigate the impact of their development on the supply of ~ iQ8 ~ ~ ~ . ~ i • ~ ~ affordable housing, usually by either directly providing units, supporting a separate development providing the units, or making an in-lieu cash payment into a housing trust = fund or other housing development fund. ~ Loan guaranty certificate: VA document stating the portion of the loan that is : guaranteed. = Loan fee: The charge made for negotiating a loan, in addition to interest; sometimes ~ used in reference to an additional fee paid directly to a lender either for a commitment or at the time advances are made. ~ ~ Loan-to-value: The relationship of a mortgage to the appraised value of a security. This ratio is expressed to a potential purchaser of property in terms of the percentage a lending = institution is willing to finance. ~ Low Income Housing Tax Credit program (LIHTC): a program which allows ~ individuals and corporations who invest in qualifying low income housing projects to , receive federal tax credits that directly reduce their tax liabilities. Proceeds from these = investments are used to construct a low income rental housing project, thus reducing the ~ debt the project must carry. The end result is lower rents for qualified tenants. = Manufactured home: Any of a number of different categories of factory-built or ~ prefabricated housing, including mobile homes. Also used to refer to a residential dwelling built in a factory in accordance with the Federal Manufactured Home ~ Construction and Safety Standards (HUD standards) since June 1976. (Note: The definition of manufactured home varies from one source to another.) ~ ~ Market study: A projection of future demand for a specific type of project, usually with a recommendation for volume of space to be sold or rented and sale or rental price. ~ ~ Market value: The price at which a property could be sold on the open market, with buyer and seller free from abnormal pressures. ~ Master leasing: EmPloYers renting units for the use of their employees. ~ ~ Median: This refers to the value in the middle of a range of ranked data. Thus, if one imagines a range of data with the smallest value first and the largest value last, the : median value would be the value in the middle. (This is different from the "mean" value ~ which would consist of adding all the values together and then dividing by the number of items in the range.) The reason for using a median value rather than a mean value is that ~ the median is less subject to being skewed by exceptionally low or high values. = 109 ~ ~ ~ ~ ~ Minimum property standards: HUD/FHA regulations that dictate the lowest ~ acceptable technical standards for insurable mortgage loans. ~ Minimum lot zomng: A type of zomng that regulates the smallest lot size permitted Per ~ building. Mixed-use development: The develoPment of a tract of land, building, or structure with ~ ~ a variety of complementary and integrated uses, such as, but not limited to, residential, office, manufacturing, retail, public, or entertainment, in a compact urban form. ~ Mixed-use zoning: Regulations that permit a combination of different uses within a ~ single development. ~ Mobile home: a dwelling unit built on a steel chassis and fitted with wheels that is ~ intended to be hauled to a usually permanent site. Also used to refer to a home that was built in a factory to the American National Standards Institute (ANSI) A119.1 Standard. ~ The last time homes in Colorado were built to this standard was in December 1976. This > was prior to the enactment of the Federal Manufactured Home Construction and Safety Standards. A mobile home typically has a motor vehicle registration title and is not on a ~ permanent foundation. (Note: The definition of mobile home varies from one source to ~ another.) Modular home: A residential dwelling, constructed in a factorY to a residential ~ construction code other than the Federal Manufactured Home Construction and Safety Standards. Also used to refer to a home built in a factory in compliance with the Uniform ~ Building Code. (Note: The definition of modular home varies from one source to another.) ~ Mortgage: A formal document executed by an owner of property, pledging that property = as security for payment of a debt of performance of some other obligation; the security ~ instrument. ~ Mortgage banker: A lender who originates loans for sale to other investors. The ~ mortgage banker generally continues to service the loans. ~ ~ Mortgage commitment: A legal contract between a borrower and a lender to advance a mortgage loan when the borrower meets certain conditions, e.g., completing the projects, acceptance by the lender's agent, etc. _ Mortgage Credit Certificate (MCC): a certificate issued to a qualified first-time home = buyer which enables himfher to reduce the amount of federal income tax owed by a ~ 110 ~ ~ ~ ~ ~ • ~ percentage of the interest paid on the home loan in a given year. = Mortgage discount: See Points. ~ Mortgagee: The lender in a mortgage transaction. ~ Mortgage insurance Premium: The amount Paid bY a borrower to insure a mortgagee ~ loan. ~ Mortgage portfolio: The aggregate of mortgage or loan obligations held by a bank as = assets. ~ Mortgage-recording fee: A fee paid to a unit of government at the time a mortgage on a : property is recorded, usually based on the amount of the mortgage. : Mortgage Revenue Bonds (MRBs): a type of private activity bond used to finance real ~ estate in which the source of revenue used to make debt service on the bonds is the rriortgage payments from the property being financed. MRBs are used to finance housing : for first-time home buyers. ~ Mortgagor: The borrower or owner in a mortgage transaction who pledges property as a = security for a debt. = Multi-family development: Development of more than two dwellings as a part of a ~ single development. Multi-family homes share one or more walls with another unit. Generaliy associated with duplexes, garden apartments, townhouses, condominiums, and = high-rise apartment complexes. ~ Mutual mortgage insurance: A descriptive term refemng to the concept of mutuality = incorporated in the HUD/FHA insurance program. If HUD/FHA Mutual Mortgage ~ Insurance Fund losses have been low, HUD/FHA borrowers may receive a partial refund (dividend) of insurance premiums paid. Refunds, if any, come after an individual loan is ~ paid off. = Nonprofit sponsor: A group organized to undertake a housing project for reasons other ~ than making a profit. Units can be rented on a nonprofit basis or the sponsor can create an individual, cooperative, or condominium ownership. HUD can insure up to 100% of = the sponsor's mortgage loan. ~ Nonfamily household: Includes a householder living alone or with nonrelatives only. ~ = 111 ~ ~ ~ ~ ~ . ~ Notice of Funding Availa6ility (NOFA): A notice by HUD area offices to inform ~ potential project sponsors of contract authority available under Section 8. ~ ~ Occupied housmg unit: A housmg unit is considered occupied if it is the usual Place of residence of the person or group living in it or if the occupants are only temporarily absent. A unit is vacant if no one is living in it or if it is temporarily occupied entirely by ~ persons who have their usual horne elsewhere. New, unoccupied units are classified as vacant if construction has reached a point where all exterior doors and windows have = been installed and final usable floors are in place. The Census Bureau count excludes ~ vacant units if there is evidence that they are condemned or are to be demolished. Occupied rooms or suites in hotels, motels and similar places are classified as housing ~ units only when occupied by permanent residents. Vacant rooms or suites of rooms are ~ considered housing units only in those places in which 75% or more of the accommodations are occupied by permanent residents. ~ Option agreement: Right acquired, for a consideration, to buy or sell property at a fixed = price within a specified time. Y Origination fee: The fee charged by a lender to prepare loan documents, make credit ~ checks, inspect and sometimes appraise a property; usually computed as a percentage of ~ the face value of the loan. Overcrowded: A housing unit containing more than one Person per room. ~ ~ Ovaner: A household that owns the housing unit it occupies. ~ Owner-occupied housing unit: A housing unit is owner-occupied if the owner or co- _ owner lives in the unit even if it is mortgaged or not fully paid for. ~ Participation loan: A mortgage loan in which one institution makes the original loan in ~ which one or more other institutions purchase an interest. ~ Partnership: An association of persons joined by contract to combine their property, ~ labor and skills, or any or all of these and to provide for sharing of profits and losses in a proportionate manner. The profits and losses are passed through to the partners who = report, them on their individual income tax returns. The partnership itself pays no taxes. ~ Paymeats in lieu of taxes (PILOT): Payments made by a PHA to the local governing ~ jurisdiction (usually a percentage of total rents) for the provision of certain municipal ~ services. ~ 112 = ~ ~ ~ ~ ~ Per capita income: The mean income computed for every man, woman, and child in a particular group. It is derived by dividing the total income of a particular group by the = total population. ~ Performance bond: A bond to guarantee performance of certain specified acts, such as = the completion of construction on a property or off-site improvements. = Performance zoning: A form of zoning developed to provide maximum flexibility in ~ choice of use and design based upon an established density factor and measurement of impact of the finished product on the land and surrounding area. ~ ~ Permanent financing: Mortgage loan covering development cost, interim loans, construction loans, financing expenses, marketing, administrative, legal, and other costs. = This loan differs from the construction loan in that this financing goes into place after the ~ project is constructed and open for occupancy. It is a long-term obligation. ~ Personal property: Every kind of property not considered real property. _ = Physical defects: A housing unit lacking complete kitchen, bathroom, or electricity. ~ PITI ratio: The PrinciPal, interest, tax and insurance payment to income ratio which is ~ used in mortgage lending decisions. The front end ratio is the ratio of PITI to gross household income. The back end ratio is the ratio of all household debt (PITI plus other = debt) to gross household income. ~ Planmed unit development (PUD): Land development larger than a stated minimum = size which is planned, reviewed, and approved as a unit; often used as a method of ~ increasing the density allowed under zoning restrictions by clustering housing around limited-access street and thus providing maximum utilization of open space. Plat or Plot: A maP showing subdivisions of a certain area of land giving proportions of ~ ~ each lot as well as other features such as roads, easements, etc. ~ Police Power: As it aPplies to property rights, the power vested in a jurisdiction to ~ restrict the use of property if such use is a danger to or threatens the health, welfare, or ~ safety of the public at large through the establishment of reasonable laws, statutes and/or ordinances. ~ ~ Poverty status in 1989: Poverty status was determined for all persons except institutionalized persons, persons in military quarters, and in college dormitories, and ~ unrelated individuals under 15 years old. These groups were excluded from the : 113 ~ ~ ~ . ~ ~ ~ denominator when calculating poverty rates. Poverty statistics were based on a definition ~ originated by the Social Security Administration in 1964 and modified by Federal interagency committees in 1969 and 1980 and prescribed by the Office of Management ~ ~ and Budget. The income cutoffs used by the Census Bureau to determine the poverty status of families and unrelated individuals include a set of 48 thresholds arranged in a two-dimensional matrix consisting of family size cross-classified by presence and number ~ of family members under 18 years old. The average poverty threshold for a family of four persons was $12,674 in 1989. _ Preferred debt: Any obligation that has precedence over others. A senior or first ~ mortgage is an example of a preferred debt. : Preliminary title commitment: A search that precedes the formal issuance of title = insurance. _ Prepayment privilege: A provision in a note or bond that gives the borrower the right to = make payments in excess of the required payments. _ Prepayment penalty: A penalty payment in addition to interest and principal; ~ sometimes levied for repayment of a loan before it falls due. ~ Present value: The current value of an amount to be received at a future time. ~ Primary financing: The first mortgage loan that is guaranteed. _ Prime rate: The interest rate which banks charge their most preferred customers. It ~ tends to be the yardstick for general trends in interest rates. _ Principal: The amount of debt, exclusive of accrued interest, remaining on a loan. _ Before any principal has been repaid, the total loaned amount is the principal. ~ = Principal mortgage: The party recognized as the mortgagee of record under an insurance contract; must retain a 10% interest in the mortgage up to the final endorsement ~ and 5% thereafter. ~ Private activity bonds: tax-exempt bonds whose proceeds are used to provide loans, ~ both to for-profit entities to construct or acquire/rehabilitate rental housing, and to first- time home buyers. _ Private mortgage insurance (PMI): A form of mortgage insurance without = governmental participation which protects the mortgage lender against loss in the event of ~ 114 = ~ ~ . ~ ~ ~ ~ ~ default on that mortgage. = Pro forma: Latin words meaning "according to form"; a projection of anticipated income, expenses, and cash flow from an investment enterprise, indicating the form in ~ which that data should be presented. ~ ProJ'ect cost: Total cost of the ProJ'ect including professional compensation, land costs, ~ furnishings and equipment, financing, and other charges, as well as the construction costs. ~ Project-based (rental) assistance: Rental assistance provided for a project, not for a = specific tenant. Tenants receiving project-based rental assistance give up the nght to that ~ assistance upon moving from the project. : Proprietary lease: The type of lease used in cooperative buildings that defines the rights ~ of a tenant or shareholder to occupy a particular dwelling units. ~ Public housing authority (PHA): Public agency created by state or local government to , finance or operate low-income housing. ~ ~ Purchase agreement: A written proposal by a buyer to purchase real estate that becomes binding upon the acceptance of the seller. Quitclaim deed: A deed relinquishing all interest, title, or claim in a property by a ~ ~ grantor, but not representing that such title is valid, not containing any warranty or ~ covenants for title. = Rational nexus: A clear, direct, and substantial relationship between a particular ~ development and the public improvement needs generated by the development. = Real estate escrow accounts: A cash deposit made by someone offering to purchase properiy which binds the purchaser's intention to complete the transaction and secures the = seller's agreement not to accept any other offer. The deposit is typically paid to the ~ broker and placed in an escrow account, pending the sale's completion within a specified ~ period of time. ~ Real estate investment trust (REIT): A trust where at least 75% of its income is derived from passive real estate investment and where 95% of this income passes to its = investors. It offers tax advantages to investors because it is not taxed at standard rates. ~ Real estate transfer taxes or fees: A tax or fee paid to a unit of government at the time ~ property changes ownership, usually based on the value of the property transferred. It is : 115 ~ ~ ~ ~ ~ paid by the seller, purchaser or both. ~ Redlining: The practice by lending institutions of restricting or denying mortgage loans ~ for certain areas. ~ Refinance: To pay off an existing loan with the proceeds of a new loan. ~ Rent burden > 30% (cost burden): The extent to which gross housing costs, including = utility costs, exceed 30% of gross income, based on data published by the U.S. Census ~ Bureau. ~ Rent burden > 50% (severe cost burden): The extent to which gross housing costs, ~ including utility costs, exceed 50% of gross income, based on data published by the U.S. Census Bureau. : Rent-up period: The amount of time it takes for a building to reach a stable occupancy = rate and income stream. • - ~ Rental control: Limitation of annual rent increases by municipal ordinance, state or = federal law. ~ Rental assistance: Rental assistance payments provided as either project-based rental ~ assistance or tenant-based rental assistance. ~ Renter: A household that rents the housing unit it occupies, including both units rented ~ for cash and those occupied without cash payment of rent. ~ Renter-occupied housing unit: All occupied housing units that are not owner-occupied, ~ whether they are rented for cash rent or occupied without payment of cash rent, are classified as renter-occupied. : Request-for-proposals (RFP): A competitive process whereby an entity with available = funds or other resources solicits proposals from eligible applicants for qualifying projects. ~ Typically, an application packet contains program information and an application form, specifying a return date. _ Return on equity: The ratio of cash flow on an investment (minus debt service and ~ operating costs) to the amount invested (exclusive of financing). _ Right of way: See Easement. ~ ~ 116 ~ ~ i i • Savings and loan association: Associations founded to promote thrift and home ownership. Their deposits have been traditionally invested in residential mortgage loans : although they now have broader lending powers. ~ Secondary mortgage market: A system whereby lenders and investors buy existing : mortgages as long-term investments, and in doing so provide greater availability of funds for mortgage loans by banks, mortgage bankers, and savings and loan associations. See = Federal Home Loan Mortgage Corporation (FHLMC), Federal National Mortgage ~ Association (FNMA), and Government National Mortgage Association (GNMA). : Secondary financing: A loan secured by a second mortgage on a property, sometimes ~ used to refer to any financing technique other than equity and first-mortgage debt. = Secondary units: Housing units built in association with a primary residential unit. Secondary units include accessory units, cottage units, caretaker units, and mother-in-law = units. They can be free-standing or attached to single family homes or garages. ~ Section 8: a federally funded rental assistance program in which the qualified renter y = household pays 30% of its adjusted income toward rent and the federal government, via ~ the local housing authority, pays the landlord the remainder of the rent, up to the fair market rent established by the U. S. Department of Housing and Urban Development. ~ Selected monthlY owner costs: The sum of PaYments for mortgages, deeds of trust, ~ contracts to purchase, or similar debts on the property; real estate taxes, fire, hazard, and ~ flood insurance on the properiy; utilities; and fuels. It also includes, where appropriate, the monthly condominium fees or mobile home costs. ~ . The ~ Selected monthly owner costs as a percentage of household income in 1989• computed ratio of selected monthly owner costs to monthly household income in 1989. ~ ~ Service needs: The particular services identified for special needs populations, which typically may include transportation, personal care, housekeeping, counseling, meals, ~ case management, personal emergency response, and other services to prevent premature institutionalization and assist individuals to continue living independently. ~ ~ Single family home: A residential unit that is detached from other buildings. = Sinking fund: A fund which, with interest, will serve as a payment for future ~ replacements required for an income property. ~ Small related: A household of two or four persons which included at least two related : 117 ~ ~ ~ ~ ~ . ~ persons. ~ Small Business Investment Companies (SBIC): Privately owned, SBA licensed and ~ regulated companies to provide equity capital and long-term financing to small firms for ~ the sound financing of their business operations, growth, and modernization. Small Business Administration (SBA): A federal agency which provides grant, loan ~ ~ and guarantee assistance to small businesses experiencing difficulty in obtaining assistance through the private financial market. ~ Special assessment district: A jurisdiction which has the power to tax and improve ~ property within its boundaries. ~ Sponsor: An entity that backs a development project, ensuring that all aspects (e.g., ~ financial, government approvals, management) fall into place in a timely manner. Sponsors often have no direct equity interest, and may or may not be the sole owner of = the proj ect. • - ~ Spot zoning: Zoning that fits no prescribed pattern. _ Spot loan: A loan on a property made by a lender who was not involved in the original = financing of the subdivision or project. ~ Standard Metropolitan Statistical Area (SMSA): A term describing a central city area : and its surrounding suburbs and other sm-aller jurisdictions. ~ Standby fee: A percentage good faith fee submitted to the lender along with the = application for the permanent loan. ~ Standby commitment: A mortgage-loan commitment issued by specialist lenders and ~ accepted by another lender as a basis for advancing a construction loan. ~ Subfamily: Consists of a married-couple (husband and wife enumerated as members of ~ the same household) with or without never-married children under eighteen years old, or one parent with one or more never-married children under eighteen years old, living in a = household and related to, but not including, either the householder or the householder's ~ spouse. The count of families does not include the number of subfamilies, since subfamily members are counted as part of the householder's family. ~ Subject to mortgagee: A limitation of the liability of a grantee taking title to real : property subject to mortgage so that amount equals the equity in the property; a taking of ~ 118 : ~ ~ ~ ~ - ~ ~ ~ title to a mortgage property without assuming personal liability for the mortgage debt. = Subordination clause: A clause in a junior lien acknowledging the prior claim of a ~ higher loan, as in a second-mortgage loan contract legally acknowledging the prior claim of the first mortgage; also describes an agreement contained in purchase-money = mortgages for land by which the purchase-money mortgage can be subordinated to a first ~ mortgage to finance bona fide improvements. ~ Subrogate: The substitution of one person in the place of another with reference to a lawful claim or right. ~ ~ Su6sidy: Government grant to the sponsor to reduce the cost of one or more housing components (land, labor, material, financing) in order to lower the cost to the occupant. ~ Surety bond: An evidence of debt undertaken bY a third PartY (a guarantor) on behalf of ~ another to insure completion of a project or performance under a contract in the event that ~ such performance or completion is not forthcoming. _ : Survey: Measurement of a specific parcel of land to ascertain area, corners, boundaries, ~ and divisions with distances and directions of such parcel. = Sweat equity: Equity created through the performance of service or labor on a property ~ by its intended owner. ~ Syndication: The sale of equity interest (shares) in real estate projects to investors other ~ than the original developers. ~ Take-out commitment: A commitment whereby the permanent lender agrees to buy a construction mortgage from a construction lender or to issue a new permanent mortgage = upon completion of construction. Such commitment is usually a prerequisite to the ~ making of a construction loan by a construction lender. ~ Tandem plan: A GNMA program to purchase the permanent mortgage of a HUD/FHA- insured multi-family mortgage at below market rate. See Government National Mortgage = Association (GNMA). ~ Targeting requirements: Requirements imposed on a housing project to ensure that the = units benefit the intended population. They typically require units to be affordable and ~ available to low-income households, often for at least a specified period of time. ~ Tax write-off or shelter: Any tax reduction (real estate write-offs include real estate : 119 ~ ~ ~ . ~ 0 ~ taxes, interest, financing costs, rent, depreciation, and operating deficits) that lessens an ~ individual's tax liability. 'ect for a s ~ ~ Tax abatement: Exemphon or reduction of local taxes of a pro~ pecific Period of time. Tax basis: A taxpayer's cost of property for tax PurPoses, including cash paid and the ~ ~ principal amount of mortgage debt encumbering the property at the time of acquisition. The property's tax basis is increased from time to time by additional cash investment in ~ the property, and is decreased from time to time by tax deductions (such as depreciation) relating to the property and by cash withdrawals. _ Tax-exempt bond: A bond on which the interest payments are not subject to federal : taxation. _ Tenant-based (rental) assistance: A form of rental assistance in which the assisted = tenant may move from a dwelling unit with a right to continued assistance. The = assistance is provided for the tenant, not for the project. ~ ~ Tenure: A household may rent or own the unit rt occupies. The Census Bureau uses the term "tenure" to refer to the distinction between owning and renting a unit. Title insurance: Insurance through a title company to protect a ProPerty owner or lender ~ ~ from loss if title proves imperfect. Total develoPment costs: The sum of all HUD-approved costs for planning, ~ ~ administration, site acquisition, relocation, demolition, construction and equipment, interest and carrying charges, on-site streets and utilities, non-dwelling facilities, a ~ contingency allowance, insurance premiums, off-site facilities, any initial operating deficit, and all other costs necessary to develop the project. ~ Total vacant: Unoccupied year round housing units. ~ Trust: A fiduciarY relationship whereby legal title to a property is transferred to a trustee ~ with the intention that such property be administered by the trustee for the benefit of ~ another (beneficiary) who holds equitable title to such property. ~ Trust deed: A security investment used in some states in place of a mortgage which ~ transfers title to the real estate to a third party as trustee to be held as collateral security ~ for the debt with the condition that the trustee shall reconvey the property upon full payment of the debt, and with the power of the trustee to sell the property and pay the ~ 120 ~ ~ 0 . 0 ~ ~ ~ ~ debt in the event of a default by the debtor. = Trustee: One who holds legal title to property for the benefit of another, or for the ~ purpose of securing performance of an obligation. = Turnkey: Public housing financed and built by private sponsors and purchased by a ~ PHA for use by eligible persons or families. ~ Unrelated individuals: Includes: (1) a householder living alone or with nonrelatives only, (2) a household member who is not related to the householder, or (3) a person living = in group quarters who is not an inmate of an institution. ~ Vacancy factor: Percent of a building that is unoccupied. Vacant housing unit: Unoccupied year round housing units that are available or ~ ~ intended for occupancy at any time during the year. ~ Vacant awaiting occupancy or held: Vacant year round housing units that have been = rented or sold and are currently awaiting occupancy, and vacant year round housing units ~ that are held by owners or renters for occasional use. = Valuation: Estimation of value or price through appraisal. = Variable interest rate: A means by which a lender is permitted to adjust the interest rate ~ on a loan to reflect changes in the prime rate - usually with a prescribed range and with ~ advanced notice. ~ Voluntary conveyance: A voluntary transfer of title to the real estate security on a defaulted mortgagee by deed from the borrower to the lender as an alternative to = foreclosure. By arrangement between the parties, the lender saves the expense of foreclosure and the bonower receives credit for payment of the debt in full. ~ ~ Wage or salary income: Includes total money earnings received for work performed as an employee during the calendar year 1989. It includes wages, salary, Armed Forces pay, = commissions, tips, piece-rate payments, and cash bonuses eamed before deductions were ~ made for taxes, bonds, pensions, union dues, etc. : Warranty deed: A deed in which the grantor or seller warrants or guarantees that good ~ title is being conveyed, as opposed to a quitclaim deed which contains no representation or warranty regarding the quality of title being conveyed. ~ = 121 ~ ~ ~ ~ ~ Workout agreement: A plan to correct a delinquent or defaulted mortgage. ~ Year householder moved into unit: The year of the householder's latest move. The ~ intent ts to establish the year the present occupancy by the householder began. ~ Year structure built: Refers to when the building was first constructed, not when it was ~ remodeled, added to, or converted. The data relate to the number of units built during the specified periods that were still in existence at the time of enumeration. _ Year round housing units: Occupied and vacant housing units intended for year round ~ use. Housing units for seasonal or migratory use are excluded. _ Zoning: Prescription by governmental entity of the purpose to which land or buildings = may be put in specific areas, and of the architectural, structural, and/or spatial elements of ~ such land or buildings. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 122 = ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ APPENDIX B = - - ~ MORTGAGE TABLES ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ HOUSE PURCHASING POWER WITH A5% DOWN PAYMENT ~ Calculations are based on the following: ~ ~ • 28% of monthly income to be used for housing payment • Length of loan is 30 years ~ • Private mortgage insurance is 0.78% • Property taxes of $100 and homeowners insurance of $30 per month = • No allowance for monthly homeowners fees ~ YEARLY HOUSE PURCHASING POWER AT VARIOUS INTEREST RATES ~ INCOME 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% ~ $15,000 34,847 33,222 31,710 30,303 28,992 27,770 26,630 25,565 24,569 $16,000 38,543 36,745 35,073 33,517 32,067 30,715 29,454 28,276 27,175 $17,000 42,239 40,269 38,436 36,731 35,142 33,661 32,279 30,988 29,780 $18,000 45,935 43,792 41,800 39,945 38,217 36,606 35,103 33,699 32,386 $19,000 49,631 47,316 45,163 43,159 41,292 39,551 37,927 36,410 34,992 - $20,000 53,327 50,840 48,526 46,373 44,367 42,497 40,752 39,122 37,598 $21,000 57,023 54,363 51,889 49,587 47,442 45,442 43,576 41,833 40,204 $22,000 60,719 57,887 55,252 52,800 50,517 48,387 46,400 44,545 42,809 ~ $23,000 64,415 61,410 58,615 56,014 53,592 51,333 49,225 47,256 45,415 $24,000 68,111 64,934 61,979 59,228 56,666 54,278 52,049 49,967 48,021 ~ $25,000 71,807 68,457 65,342 62,442 59,741 57,223 54,874 52,679 50,627 $26,000 75,503 71,981 68,705 65,656 62,816 60,169 57,698 55,390 53,232 ~ $27,000 79,199 75,504 72,068 68,870 65,891 63,114 60,522 58,102 55,838 $28,000 82,895 79,028 75,431 72,084 68,966 66,059 63,347 60,813 58,444 ~ $29,000 86,591 82,551 78,795 75,298 72,041 69,005 66,171 63,524 61,050 ~ $30,000 90,287 86,075 82,158 78,512 75,116 71,950 68,995 66,236 63,656 $31,000 93,983 89,598 85,521 81,726 78,191 74,895 71,820 68,947 66,261 ~ $32,000 97,678 93,122 88,884 84,940 81,266 77,841 74,644 71,659 68,867 $33,000 101,374 96,645 92,247 88,154 84,341 80,786 77,469 74,370 71,473 ~ $34,000 105,070 100,169 95,610 91,368 87,416 83,731 80,293 77,081 74,079 ~ $35,000 108,766 103,692 98,974 94,582 90,491 86,676 83,117 79,793 76,685 $36,000 112,462 107,216 102,337 97,796 93,566 89,622 85,942 82,504 79,290 ~ $37,000 116,158 110,740 105,700 101,010 96,640 92,567 88,766 85,216 81,896 $38,000 119,854 114,263 109,063 104,224 99,715 95,512 91,590 87,927 84,502 ~ $39,000 123,550 117,787 112,426 107,437 102,790 98,458 94,415 90,638 87,108 ~ $40,000 127,246 121,310 115,790 110,651 105,865 101,403 97,239 93,350 89,714 $41,000 130,942 124,834 119,153 113,865 108,940 104,348 100,064 96,061 92,319 ~ $42,000 134,638 128,357 122,516 117,079 112,015 107,294 102,888 98,773 94,925 $43,000 138,334 131,881 125,879 120,293 115,090 110,239 105,712 101,484 97,531 ~ $44,000 142,030 135,404 129,242 123,507 118,165 113,184 108,537 104,196 100,137 $45,000 145,726 138,928 132,605 126,721 121,240 116,130 111,361 106,907 102,742 ~ 124 : ~ ~ ~ ~ ~ ~ ~ HOUSE PURCHASING POWER WITH A5.°1a DOWN PAYMENT ~ YEARLY HOUSE PURCHASING POWER AT VARIOUS INTEREST RATES INCOME 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% ~ ~ $46,000 149,422 142,451 135,969 129,935 124,315 119,075 114,185 109,618 105,348 $47,000 153,118 145,975 139,332 133,149 127,390 122,020 117,010 112,330 107,954 ~ $48,000 156,814 149,498 142,695 136,363 130,465 124,966 119,834 115,041 110,560 $49,000 160,509 153,022 146,058 139,577 133,540 127,911 122,659 117,753 113,166 ~ $50,000 164,205 156,545 149,421 142,791 136,614 130,856 125,483 120,464 115,771 $51,000 167,901 160,069 152,785 146,005 139,689 133,802 128,307 123,175 118,377 _ $52,000 171,597 163,592 156,148 149,219 142,764 136,747 131,132 125,887 120,983 ~ $53,000 175,293 167,116 159,511 152,433 145,839 139,692 133,956 128,598 123,589 $54,000 178,989 170,640 162,874 155,647 148,914 142,638 136,780 131,310 126,195 ~ $57,000 190,077 181,210 172,964 165,288 158,139 151,473 145,254 139,444 134,012 $58,000 193,773 184,734 176,327 168,502 161,214 154,419 148,078 142,155 136,618 ~ $59,000 197,469 188,257 179,690 171,716 164,289 157,364 150,902 144,867 139,223 $60,000 201,165 191,781 183,053 174,930 167,364 160,309 153,727 147,578 141,829 $61,000 204,861 195,304 186,416 178,144 170,439 163,255 156,551 150,289 144,4"35 - $62,000 208,557 198,828 189,780 181,358 173,514 166,200 159,375 153,001 147,041 $63,000 212,253 202,351 193,143 184,572 176,588 169,145 162,200 155,712 149,647 ~ $64,000 215,949 205,875 196,506 187,786 179,663 172,091 165,024 158,424 152,252 $65,000 219,645 209,398 199,869 191,000 182,738 175,036 167,849 161,135 154,858 ~ $66,000 223,341 212,922 203,232 194,214 185,813 177,981 170,673 163,847 157,464 ~ $67,000 227,036 216,445 206,595 197,428 188,888 180,927 173,497 166,558 160,070 $68,000 230,732 219,969 209,959 200,642 191,963 183,872 176,322 169,269 162,676 ~ $69,000 234,428 223,492 213,322 203,856 195,038 186,817 179,146 171,981 165,281 $70,000 238,124 227,016 216,685 207,070 198,113 189,763 181,970 174,692 167,887 ~ $71,000 241,820 230,540 220,048 210,284 201,188 192,708 184,795 177,404 170,493 $72,000 245,516 234,063 223,411 213,498 204,263 195,653 187,619 180,115 173,099 _ $73,000 249,212 237,587 226,775 216,711 207,338 198,599 190,444 182,826 175,704 ~ $74,000 252,908 241,110 230,138 219,925 210,413 201,544 193,268 185,538 178,310 $75,000 256,604 244,634 233,501 223,139 213,488 204,489 196,092 188,249 180,916 ~ $76,000 260,300 248,157 236,864 226,353 216,563 207,435 198,917 190,961 183,522 $77,000 263,996 251,681 240,227 229,567 219,637 210,380 201,741 193,672 186,128 ~ $78,000 267,692 255,204 243,590 232,781 222,712 213,325 204,565 196,383 188,733 $79,000 271,388 258,728 246,954 235,995 225,787 216,270 207,390 199,095 191,339 _ $80,000 275,084 262,251 250,317 239,209 228,862 219,216 210,214 201,806 193,945 ~ $81,000 278,780 265,775 253,680 242,423 231,937 222,161 213,039 204,518 196,551 $82,000 282,476 269,298 257,043 245,637 235,012 225,106 215,863 207,229 199,157 ~ $83,000 286,172 272,822 260,406 248,851 238,087 228,052 218,687 209,940 201,762 $84,000 289,867 276,345 263,770 252,065 241,162 230,997 221,512 212,652 204,368 ~ $85,000 293,563 279,869 267,133 255,279 244,237 233,942 224,336 215,363 206,974 ~ = 125 ~ ~ ~ ~ ~ ~ HOUSE PURCHASING POWER WITH A 10% DOWN PAYMENT ~ ns are based on the following: ~ Calculatio ~ • 28% of monthly income to be used for housing payment • Length of loan is 30 years ~ • Private mortgage insurance is 0.52% • Property taxes of $100 and homeowners insurance of $30 per month ~ • No allowance for monthly homeowners fees e ~ YEARLY HOUSE PURCHASING POWER AT VARIOUS INTEREST RATES ~ INCOME 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% $15,000 38,023 36,192 34,495 32,920 31,456 30,095 28,827 27,646 26,544 ~ ~ $16,000 42,056 40,031 38,154 36,411 34,792 33,287 31,885 30,578 29,359 $17,000 46,089 43,870 41,812 39,903 38,129 36,479 34,942 33,511 32,174 ~ $18,000 50,121 47,708 45,471 43,394 41,465 39,670 38,000 36,443 34,990 $19,000 54,154 51,547 49,129 46,886 44,801 42,862 41,057 39,375 37,805 $20,000 58,187 55,385 52,788 50,377 48,137 46,054 44,115 42,307 40,620 $21,000 62,220 59,224 56,446 53,869 51,474 49,246 47,172 45,239 43,436 ~ $22,000 66,252 63,063 60,105 57,360 54,810 52,438 50,230 48,171 46,251 ~ $23,000 70,285 66,901 63,764 60,852 58,146 55,630 53,287 51,104 49,066 $24,000 74,318 70,740 67,422 64,343 61,482 58,822 56,345 54,036 51,881 ~ $25,000 78,351 74,578 71,081 67,835 64,819 62,014 59,402 56,968 54,697 $26,000 82,383 78,417 74,739 71,326 68,155 65,206 62,460 59,900 57,512 ~ $27,000 86,416 82,256 78,398 74,817 71,491 68,397 65,517 62,832 60,327 ~ $28,000 90,449 86,094 82,056 78,309 74,827 71,589 68,574 65,764 63,142 $29,000 94,482 89,933 85,715 81,800 78,164 74,781 71,632 68,697 65,958 ~ $30,000 98,514 93,771 89,374 85,292 81,500 77,973 74,689 71,629 68,773 $31,000 102,547 97,610 93,032 88,783 84,836 81,165 77,747 74,561 71,588 ~ $32,000 106,580 101,449 96,691 92,275 88,172 84,357 80,804 77,493 74,403 $33,000 110,613 105,287 100,349 95,766 91,509 87,549 83,862 80,425 77,219 ~ $34,000 114,645 109,126 104,008 99,258 94,845 90,741 86,919 83,358 80,034 ~ $35,000 118,678 112,964 107,666 102,749 98,181 93,932 89,977 86,290 82,849 $36,000 122,711 116,803 111,325 106,241 101,517 97,124 93,034 89,222 85,665 ~ $37,000 126,744 120,642 114,984 109,732 104,854 100,316 96,092 92,154 88,480 $38,000 130,776 124,480 118,642 113,224 108,190 103,508 99,149 95,086 91,295 ~ $39,000 134,809 128,319 122,301 116,715 111,526 106,700 102,207 98,018 94,110 $40,000 138,842 132,157 125,959 120,207 114,862 109,892 105,264 100,951 96,926 ~ $41,000 142,875 135,996 129,618 123,698 118,199 113,084 108,321 103,883 99,741 ~ $42,000 146,907 139,835 133,276 127,190 121,535 116,276 111,379 106,815 102,556 $43,000 150,940 143,673 136,935 130,681 124,871 119,467 114,436 109,747 105,371 ~ $44,000 154,973 147,512 140,594 134,173 128,207 122,659 117,494 112,679 108,187 $45,000 159,006 151,350 144,252 137,664 131,544 125,851 120,551 115,611 111,002 ~ 126 : ~ ~ . ~ ~ ~ ~ ~ HOUSE PURCHASING POWER WITH A 141Q DOWN PAYMENT ~ YEARLY HOUSE PURCHASING POWER AT VARIOUS INTEREST RATES INCOME 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% ~ ~ $46,000 163,038 155,189 147,911 141,156 134,880 129,043 123,609 118,544 113,817 $47,000 167,071 159,028 151,569 144,647 138,216 132,235 126,666 121,476 116,632 ~ $48,000 171,104 162,866 155,228 148,139 141,552 135,427 129,724 124,408 119,448 $49,000 175,137 166,705 158,886 151,630 144,889 138,619 132,781 127,340 122,263 ~ $50,000 179,170 170,543 162,545 155,122 148,225 141,811 135,839 130,272 125,078 $51,000 183,202 174,382 166,204 158,613 151,561 145,002 138,896 133,205 127,894 _ $52,000 187,235 178,221 169,862 162,105 154,897 948,994 141,954 136,137 130,709 ~ $53,000 191,268 182,059 173,521 165,596 158,234 151,386 145,011 139,069 133,524 $54,000 195,301 185,898 177,179 169,087 161,570 154,578 148,068 142,001 136,339 ~ $55,000 199,333 189,736 180,838 172,579 164,906 157,770 151,126 144,933 139,155 $56,000 203,366 193,575 184,496 176,070 168,242 160,962 154,183 147,865 141,970 ~ $57,000 207,399 197,413 188,155 179,562 171,579 164,154 157,241 150,798 144,785 $58,000 211,432 201,252 191,814 183,053 174,915 167,346 160,298 153,730 147,600 _ $59,000 215,464 205,091 195,472 186,545 178,251 170,537 163,356 156,662 150,d16 - ~ $60,000 219,497 208,929 199,131 190,036 181,587 173,729 166,413 159,594 153,231 $61,000 223,530 212,768 202,789 193,528 184,924 176,921 169,471 162,526 156,046 ~ $62,000 227,563 216,606 206,448 197,019 188,260 180,113 172,528 165,458 158,861 $63,000 231,595 220,445 210,106 200,511 191,596 183,305 175,586 168,391 161,677 _ $64,000 235,628 224,284 213,765 204,002 194,932 186,497 178,643 171,323 164,492 ~ $65,000 239,661 228,122 217,423 207,494 198,269 189,689 181,701 174,255 167,307 $66,000 243,694 231,961 221,082 210,985 201,605 192,881 184,758 177,187 170,123 ~ $67,000 247,726 235,799 224,741 214,477 204,941 196,072 187,815 180,119 172,938 $68,000 251,759 239,638 228,399 217,968 208,277 199,264 190,873 183,051 175,753 ~ $69,000 255,792 243,477 232,058 221,460 211,614 202,456 193,930 185,984 178,568 $70,000 259,825 247,315 235,716 224,951 214,950 205,648 196,988 188,916 181,384 _ $71,000 263,857 251,154 239,375 228,443 218,286 208,840 200,045 191,848 184,199 ~ $72,000 267,890 254,992 243,033 231,934 221,622 212,032 203,103 194,780 187,014 $73,000 271,923 258,831 246,692 235,426 224,959 215,224 206,160 197,712 189,829 ~ $74,000 275,956 262,670 250,351 238,917 228,295 218,416 209,218 200,645 192,645 $75,000 279,988 266,508 254,009 242,409 231,631 221,608 212,275 203,577 195,460 ~ $76,000 284,021 270,347 257,668 245,900 234,967 224,799 215,333 206,509 198,275 $77,000 288,054 274,185 261,326 249,392 238,304 227,991 218,390 209,441 201,090 _ $78,000 292,087 278,024 264,985 252,883 241,640 231,183 221,448 212,373 203,906 ~ $79,000 296,119 281,863 268,643 256,375 244,976 234,375 224,505 215,305 206,721 $80,000 300,152 285,701 272,302 259,866 248,312 237,567 227,562 218,238 209,536 ~ $81,000 304,185 289,540 275,961 263,358 251,649 240,759 230,620 221,170 212,352 $82,000 308,218 293,378 279,619 266,849 254,985 243,951 233,677 224,102 215,167 ~ $83,000 312,250 297,217 283,278 270,340 258,321 247,143 236,735 227,034 217,982 $84,000 316,283 301,056 286,936 273,832 261,657 250,334 239,792 229,966 220,797 ~ $85,000 320,316 304,894 290;595 277,323 264,994 253,526 242,850 232,898 223,613 : 127 ~ ~ e ~ ~ HOUSE PURCHASING POWER WITH A 2Qla DOWN PAYMENT ~ Calculations are based on the following: ~ ~ • 28% of monthly income to be used for housing payment • Length of loan is 30 years ~ • No private mortgage insurance • Property taxes of $100 and homeowners insurance of $30 per month ~ ~ No allowance for monthly homeowners fees ~ YEARLY HOUSE PURCHASING POWER AT VARIOUS INTEREST RATES ~ INCOME 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% $15,000 45,868 43,508 41,335 39,330 37,478 35,765 34,178 32,705 31,336 ~ ~ $16,000 50,732 48,122 45,719 43,501 41,453 39,558 37,802 36,174 34,660 $17,000 55,597 52,737 50,103 47,673 45,428 43,351 41,427 39,642 37,984 ~ $18,000 60,462 57,351 54,486 51,844 49,403 47,144 45,052 43,111 41,307 $19,000 65,327 61,966 58,870 56,015 53,378 50,938 48,677 46,580 44,631 $20,000 70,191 66,580 63,254 60,187 57,353 54,731 52,302 50,048 47,954 $21,000 75,056 71,195 67,638 64,358 61,328 58,524 55,927 53,517 51,278 ~ $22,000 79,921 75,809 72,022 68,529 65,303 62,317 59,552 56,986 54,601 ~ $23,000 84,786 80,424 76,406 72,701 69,277 66,111 63,177 60,454 57,925 $24,000 89,650 85,038 80,790 76,872 73,252 69,904 66,802 63,923 61,249 ~ $25,000 94,515 89,653 85,174 81,043 77,227 73,697 70,426 67,392 64,572 $26,000 99,380 94,267 89,558 85,215 81,202 77,490 74,051 70,860 67,896 ~ $27,000 104,245 98,882 93,942 89,386 85,177 81,284 77,676 74,329 71,219 $28,000 109,110 103,496 98,326 93,557 89,152 85,077 81,301 77,798 74,543 ~ $29,000 113,974 108,111 102,710 97,729 93,127 88,870 84,926 81,267 77,866 ~ $30,000 118,839 112,725 107,094 101,900 97,102 92,663 88,551 84,735 81,190 $31,000 123,704 117,340 111;478 106,071 101,077 96,456 92,176 88,204 84,514 ~ $32,000 128,569 121,954 115,862 110,243 105,052 100,250 95,801 91,673 87,837 $33,000 133,433 126,569 120,246 114,414 109,027 104,043 99,425 95,141 91,161 ~ $34,000 138,298 131,183 124,630 118,585 113,002 107,836 103,050 98,610 94,484 ~ $35,000 143,163 135,798 129,014 122,757 116,977 111,629 106,675 102,079 97,808 $36,000 148,028 140,412 133,398 126,928 120,952 115,423 110,300 105,547 101,131 ~ $37,000 152,892 145,027 137,782 131,099 124,927 119,216 113,925 109,016 104,455 $38,000 157,757 149,641 142,166 135,271 128,901 123,009 117,550 112,485 107,778 ~ $39,000 162,622 154,256 146,550 139,442 132,876 126,802 121,175 115,954 111,102 $40,000 167,487 158,870 150,934 143,614 136,851 130,596 124,800 119,422 114,426 ~ $41,000 172,351 163,485 155,318 147,785 140,826 134,389 128,425 122,891 117,749 ~ $42,000 177,216 168,099 159,702 151,956 144,801 138,182 132,049 126,360 121,073 $43,000 182,081 172,713 164,086 156,128 148,776 141,975 135,674 129,828 124,396 ~ $44,000 186,946 177,328 168,470 160,299 152,751 145,768 139,299 133,297 127,720 $45,000 191,810 181,942 172,854 164,470 156,726 149,562 142,924 136,766 131,043 ~ 128 = ~ ~ ~ ~ ~ HOUSE PURCHASING POWER WITH A 20% DOWN PAYMENT ~ YEARLY HOUSE PURCHASING POWER AT VARIOUS INTEREST RATES INCOME 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% ~ ~ $46,000 196,675 186,557 177,238 168,642 160,701 153,355 146,549 140,234 134,367 $47,000 201,540 191,171 181,622 172,813 164,676 157,148 150,174 143,703 137,691 ~ $48,000 206,405 195,786 186,006 176,984 168,651 160,941 153,799 147,172 141,014 $49,000 211,269 200,400 190,390 181,156 172,626 164,735 157,424 150,640 144,338 ~ $50,000 216,134 205,015 194,774 185,327 176,601 168,528 161,049 154,109 147,661 $51,000 220,999 209,629 199,158 189,498 180,576 172,321 164,673 157,578 150,985 _ $52,000 225,864 214,244 203,541 193,670 184,551 176,114 168,298 161,047 154,308 ~ $53,000 230,728 218,858 207,925 197,841 188,526 179,908 171,923 964,515 157,632 $54,000 235,593 223,473 212,309 202,012 192,500 183,701 175,548 167,984 160,956 ~ $55,000 240,458 228,087 216,693 206,184 196,475 187,494 179,173 171,453 164,279 $56,000 245,323 232,702 221,077 210,355 200,450 191,287 182,798 174,921 167,603 ~ $57,000 250,187 237,316 225,461 214,526 204,425 195,080 186,423 178,390 170,926 ~ $58,000 255,052 241,931 229,845 218,698 208,400 198,874 190,048 181,859 174,250 _ $59,000 259,917 246,545 234,229 222,869 212,375 202,667 193,673 185,327 177,573 ~ $60,000 264,782 251,160 238,613 227,040 216,350 206,460 197,297 188,796 180,897 $61,000 269,646 255,774 242,997 231,212 220,325 210,253 200,922 192,265 184,220 ~ $62,000 274,511 260,389 247,381 235,383 224,300 214,047 204,547 195,733 187,544 $63,000 279,376 265,003 251,765 239,555 228,275 217,840 208,172 199,202 190,868 _ $64,000 284,241 269,618 256,149 243,726 232,250 221,633 211,797 202,671 194,191 ~ $65,000 289,105 274,232 260,533 247,897 236,225 225,426 215,422 206,140 197,515 $66,000 293,970 278,847 264,917 252,069 240,200 229,220 219,047 209,608 200,838 ~ $67,000 298,835 283,461 269,301 256,240 244,175 233,013 222,672 213;077 204,162 $68,000 303,700 288,076 273,685 260,411 248,150 236,806 226,297 216,546 207,485 ~ $69,000 308,564 292,690 278,069 264,583 252,124 240,599 229,921 220,014 210,809 $70,000 313,429 297,304 282,453 268,754 256,099 244,392 233,546 223,483 214,133 : $71,000 318,294 301,919 286,837 272,925 260,074 248,186 237,171 226,952 217,456 ~ . $72,000 323,159 306,533 291,221 277,097 264,049 251,979 240,796 230,420 220,780 $73,000 328,024 311,148 295,605 281,268 268,024 255,772 244,421 233,889 224,103 ~ $74,000 332,888 315,762 299,989 285,439 271,999 259,565 248,046 237,358 227,427 $75,000 337,753 320,377 304,373 289,611 275,974 . 263,359 251,671 240,827 230,750 ~ $76,000 342,618 324,991 308,757 293,782 279,949 267,152 255,296 244,295 234,074 $77,000 347,483 329,606 313,141 297,953 283,924 270,945 258,921 247,764 237,398 _ $78,000 352,347 334,220 317,525 302,125 287,899 274,738 262,545 251,233 240,721 ~ $79,OOQ 357,212 338,835 321,909 306,296 291,874 278,532 266,170 254,701 244,045 $80,000 362,077 343,449 326,293 310,467 295,849 282,325 269,795 258,170 247,368 ~ $81,000 366,942 348,064 330,677 314,639 299,824 286,118 273,420 261,639 250,692 $82,000 371,806 352,678 335,061 318,810 303,799 289,911 277,045 265,107 254,015 ~ $83,000 376,671 357,293 339,445 322,981 307,774 293,704 280,670 268,576 257,339 ~ $84,000 381,536 361,907 343,829 327,153 311,748 297,498 284,295 272,045 260,663 $85,000 386,401 366,522 348,213 331,324 315,723 301,291 287,920 275,513 263,986 : 129 ~ ~ ~ ~ INCOME REQUIRED WITH A5% DOWN PAYMENT ~ Calculations are based on the following: ~ ~ • 28% of monthly income to be used for housing payment • Length of loan is 30 years ~ • Private mortgage insurance is 0.78% • Property taxes of $100 and homeowners insurance of $30 per month ~ • No allowance for monthly homeowners fees ~ HOUSE INCOME REQUIRED AT VARIOUS INTEREST RATES ~ PRICE 6.0% 6.5% 7.0% 7.5% 8.0% 8.5°fo 9.0% 9.5% 10.0% $50,000 19,100 19,762 20,438 21,129 21,832 22,548 23,274 24,012 24,759 ~ ~ $55,000 20,453 21,181 21,925 22,684 23,458 24,245 25,045 25,856 26,678 $60,000 21,805 22,600 23,412 24,240 25,084 25,943 26,815 27,700 28,597 ~ $65,000 23,158 24,019 24,898 ' 25,796 26,710 27,640 28,585 29,544 30,516 $70,000 24,511 25,438 26,385 27,352 28,336 29,338 30,356 31,388 32,436 $75,000 25,864 26,857 27,872 28,907 29,962 31,036 32,126 33,232 34,354 $80,000 27,217 28,276 29,358 30,463 31,588 32,733 33,896 35,076 36,272 ~ $85,000 28,570 29,695 30,845 32,019 33,214 34,431 35,667 36,920 38,191 ~ $90,000 29,922 31,114 32,332 33,574 34,840 36,128 37,437 38,765 40,110 $95,000 31,275 32,533 33,818 35,130 36,467 37,826 39,207 40,609 42,029 ~ $100,000 32,628 33,952 35,305 36,686 38,093 39,524 40,977 42,453 43,948 $105,000 33,981 35,371 36,792 38,242 39,719 41,221 42,748 44,297 45,866 ~ $110,000 35,334 36,790 38,279 39,797 41,345 42,919 44,518 46,141 47,785 $115,000 36,687 38,209 39,765 41,353 42,971 44,616 46,288 47,985 49,704 ~ $120,000 38,039 39,628 41,252 42,909 44,597 46,314 48,059 49,829 51,623 ~ $125,000 39,392 41,047 42,739 44,464 46,223 48,012 49,829 51,673 53,542 $130,000 40,745 42,466 44,225 46,020 47,849 49,709 51,599 53,517 55,460 ~ $135,000 42,098 43,885 45,712 47,576 49,475 51,407 53,370 55,361 57,379 $140,000 43,451 45,304 47,199 49,132 51,101 53,104 55,140 57,205 59,298 ~ $145,000 44,804 46,723 48,685 50,687 52,727 54,802 56,910 59,049 61,217 ~ $150,000 46,156 48,142 50,172 52,243 54,353 56,500 58,681 60,893 63,136 $155,000 47,509 49,561 51,659 53,799 55,979 58,197 60,451 62,737 65,054 ~ $160,000 48,862 50,980 53,145 55,355 57,605 59,895 62,221 64,581 66,973 $165,000 50,215 52,399 54,632 56,910 59,231 61,593 63,991 66,425 68,892 ~ $170,000 51,568 53,818 56,119 58,466 60,857 63,290 65,762 68,269 70,811 $175,000 52,921 55,238 57,605 60,022 62,483 64,988 67,532 70,114 72,730 ~ $180,000 54,273 56,657 59,092 61,577 64,109 66,685 69,302 71,958 74,648 ~ $185,000 55,626 58,076 60,579 63,133 65,736 68,383 71,073 73,802 76,567 $190,000 56,979 59,495 62,066 64,689 67,362 70,081 72,843 75,646 78,486 ~ $195,000 58,332 60,914 63,552 66,245 68,988 71,778 74,613 77,490 80,405 $200,000 59,685 62,333 65,039 67,800 70,614 73,476 76,384 79,334 82,324 ~ 130 = ~ ~ ~ ~ ~ ~ ~ INCOME REQUIRED WITH A 5° DOWN PAYMENT ~ HOUSE INCOME REQUIRED AT VARIOUS INTEREST RATES PRICE 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% ~ ~ $205,000 61,038 63,752 66,526 69,356 72,240 75,173 78,154 81,178 84,242 $210,000 62,390 65,171 68,012 70,912 73,866 76,871 79,924 83,022 86,161 ~ $215,000 63,743 66,590 69,499 72,467 75,492 78,569 81,694 84,866 88,080 $220,000 65,096 68,009 70,986 74,023 77,118 80,266 83,465 86,710 89,999 ~ $225,000 66,449 69,428 72,472 75,579 78,744 81,964 85,235 88,554 91,918 $230,000 67,802 70,847 73,959 77,135 80,370 83,661 87,005 90,398 93,837 _ $235,000 69,155 72,266 75,446 78,690 81,996 85,359 88,776 92,242 95,755 ~ $240,000 70,508 73,685 76,932 80,246 83,622 87,057 90,546 94,086 97,674 $245,000 71,860 75,104 78,419 81,802 85,248 88,754 92,316 95,930 99,593 ~ $250,000 73,213 76,523 79,906 83,358 86,874 90,452 94,087 97,774 101,512 $255,000 74,566 77,942 81,392 84,913 88,500 92,150 95,857 99,619 103,431 ~ $260,000 75,919 79,361 82,879 86,469 90,126 93,847 97,627 101,463 105,349 ~ $265,000 77,272 80,780 84,366 88,025 91,752 95,545 99,397 103,307 107,268 _ $270,000 78,625 82,199 85,853 89,580 93,378 97,242 101,168 105,151 109,187 ~ $275,000 79,977 83,618 87,339 91,136 95,005 98,940 102,938 106,995 111,106 $280,000 81,330 85,037 88,826 92,692 96,631 100,638 104,708 108,839 113,025 ~ $285,000 82,683 86,456 90,313 94,248 98,257 102,335 106,479 110,683 114,943 $290,000 84,036 87,875 91,799 95,803 99,883 104,033 108,249 112,527 116,862 _ $295,000 85,389 89,294 93,286 97,359 101,509 105,730 110,019 114,371 118,781 ~ $300,000 86,742 90,713 94,773 98,915 103,135 107,428 111,790 116,215 120,700 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 131 ~ ~ ~ ~ ~ ~ INCOME REQUIRED WITH A 10% DOWN PAYMENT ~ Calculations are based on the following: ~ ~ • 28% of monthly income to be used for housing payment • Length of loan is 30 years ~ • Private mortgage insurance is 0.52% • Property taxes of $100 and homeowners insurance of $30 per month ~ • No allowance for monthly homeowners fees HOUSE INCOME REQUIRED AT VARIOUS INTEREST RATES ~ PRICE 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% . $50,000 17,970 18,597 19,238 19,892 20,558 21,236 21,925 22,624 23,332 ~ ~ $55,000 19,210 19,900 20,605 21,324 22,057 22,803 23,560 24,329 25,108 $60,000 20,450 21,202 21,971 22,756 23,556 24,369 25,196 26,034 26,884 ~ $65,000 21,689 22,505 23,338 24,188 25,054 25,936 26,831 27,739 28,660 $70,000 22,929 23,807 24,705 25,620 26,553 27,502 28,466 29,444 30,436 $75,000 24,169 25,110 26,071 27,052 28,052 29,069 30,102 31,150 32,212 $80,000 25,409 26,412 27,438 28,484 29,550 30,635 31,737 32,855 33,988 ~ $85,000 26,649 27,715 28,805 29,916 31,049 32,202 33,372 34,560 35,764 ~ $90,000 27,889 29,018 30,171 31,348 32,548 33,768 35,008 36,265 37,540 $959000 29,129 30,320 31,538 32,781 34,047 35,334 36,643 37,971 39,316 ~ $100,000 30,368 31,623 32,905 34,213 35,545 36,901 38,278 39,676 41,092 $105,000 31,608 32,925 34,271 35,645 37,044 38,467 39,914 41,381 42,868 ~ $110,000 32,848 34,228 35,638 _ 37,077 38,543 40,034 41,549 43,086 44,644 ~ $115,000 34,088 35,530 37,004 38,509 40,041 41,600 43,184 44,791 46,420 $120,000 35,328 36,833 38,371 39,941 41,540 43,167 44,820 46,497 48,196 ~ $1259000 36,568 38,135 39,738 41,373 43,039 44,733 46,455 48,202 49,972 $130,000 37,807 39,438 41,104 42,805 44,537 46,300 489090 49,907 51,748 ~ $135,000 39,047 40,741 42,471 44,237 46,036 47,866 49,726 51,612 53,524 $140,000 40,287 42,043 439838 45,669 47,535 49,433 51,361 53,318 55,300 ~ $145,000 41,527 43,346 45,204 47,101 49,033 50,999 52,996 55,023 57,076 ~ $150,000 42,767 44,648 46,571 48,533 50,532 52,566 54,632 56,728 58,852 $1559000 44,007 45,951 47,938 49,965 52,031 54,132 56,267 58,433 60,628 ~ $160,000 45,247 47,253 49,304 51,397 53,529 55,699 57,902 60,138 62,404 $165,000 46,486 48,556 50,671 52,829 55,028 57,265 59,538 61,844 64,180 ~ $170,000 47,726 49,858 52,038 54,261 56,527 58,832 61,173 63,549 65,956 $175,000 48,966 51,161 53,404 55,693 58,026 60,398 62,808 65,254 67,733 ~ $180,000 50,206 52,464 54,771 57,125 59,524 61,965 64,444 66,959 69,509 $185,000 51,446 53,766 56,138 58,558 61,023 639531 66,079 68,665 71,285 = $190,000 52,686 55,069 57,504 59,990 62,522 65,098 67,714 70,370 73,061 ~ $195,000 53,925 56,371 58,871 61,422 64,020 66,664 69,350 72,075 74,837 $200,000 55,165 57,674 60,238 62,854 65,519 68,230 70,985 73,780 76,613 ~ 132 = ~ ~ . ~ ~ ~ ~ ~ INCOME REQUIRED WITH A 10% DOWN PAYMENT ~ HOUSE fNCOME REQUIRED AT VARlOUS INTEREST RATES PRICE 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% ~ ~ $205,000 56,405 58,976 61,604 64,286 67,018 69,797 72,621 75,485 78,389 $210,000 57,645 60,279 62,971 65,718 68,516 71,363 74,256 77,191 80,165 ~ $215,000 58,885 61,581 64,338 67,150 70,015 72,930 75,891 78,896 81,941 $220,000 60,125 62,884 65,704 68,582 71,514 74,496 77,527 80,601 83,717 ~ $225,000 61,365 64,187 67,071 70,014 73,012 76,063 79,162 82,306 85,493 $230,000 62,604 65,489 68,438 71,446 74,511 77,629 80,797 84,011 87,269 _ $235,000 63,844 66,792 69,804 72,878 76,010 79,996 82,433 85,717 89,045 ~ $240,000 65,084 68,094 71,171 74,310 77,508 80,762 84,068 87,422 90,821 $245,000 66,324 69,397 72,538 75,742 79,007 82,329 85,703 89,127 92,597 ~ $250,000 67,564 70,699 73,904 77,174 80,506 83,895 87,339 90,832 94,373 $255,000 68,804 72,002 75,271 78,606 82,005 85,462 88,974 92,538 96,149 ~ $260,000 70,043 73,305 76,637 80,038 83,503 87,028 90,609 94,243 97,925 ~ $265,000 71,283 74,607 78,004 81,470 85,002 88,595 92,245 95,948 99,701 _ $270,000 72,523 75,910 79,371 82,902 86,501 90,161 93,880 97,653 101,477 ~ $275,000 73,763 77,212 80,737 84,335 87,999 91,728 95,515 99,358 103,253 $280,000 75,003 78,515 82,104 85,767 89,498 93,294 97,151 101,064 105,029 ~ $285,000 76,243 79,817 83,471 87,199 90,997 94,861 98,786 102,769 106,805 $290,000 77,483 81,120 84,837 88,631 92,495 96,427 100,421 104,474 108,581 ~ $295,000 78,722 82,422 86,204 90,063 93,994 97,994 102,057 106,179 110,357 ~ $300,000 79,962 83,725 87,571 91,495 95,493 99,560 103,692 107,885 112,133 ~ ~ ~ ~ . ~ ~ ~ ~ ~ ~ ~ : 133 ~ ~ ~ ~ ~ INCOME REQUIRED WITH A 20% DOWN PAYMENT ~ Ca1culations are based on the followinS: ~ ~ • 28% of monthly income to be used for housing payment • Length of loan is 30 years ~ • No private mortgage insurance • Property taxes of $100 and homeowners insurance of $30 per month ~ ~ No allowance for monthly homeowners fees ~ HOUSE INCOME REQUIRED AT VARIOUS INTEREST RATES ~ PRICE 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% ~ $50,000 15,849 16,407 16,977 17,558 18,150 18,753 19,365 19,986 20,616 ~ $55,000 16,877 17,490 18,117 18,757 19,408 20,071 20,744 21,428 22,120 $60,000 17,905 18,574 19,258 19,955 20,666 21,389 22,124 22,869 23,624 ~ $65,000 18,933 19,658 20,398 21,154 21,924 22,707 23,503 24,310 25,129 $70,000 19,961 20,741 21,539 22,353 23,182 24,025 24,882 25,752 26,633 • $75,000 20,988 21,825 22,679 23,551 24,440 25,343 26,262 27,193 28,138 $80,000 22,016 22,908 23,820 24,750 25,698 26,662 27,641 28,635 29,642 ~ $85,000 23,044 23,992 24,960 25,949 26,955 27,980 29,020 30,076 31,146 ~ $90,000 24,072 25,075 26,101 27,147 28,213 29,298 30,400 31,518 32,651 $95,000 25,100 26,159 27,241 28,346 29,471 30,616 31,779 32,959 34,155 ~ $100,000 26,127 27,242 28,382 29,544 30,729 31,934 33,158 34,401 35,660 $105,000 27,155 28,326 29,522 30,743 31,987 33,252 34,538 35,842 37,164 ~ $110,000 28,183 29,409 30,663 31,942 33,245 34,570 35,917 37,284 38,668 ~ $115,000 29,211 30,493 31,803 33,140 34,503 35,889 37,297 38,725 40,173 $120,000 30,239 31,577 32,944 34,339 35,761 37,207 38,676 40,167 41,677 ~ $125,000 31,266 32,660 34,084 35,538 37,018 38,525 40,055 41,608 43,182 $130,000 32,294 33,744 35,225 36,736 38,276 39,843 41,435 43,050 44,686 ~ $135,000 33,322 34,827 36,365 37,935 39,534 41,161 42,814 44,491 46,190 $140,000 34,350 35,911 37,506 39,134 40,792 42,479 44,193 45,932 47,695 ~ $145,000 35,378 36,994 38,646 40,332 42,050 43,797 45,573 47,374 49,199 ~ $150,000 36,405 38,078 39,787 41,531 43,308 45,116 46,952 48,815 50,704 $155,000 37,433 39,161 40,928 42,730 44,566 46,434 48,331 50,257 52,208 ~ $160,000 38,461 40,245 42,068 43,928 45,824 47,752 49,711 51,698 53,712 $165,000 39,489 41,328 43,209 45,127 47,082 49,070 51,090 53,140 55,217 ~ $170,000 40,517 42,412 44,349 46,326 48,339 50,388 52,469 54,581 56,721 $175,000 41,544 43,496 45,490 47,524 49,597 51,706 53,849 56,023 58,226 ~ $180,000 42,572 44,579 46,630 48,723 50,855 53,024 55,228 57,464 59,730 ~ $185,000 43,600 45,663 47,771 49,922 52,113 54,343 56,607 58,906 61,235 $190,000 44,628 46,746 48,911 51,120 53,371 55,661 57,987 60,347 62,739 ~ $195,000 45,656 47,830 50,052 52,319 54,629 56,979 59,366 61,789 64,243 $200,000 46,683 48,913 51,192 53,518 55,887 58,297 60,746 63,230 65,748 ~ 134 = ~ ~ ~ ~ INCOME REQUIRED WITH A 20% DOWN PAYMENT ~ HOUSE INCOME REQUIRED AT VARIOUS INTEREST RATES PRICE 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% ~ ~ $205,000 47,791 49,997 52,333 54,716 57,145 59,615 62,125 64,671 67,252 $210,000 48,739 51,080 53,473 55,915 58,402 60,933 63,504 66,113 68,757 ~ $215,000 49,767 52,164 54,614 57,114 59,660 62,251 64,884 67,554 70,261 $220,000 50,795 53,247 55,754 58,312 60,918 63,569 66,263 68,996 71,765 ~ $225,000 51,822 54,331 56,895 59,511 62,176 64,888 67,642 70,437 73,270 $230,000 52,850 55,415 58,035 60,709 63,434 66,206 69,022 71,879 74,774 _ $235,000 53,878 56,498 59,176 61,908 64,692 67,524 70,401 73,320 76,279 ~ $240,000 54,906 57,582 60,316 63,107 65,950 68,842 71,780 74,762 77,783 $245,000 55,934 58,665 61,457 64,305 67,208 70,160 73,160 76,203 79,287 ~ $250,000 56,961 59,749 62,597 65,504 68,466 71,478 74,539 77,645 80,792 $255,000 57,989 60,832 63,738 66,703 69,723 72,796 75,918 79,086 82,296 ~ $260,000 59,017 61,916 64,878 67,901 70,981 74,115 77,298 80,528 83,801 $265,000 60,045 62,999 66,019 69,100 72,239 75,433 78,677 81,969 85,305 _ $270,000 61,073 64,083 67,159 70,299 73,497 76,751 80,056 83,411 86,809 ' - ~ $275,000 62,100 65,166 68,300 71,497 74,755 78,069 81,436 84,852 88,314 $280,000 63,128 66,250 69,440 72,696 76,013 79,387 82,815 86,293 89,818 ~ $285,000 64,156 67,334 70,581 73,895 77,271 80,705 84,195 87,735 91,323 $290,000 65,184 68,417 71,722 75,093 78,529 82,023 85,574 89,176 92,827 : $295,000 66,212 69,501 72,862 76,292 79,786 83,342 86,953 90,618 94,332 ~ $300,000 67,239 70,584 74,003 77,491 81,044 84,660 88,333 92,059 95,836 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ = 135 ~ ~ ~ ~ ~ ~ HOUSING PRICES SUPPORTED BY MONTHLY PAYMENTS WITH A o 5~ ~ DOWN PAYMENT ~ Calculations are based on the following: : • Length of loan is 30 years ~ • Private mortgage insurance is 0.78% • Property taxes of $100 and homeowners insurance of $30 per month ~ • No allowance for monthly homeowners fees ~ MONTHLY HOUSING PRICES SUPPORTED BY PAYMENTS AT VARIOUS INTEREST RATES ~ PAYMENT 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% $500 58,607 55,873 53,330 50,964 48,760 46,704 44,787 42,995 41,320 ~ ~ $520 61,775 58,893 56,213 53,719 51,395 49,229 47,207 45,319 43,554 $540 64,943 61,913 59,096 56,474 54,031 51,753 49,628 47,643 45,787 ~ $560 68,111 64,934 61,979 59,228 56,666 54,278 52,049 49,967 48,021 $580 71,279 67,954 64,861 61,983 59,302 56,803 54,470 52,291 50,254 $600 74,447 70,974 67,744 64,738 61,938 59,327 56,891 54,616 52,488 $620 77,615 73,994 70,627 67,493 64,573 61,852 59,312 56,940 54,722 ~ $640 80,783 77,014 73,510 70,248 67,209 64,376 61,733 59,264 56,955 ~ $660 83,951 80,034 76,392 73,002 69,845 66,901 64,154 61,588 59,189 $680 87,119 83,055 79,275 75,757 72,480 69,425 66,575 63,912 61,422 ~ $700 90,287 86,075 82,158 78,512 75,116 71,950 68,995 66,236 63,656 $720 93,455 89,095 85,040 81,267 77,752 74,474 71,416 68,560 65,889 ~ $740 96,622 92,115 87,923 84,022 80,387 76,999 73,837 70,884 68,123 $760 99,790 95,135 90,806 86,776 83,023 79,524 76,258 73,208 70,356 ~ $780 102,958 98,155 93,689 89,531 85,659 82,048 78,679 75,532 72,590 ~ $800 106,126 101,176 96,571 92,286 88,294 84,573 81,100 77,856 74,823 $820 109,294 104,196 99,454 95,041 90,930 87,097 83,521 80,180 77,057 ~ $840 112,462 107,216 102,337 97,796 93,566 89,622 85,942 82,504 79,290 $860 115,630 110,236 105,220 100,550 96,201 92,146 88,363 84,828 81,524 ~ $880 118,798 113,256 108,102 103,305 98,837 94,671 90,783 87,152 83,757 ~ $900 121,966 116,277 110,985 106,060 101,472 97,195 93,204 89,476 85,991 $920 125,134 119,297 113,868 108,815 104,108 99,720 95,625 91,801 88,224 ~ $940 128,302 122,317 116,750 111,570 106,744 102,245 98,046 94,125 90,458 $960 131,470 125,337 119,633 114,324 109,379 104,769 100,467 96,449 92,692 ~ $980 134,638 128,357 122,516 117,079 112,015 107,294 102,888 98,773 94,925 $1,000 137,806 131,377 125,399 119,834 114,651 109,818 105,309 101,097 97,159 ~ $1,020 140,974 134,398 128,281 122,589 117,286 112,343 107,730 103,421 99,392 ~ $1,040 144,142 137,418 131,164 125,344 119,922 114,867 110,151 105,745 101,626 $1,060 147,310 140,438 134,047 128,099 122,558 117,392 112,572 108,069 103,859 ~ $1,080 150,478 143,458 136,930 130,853 125,193 119,917 114,992 110,393 106,093 $1,100 153,646 146,478 139,812 133,608 127,829 122,441 117,413 112,717 108,326 ~ 136 = ~ ~ ~ ~ ~ ~ HOUSING PRICES SUPPORTED BY MONTHLY PAYMENTS WITH A o DOWN PAYMENT ~ MONTHLY HOUSING PRICES SUPPORTED BY PAYMEN7S AT VARIOUS INTEREST RATES = PAYMENT 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% ~ $1,120 156,814 149,498 142,695 136,363 130,465 124,966 119,834 115,041 110,560 ~ $1,140 159,981 152,519 145,578 139,118 133,100 127,490 122,255 117,365 112,793 $9 ,160 163,149 155,539 148,460 141,873 135,736 130,015 124,676 119,689 115,027 ~ $1,180 166,317 158,559 151,343 144,627 138,372 132,539 127,097 122,013 117,260 $1,200 169,485 161,579 154,226 147,382 141,007 135,064 129,518 124,337 119,494 _ $1,220 172,653 164,599 157,109 150,137 143,643 137,588 131,939 126,661 121,727 ~ $1,240 175,821 167,619 159,991 152,892 146,279 140,113 134,360 128,986 123,961 $1,260 178,989 170,640 162,874 155,647 148,914 142,638 136,780 131,310 126,195 ~ $1,280 182,157 173,660 165,757 158,401 151,550 145,162 139,201 133,634 128,428 $1,300 185,325 176,680 168,640 161,156 154,185 147,687 141,622 135,958 130,662 ~ $1,320 188,493 179,700 171,522 163,911 156,821 150,211 144,043 138,282 132,895 ~ $1,340 191,661 182,720 174,405 166,666 159,457 152,736 146,464 140,606 135,129 _ $1,360 194,829 185,740 177,288 169,421 162,092 155,260 148,885 142,930 137,362 ~ $1,380 197,997 188,761 180,170 172,175 164,728 157,785 151,306 145,254 139,596 $1,400 201,165 191,781 183,053 174,930 167,364 160,309 153,727 147,578 141,829 ~ $1,420 204,333 194,801 185,936 177,685 169,999 162,834 156,148 149,902 144,063 $1,440 207,501 197,821 188,819 180,440 172,635 165,359 158,568 152,226 146,296 _ $1,460 210,669 200,841 191,701 183,195 175,271 167,883 160,989 154,550 148,530 ~ $1,480 213,837 203,861 194,584 185,949 177,906 170,408 163,410 156,874 150,763 $1,500 217,005 206,882 197,467 188,704 180,542 172,932 165,831 159,198 152,997 ~ $1,520 220,173 209,902 200,350 191,459 183,178 175,457 168,252 161,522 155,230 $1,540 223,341 212,922 203,232 194,214 185,813 177,981 170,673 163,847 157,464 ~ $1,560 226,508 215,942 206,115 196,969 188,449 180,506 173,094 166,171 159,697 $1,580 229,676 218,962 208,998 199,723 191,085 183,030 175,515 168,495 161,931 : $1,600 232,844 221,982 211,880 202,478 193,720 185,555 177,936 170,819 164,165 ~ $1,620 236,012 225,003 214,763 205,233 196,356 188,080 180,357 173,143 166,398 $1,640 239,180 228,023 217,646 207,988 198,992 190,604 182,777 175,467 168,632 ~ $1,660 242,348 231,043 220,529 210,743 201,627 193,129 185,198 177,791 170,865 $1,680 245,516 234,063 223,411 213,498 204,263 195,653 187,619 180,115 173,099 ~ $1,700 248,684 237,083 226,294 216,252 206,898 198,178 190,040 182,439 175,332 $1,720 251,852 240,103 229,177 219,007 209,534 200,702 192,461 184,763 177,566 ~ $1,740 255,020 243,124 232,060 221,762 212,170 203,227 194,882 187,087 179,799 ~ $1,760 258,188 246,144 234,942 224,517 214,805 205,751 197,303 189,411 182,033 $1,780 261,356 249,164 237,825 227,272 217,441 208,276 199,724 191,735 184,266 ~ $1,800 264,524 252,184 240,708 230,026 220,077 210,801 202,145 194,059 186,500 ~ ~ : 137 ~ ~ ~ - . ~ ~ ~ HOUSING PRICES SUPPORTED BY MONTHLY PAYMENTS WITH A 19% ~ DOWN PAYMENT ~ Calculations are based on the following: ~ • Length of loan is 30 years ~ • Private mortgage insurance is 0.52% • Property taxes of $100 and homeowners insurance of $30 per month ~ • No allowance for monthly homeowners fees . ~ MONTHLY HOUSING PRICES SUPPORTED BY PAYMENTS AT VARIOUS INTEREST RATES ~ PAYMENT 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% $500 63,948 60,869 58,014 55,365 52,903 50,614 48,483 46,496 44,642 ~ ~ $520 67,405 64,159 61,150 58,358 55,763 53,350 51,103 49,009 47,055 $540 70,861 67,450 64,286 61,350 58,623 56,086 53,724 51,523 49,468 ~ $560 74,318 70,740 67,422 64,343 61,482 58,822 56,345 54,036 51,881 $580 77,775 74,030 70,558 67,336 64,342 61,558 58,965 56,549 54,294 r $600 81,231 77,320 73,694 70,328 67,202 64,294 61,586 59,062 56,708 $620 84,688 80,611 76,830 73,321 70,061 67,029 64,207 61,576 59,121 ~ $640 88,144 83,901 79,966 76,314 72,921 69,765 66,827 64,089 61,534 ~ $660 91,601 87,191 83,102 79,307 75,781 72,501 69,448 66,602 63,947 $680 95,058 90,481 86,238 82,299 78,640 75,237 72,069 69,116 66,360 ~ $700 98,514 93,771 89,374 85,292 81,500 77,973 74,689 71,629 68,773 $720 101,971 97,062 92,510 88,285 84,359 80,709 77,310 74,142 71,186 ~ $740 105,428 100,352 95,645 91,277 87,219 83,445 79,931 76,655 73,599 ~ $760 108,884 103,642 98,781 94,270 90,079 86,181 82,551 79,169 76,012 $780 112,341 106,932 101,917 97,263 92,938 88,917 85,172 81,682 78,425 ~ $800 115,798 110,223 105,053 100,255 95,798 91,652 87,793 84,195 80,838 $820 119,254 113,513 108,189 103,248 98,658 94,388 90,414 86,709 83,251 ~ $840 122,711 116,803 111,325 106,241 101,517 97,124 93,034 89,222 85,665 $860 126,168 120,093 114,461 109,234 104,377 99,860 95,655 91,735 88,078 ~ $880 129,624 123,383 117,597 112,226 107,237 102,596 98,276 94,248 90,491 ~ $900 133,081 126,674 120,733 115,219 110,096 105,332 100,896 96,762 92,904 $920 136,538 129,964 123,869 118,212 112,956 108,068 103,517 99,275 95,317 ~ $940 139,994 133,254 127,005 121,204 115,816 110,804 106,138 101,788 97,730 $960 143,451 136,544 130,141 124,197 118,675 113,540 108,758 104,302 100,143 ~ $980 146,907 139,835 133,276 127,190 121,535 116,276 111,379 106,815 102,556 $1,000 150,364 143,125 136,412 130,182 124,394 119,011 114,000 109,328 104,969 ~ $1,020 153,821 146,415 139,548 133,175 127,254 121,747 116,620 111,842 107,382 $1,040 157,277 149,705 142,684 136,168 130,114 124,483 119,241 114,355 109,795 = $1,060 160,734 152,995 145,820 139,161 132,973 127,219 121,862 116,868 112,208 ~ $1,080 164,191 156,286 148,956 142,153 135,833 129,955 124,482 119,381 114,622 $1,100 167,647 159,576 152,092 145,146 138,693 132,691 127,103 121,895 117,035 ~ 138 = ~ ~ . ~ s • ~ HOUSING PRICES SUPPORTED BY MONTHLY PAYMENTS WITH A 10% DOWN PAYMENT ~ MONTHLY HOUSING PRICES SUPPORTED BY PAYMENTS AT VARIOUS INTEREST RATES = PAYMENT 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% ~ $1,120 171,104 162,866 155,228 148,139 141,552 135,427 129,724 124,408 119,448 ~ $1,140 174,561 166,156 158,364 151,131 144,412 138,163 132,344 126,921 121,861 $1,160 178,017 169,447 161,500 154,124 147,272 140,899 134,965 129,435 124,274 : $1,180 181,474 172,737 164,636 157,117 150,131 143,635 137,586 131,948 126,687 ~ $1,200 184,931 176,027 167,771 160,109 152,991 146,370 140,206 134,461 129,100 $1,220 188,387 179,317 170,907 163,102 155,851 149,106 142,827 136,974 131,513 ~ $1,240 191,844 182,607 174,043 166,095 158,710 151,842 145,448 139,488 133,926 $1,260 195,301 185,898 177,179 169,087 161,570 154,578 148,068 142,001 136,339 ~ $1,280 198,757 189,188 180,315 172,080 164,429 157,314 150,689 144,514 138,752 $1,300 202,214 192,478 183,451 175,073 167,289 160,050 153,310 147,028 141,165 _ $1,320 205,670 195,768 186,587 178,066 170,149 162,786 155,931 149,541 143,579 ~ $1,340 209,127 199,059 189,723 181,058 173,008 165,522 158,551 152,054 145,992 _ $1,360 212,584 202,349 192,859 184,051 175,868 168,258 161,172 154,568 148,405 ~ $1,380 216,040 205,639 195,995 187,044 178,728 170,993 163,793 157,081 150,818 ' $1,400 219,497 208,929 199,131 190,036 181,587 173,729 166,413 159,594 153,231 ~ $1,420 222,954 212,219 202,267 193,029 184,447 176,465 169,034 162,107 155,644 $1,440 226,410 215,510 205,402 196,022 187,307 179,201 171,655 164,621 158,057 _ $1,460 229,867 218,800 208,538 199,014 190,166 181,937 174,275 167,134 160,470 ~ $1,480 233,324 222,090 211,674 202,007 193,026 184,673 176,896 169,647 162,883 $1,500 236,780 225,380 214,810 205,000 195,886 187,409 179,517 172,161 165,296 ~ $1,520 240,237 228,671 217,946 207,993 198,745 190,145 182,137 174,674 167,709 $1,540 243,694 231,961 221,082 210,985 201,605 192,881 184,758 177,187 170,123 ~ $1,560 247,150 235,251 224,218 213,978 204,464 195,617 187,379 179,700 172,536 $1,580 250,607 238,541 227,354 216,971 207,324 198,352 189,999 182,214 174,949 _ $1,600 254,064 241,832 230,490 219,963 210,184 201,088 992,620 184,727 177,362 ~ $1,620 257,520 245,122 233,626 222,956 213,043 203,824 195,241 187,240 179,775 $1,640 260,977 248,412 236,762 225,949 215,903 206,560 197,861 189,754 182,188 ~ $1,660 264,433 251,702 239,898 228,941 218,763 209,296 200,482 192,267 184,601 $1,680 267,890 254,992 243,033 231,934 221,622 212,032 203,103 194,780 187,014 ~ $1,700 271,347 258,283 246,169 234,927 224,482 214,768 205,723 197,293 189,427 ~ $1,720 274,803 261,573 249,305 237,920 227,342 217,504 208,344 199,807 191,840 $1,740 278,260 264,863 252,441 240,912 230,201 220,240 210,965 202,320 194,253 ~ $1,760 281,717 268,153 255,577 243,905 233,061 222,975 213,586 204,833 196,666 $1,780 285,173 271,444 258,713 246,898 235,921 225,711 216,206 207,347 199,080 ~ $1,800 288,630 274,734 261,849 249,890 238,780 228,447 218,827 209,860 201,493 ~ ~ : I39 ~ ~ ~ ~ ~ HOUSING PRICES SUPPORTED BY MONTHLY PAYMENTS WITH A 241Q ~ DOWN PAYMENT ~ Calculations are based on the following: _ • Length of loan is 30 years ~ • No private mortgage insurance • Property taxes of $100 and hameowners insurance of $30 per month = + No allowance for monthly homeowners fees ~ MONTHLY HOUSING PRICES SUPPORTED BY PAYMENTS AT VARIOUS INTEREST RATES ~ PAYMENT 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% $500 77,141 73,173 69,517 66,146 63,031 60,150 57,480 55,004 52,702 ~ i $520 81,311 77,128 73,275 69,721 66,438 63,401 60,587 57,977 55,551 i $540 85,481 81,083 77,033 73,297 69,845 66,652 63,694 60,950 58,400 i $560 89,650 85,038 80,790 76,872 73,252 69,904 66,802 63,923 61,249 i $580 93,820 88,994 84,548 80,447 76,659 73,155 69,909 66,896 64,09-1- $600 97,990 92,949 88,306 84,023 80,067 76,407 73,016 69,869 66,946 $620 102,160 96,904 92,063 87,598 83,474 79,658 76,123 72,843 69,795 ~ $640 106,330 100,859 95,821 91,174 86,881 82,909 79,230 75,816 72,644 ~ $660 110,499 104,815 99,579 94,749 90,288 86,161 82,337 78,789 75,492 $680 114,669 108,770 103,336 98,325 93,695 89,412 85,444 81,762 78,341 ~ $700 118,839 112,725 107,094 101,900 97,102 92,663 88,551 84,735 81,190 $720 123,009 116,680 110,852 105,476 100,509 95,915 91,658 87,708 84,039 ~ $740 127,179 120,636 114,610 109,051 103,916 99,166 94,765 90,682 86,888 ~ $760 131,348 124,591 118,367 112,626 107,323 102,417 97,872 93,655 89,736 $780 135,518 128,546 122,125 116,202 110,730 105,669 100,979 96,628 92,585 ~ $800 139,688 132,502 125,883 119,777 114,137 108,920 104,086 99,601 95,434 $820 143,858 136,457 129,640 123,353 117,545 112,171 107,193 102,574 98,283 ~ $840 148,028 140,412 133,398 126,928 120,952 115,423 110,300 105,547 101,131 $86Q 152,197 144,367 137,156 130,504 124,359 118,674 113,407 108,521 103,980 ~ $880 156,367 148,323 140,913 134,079 127,766 121,925 116,514 111,494 106,829 ~ $900 160,537 152,278 144,671 137,654 131,173 125,177 119,621 114,467 109,678 $920 164,707 156,233 148,429 141,230 134,580 128,428 122,728 117,440 112,526 ~ $940 168,877 160,188 152,186 144,805 137,987 131,679 125,835 120,413 115,375 $960 173,046 164,144 155,944 148,381 141,394 134,931 128,942 123,386 118,224 ~ $980 177,216 168,099 159,702 151,956 144,801 138,182 132,049 126,360 121,073 $1,000 181,386 172,054 163,459 . 155,532 148,208 141,433 135,157 129,333 123,922 ~ $1,020 185,556 176,010 167,217 159,107 151,615 144,685 138,264 132,306 126,770 ~ $1,040 189,725 179,965 170,975 162,683 155,022 147,936 141,371 135,279 129,619 $1,060 193,895 183,920 174,733 166,258 158,430 151,187 144,478 138,252 132,468 ~ $1,080 198,065 187,875 178,490 169,833 161,837 154,439 147,585 141,225 135,317 $1,100 202,235 191,831 182,248 173,409 165,244 157,690 150,692 144,199 138,165 ~ 140 = ~ ~ ~ ~ ~ o ~ HOUSING PRICES SUPPORTED BY MONTHLY PAYMENTS WITH A 20 /a DOWN PAYMENT ~ MONTHLY HOUSING PRICES SUPPORTED BY PAYMENTS AT VARIOUS INTEREST RATES = PAYMENT 6.0% 6.5% 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% ~ $1,120 206,405 195,786 186,006 176,984 168,651 160,941 153,799 147,172 141,014 ~ $1,140 210,574 199,741 189,763 180,560 1729058 164,193 156,906 150,145 143,863 $1,160 214,744 203,696 193,521 184,135 175,465 167,444 160,013 153,118 146,712 ~ $1,180 218,914 207,652 197,279 187,711 178,872 170,695 163,120 156,091 149,560 $1,200 223,084 211,607 201,036 191,286 182,279 173,947 166,227 159,064 152,409 _ $1,220 227,254 215,562 204,794 194,862 185,686 177,198 169,334 162,038 155,258 ~ $1,240 231,423 219,518 208,552 198,437 189,093 180,449 172,441 165,011 158,107 $1,260 235,593 223,473 212,309 202,012 192,500 183,701 175,548 167,984 160,956 ~ $1,280 239,763 227,428 216,067 205,588 195,908 186,952 178,655 170,957 163,804 $1,300 243,933 231,383 219,825 209,163 199,315 190,203 181,762 173,930 166,653 _ $1,320 248,103 235,339 223,583 212,739 202,722 193,455 184,869 176,903 169,502 ~ $1,340 252,272 239,294 227,340 216,314 206,129 196,706 187,976 179,877 172,351 _ $1,360 256,442 243,249 231,098 219,890 209,536 199,957 191,083 182,850 175,199 ~ $1,380 260,612 247,204 234,856 223,465 212,943 203,209 194,190 185,823 178,048 $1,400 264,782 251,160 238,613 227,040 216,350 206,460 197,297 188,796 180,897 ~ $1,420 268,951 255,115 242,371 230,616 219,757 209,711 200,405 191,769 183,746 $1,440 273,121 259,070 246,129 234,191 223,164 212,963 203,512 194,742 186,594 : $1,460 277,291 263,025 249,886 237,767 226,571 216,214 206,619 197,716 189,443 ~ $1,480 281,461 266,981 253,644 241,342 229,978 219,466 209,726 200,689 192,292 $1,500 285,631 270,936 257,402 244,918 233,385 222,717 212,833 203,662 195,141 ~ $1,520 289,800 274,891 261,159 248,493 236,793 225,968 215,940 206,635 197,990 $1,540 293,970 278,847 264,917 252,069 240,200 229,220 219,047 209,608 200,838 ~ $1,560 298,140 282,802 268,675 255,644 243,607 232,471 222,154 212,581 203,687 $1,580 302,310 286,757 272,432 259,219 247,014 235,722 225,261 215,555 206,536 _ $1,600 306,480 290,712 276,190 262,795 250,421 238,974 228,368 218,528 209,385 ~ $1,620 310,649 294,668 279,948 266,370 253,828 242,225 231,475 221,501 212,233 $1,640 314,819 298,623 283,706 269,946 257,235 245,476 234,582 224,474 215,082 ~ $1,660 318,989 302,578 287,463 273,521 260,642 248,728 237,689 227,447 217,931 $1,680 323,159 306,533 291,221 277,097 264,049 251,979 240,796 230,420 220,780 ~ $1,700 327,329 310,489 294,979 280,672 267,456 255,230 243,903 233,394 223,628 ~ $1,720 331,498 314,444 298,736 284,248 270,863 258,482 247,010 236,367 226,477 $1,740 335,668 318,399 302,494 287,823 274,271 261,733 250,117 239,340 229,326 ~ $1,760 339,838 322,355 306,252 291,398 277,678 264,984 253,224 242,313 232,175 $1,780 344,008 326,310 310,009 294,974 281,085 268,236 256,331 245,286 235,024 ~ $1,800 348,177 330,265 313,767 298,549 284,492 271,487 259,438 248,259 237,872 ~ ~ : 141 ~ ~ ~ ~ - ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ APPENDIX C • - - ~ ~ BIBLIOGRAPHY ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ + ~ ~ ~ ~ For many of the references in this bibliography it was not possible to identify the authors ~ and publication dates. The references have therefore been listed alphabetically under the title of the document. _ ~ Affordable Housing, Eagle County-1984, Eagle County Community Development ~ Department and Rosall, Remmen, Cares, August 1, 1984. ~ Affordable Housing Guide, 1993-1994, Second Edition, Colorado Mortgage Lenders ~ Association, Affordable Housing Committee. ~ Affordable Housing, Linkage and Incentive Programs, John Pnor and Associates, Foxfire Community Planning and Development, Gruen Associates, May 1994. Airport Sub-Area Master Plan, AdoPted August 6, 1986 ~ ~ Aspen Area Community Plan, City of Aspen, January 1993. Y Aspen/Pitkin County 1995 Affordable Housing Guidelines, effective May 22, 1995. ~ Aspen's Affordable Housing Program Helps Create Community, in Colorado : Municipalities, November-December 1994, Amy L.1Vlargerum and David Tolen. ~ At What Risk?, County Assessments of Safety and Risk for Child Abuse and Neglect in = Colorado, Eagle County, The Piton Foundation, prepared by Terri Bailey, July 1995. ~ Blueprint for Affordable Housing, King County Housing Partnership. ~ A Chronology of Un-Affordable Housing: Steamboat Springs and Routt County 1972 - _ 1995, Initial Report, J. Garren, 15 January 1995. ~ A Citizen's Guide to Creating a Housing Trust Fund, Mary E. Brooks, Housing Trust = Fund Project, Center for Community Change, 1989. ~ The Citizen's Guide to Planning, Herbert H. Smith, 1961. ~ CAST (Colorado Association of Ski Towns) Affordable Housing Survey, 1996. _ Comprehensive Housing AffordabilitY StrategY, State of Colorado. ~ ~ ~ 144 = ~ ` . ~ ~ ~ ~ ~ Eagle County Housing Assessment Employer Survey, Summary of Results, RRC Associates, May 1996. ~ ~ The Eagle County Housing Needs Assessment, Rosall Remmen Cares, May 1990. ~ Eagle County Land Use Regulations. = Eagle County Master Plan, January 1996, Alan Richman Planning Services. ~ Eagle County's Colorado Consolidated Plan (CCP), County Profile. ~ ~ Eagle County's Comprehensive Housing Affordability Strategy (CHAS), County Profile. : Edwards Sub-Area Master Plan, adopted August 7, 1995. = Garfield County Housing Authority, Annual Report, 1995. ~ Glenwood Springs Community Housing Attainability Strategy (Draft), May 1996. ~ ~ Housing Implementation Plan, Teller County, Colorado, July 1996, Pikes Peak Area Council of Governments. ~ Housing Issues in Resort Communities, June 1990, Rosall Remmen and Cares, Inc. ~ ~ The Housing Market and Housing Costs, Draft. = The Housing Strategy Plan, Town of Avon, Colorado, RRC Associates, May 1992. ~ Memorandum to Drew Stotesbury from Mike Vance regarding Affordable Employee = Housing Strategy, February 15, 1996. : Memorandum to Drew Stotesbury from Mike Vance regarding 1996 Development ~ Approval Process, March 13, 1996. : Memorandum to John Nelson from Mike Vance regarding Affordable Employee Housing ~ Strategy, May 30, 1996. : Mid Valley Community Master Plan, Eagle County, Colorado, Design Workshop, Inc., ~ December 19, 1991. ~ The New Illustrated Book of Development Definitions, Harvey S. Moskowitz and Carl G. = 145 ~ ~ ~ ~ ~ Lindbloom, 1993. ~ Projected Affordable Housing Needs for the Resort Municipality of Whistler, Terra ~ Housing, December 1994. ~ Report on the Fireside Forums, Eagle Valley Community Forum, March 19, 1992. ~ Routt County Comprehensive Affordable Housing Program & Action Plan, RG Plans and = ASI Associates, December 14, 1994. ~ Routt County Housing Needs Assessment, ASI Associates, Inc. & RG Plans, Inc., ~ December 1994. ~ Rural Housing Now Notebook. _ San Miguel County Comprehensive Plan, Adopted 8/3/78, Amended 9/13/95. _ San Miguel County Housing Needs Assessment, RRC Associates, May 1993. ~ ~ San Miguel County Housing Needs Assessment and Trends Analysis, ASI Associates, ~ Inc., August 1996. The Status of Housing m Colorado, Colorado Housing and Finance Authority, March ~ ~ 1997. Steamboat SPrings Area Community Plan, Review Draft 2, July 26, 1995. ~ ~ Strategies for Developing Affordable Housing in Amenity Towns, ULI Research ~ Working Paper Series, Paper 645, Jim Heid, August 1995. The Summit County Housing Needs Assessment, Rosall Remmen and Cares, Inc., April ~ ~ l, 1991. Town of Telluride and San Miguel County Housing Needs Assessment, December 1989. ~ ~ Town of Vail Community Research 1996, RRC Associates, September 1996. ~ Town of Vail Affordable Housing Study, Rossall Remmen Cares, October 25, 1990. ~ User Guide for the 1990 Census - STF1 and STF3 Databases, Colorado Division of Local = Governments, (revised 1/95). ~ 146 ~ . ~ ~ ~ ~ ~ • ~ The Vail Overview, Town of Vail Community Relations Division. = Wolcott Area Community Plan, May 6, 1992. ~ Worker Housing in Resorts, Aspen's Experience, by Kurt Culbertson and Judy Kolberg, = in Urban Land, Apri191. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ = 147 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ APPENDIX D = - - ~ ~ RESOLUTION ADOPTING THE PLAN ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ RESOLUTION ~ OF THE EAGLE COUNTY PLANNING COMMISSION ~ COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 98-0 j I REGARDING THE ADOPTION OF THE EAGLE COUNTY COMPREHENSNE HOUSING ~ PLAN = WHEREAS, providing housing for local residents is a critical need in Eagle County; and : WHEREAS, the Eagle County Comprehensive Housing Plan provides policies and action ~ steps to address this need; and = WHEREAS, said Eagle County Comprehensive Housing Plan has been considered at = numerous public meetings in Eagle County; ~ NOW, THEREFORE, BE IT RESOLVED BY THE COUNTY OF EAGLE, STATE OF ' COLORADO: ~ 1. THAT, the Eagle County Comprehensive Housing Plan as set forth in Exhibit "A" attached ~ hereto and incorporated herein by this reference, is hereby adopted as a master plan, guide and advisory tool for Eagle County. _ 2. THAT, the Eagle County Master Plan, adopted by Resolution 96-01, is hereby further = ~ amended to incorporate therein by this reference, the Eagle County Comprehensive Housing Plan described in Exhibit "A", as if the same were set forth in full therein. 3. THAT, this Resolution and the Eagle County Comprehensive Housing Plan shall take effect ~ ~ and be in force immediately upon the adoption of this resolution by the Eagle County Planning Commission. ~ 4. THAT, if any provision of the Eagle County Master Plan, as amended, or of this Resolution or ~ of the Eagle County Comprehensive Housing Plan shall be held invalid, its invalidity shall not ~ affect any other provisions of the foregoing documents that can be given effect; and for this purpose the provisions of the Eagle County Master Plan, as amended, and of this Resolution and ~ the Eagle County Comprehensive Housing Plan aze hereby declared severable. 5. THAT, pursuant to C.R.S. 30-28-109, original copies of this Resolution, toSether with the ~ ~ Eagle County Comprehensive Housing Plan shall forthwith be certified and transmitted to the Board of County Commissioners of the County of Eagle, State of Colorado, and the planning ~ commissions of all municipalities within the county. ` ~ 6. THAT, the Planiung Commission hereby determmes and finds that this Resolr~t~.a;~ a: ~ Eagle County Comprehensive Housing Plan are necessary for the health, safety, and welfare of ~ ~ . ~ ~ , ~ = the citizens of the of Eagle County, Colorado. = MOVED, READ AND ADOPTED at a regulaz meeting of the Planning Commission of the ~ County of Eagle, State of Colorado, held the S~ day of 1998. ~ ~ ATTEST: EAGLE COUNTY PLANNING COMMISSION ~ ~ ~ Chairperson ~ C mmissioner : C ssioner s ~ r. = Co ssio er ~ ~ Co 's ' ner ~ ~ Commissioner Commissioner ~ : Commissioner ~ ~ ~ ~ ~ ~ . ~ ~ ~ ~ WS f(•dq • g 8vtjftc,t d-' PLANNING AND ENViRONMENTAL COMMISSION Monday, November 23, 1998 FINAL AGENDA Project Orientation / NO LUNCH - Community Development Department 1:00 P.M. MEMBERS PRESENT MEMBERS ABSENT Greg Moffet Galen Aasiand John Schofield Diane Golden Ann Bishop Brian Doyon Tom Weber Site Vis3ts : 1:00 P.M. 1. Half Moon Saloon - 2161 N. Frontage Rd. West 2. Thrifty Car Rental - 1295 S. Frontage Rd. Driver: Allison W:) NOTE: If the PEC hearing extends until 6:00 p.m., the board will break for dinner from 6:00 - 6:30 p.m. Public Hearing - Town Council Chambers 2:00 p.m. 1. A request for a variance from Sections 11-4C-17 and 11-4C-18 of the Town of Vail Municipal Code, to allow for an arcade wall sign in excess of 20 square feet and window signage in excess of two per frontage, located at 2161 N. Frontage Road West / A portion of Lot 2A, Vail das Schone 3`d Filing. Applicant: Half Moon Saloon Planner: Allison Ochs MOTION: John Schofield SECOND: Diane Golden VOTE: 6-0 DENIED ARCADE WALL SIGN IN EXCESS OF 20 SQ. FT. with the provision that logos be allowed on entry doors. 2. A request for a Conditional Use Permit, to allow for a"transportation business" within SDD #4, located at 1295 S. Frontage Road/Cascade Vilfage. Applicant: Thrifty Car Rental, represented by Rudy & Associates Planner: George Ruther/Dominic Mauriello MOTION: Brian Doyon SECOND: Diane Golden VOTE: 6-0 APPRQVED WITH 1 CONDITfON: 1. That prior to the conditional use permit approval becoming effective, the *VAIL applicant amend Special Development District No.4, Cascade Club, pursuant to ,~roc=ydures outlirazd in S~ction 12-9A-10 of the Zoning Regulations. row1 3. Review and provide a finai recommendation on the Lionshead Master Plan. Applicant: Town of Vail Planner: Dominic Mauriello, representing the Lionshead Master Plan Team ' MOTION: John Schofield SECOND: Ann Bishop VOTE: 6-0 The Planning and Environmental Commission, at its November 23, 1997 meeting, unanimously approved the Lionshead Redevelopment Master Plan subject to the following nine (9) changes: 1. Change language in the site development guidelines to state that landscaping shall be incorporated within existing and new construction to emphasize and create niches. 2. Gardens and planting beds shall be located within the Lionshead study area where they add to the pedestrian experience, provide for screening, and to focus views. 3. Stronger language needs to be added which directs study to the undergrounding of the I-70 corridor and use of the air rights above. 4. The plan needs to provide language about the study of the parking pay-in-lieu fee. Additionally, the plan should provide for the study of parking requirements which reflect a uses' parking need. 5. The plan language should be modified to encourage the immediate formation of a Downtown Development Authority and enabling of tax increment financing. 6. Gross Residential Floor Area (GRFA) limitations should be eliminated or substantial modification/increase of the standard should be provided. 7. Plan language shall be modified to compel development on the core site to be oriented north/south. , 8. Language should be included in the plan to allow for additional height (additional story) for properties adjacent to the S. Frontage Road and in the west end of the study area by conditional use permit or other regulatory vehicle. 9. Map "W" is currently too restrictive and should be modified to show the entire study area, including the Red Sandstone Site, as potential employee housing infill areas. 4. Information Update 5. Approval of November 9, 1998 minutes. The applications and information about the proposals are available for public inspection during regular office hours in the project planner's office located at the Town of Vail Community Development Department, 75 South Frontage Road. Sign language interpretation available upon request with 24 hour notification. Please call 479-2356, Telephone for the Hearing Impaired, for information. Community Development Department 2 PLANNING AND ENVIRONMENTAL COMMISSION Monday, November 23, 1998 AGENDA Project Orientation / NO LUNCH - Communitv Development Department 1:00 P.M. MEMBERS PRESENT MEMBERS ABSENT Site Visits : 1:00 P.M. 1. Half Moon Saloon - 2161 N. Frontage Rd. West 2. Thrifty Car Rental - 1295 S. Frontage Rd. Driver: Allison NOTE: If the PEC hearing extends until 6:00 p.m., the board will break for dinner from 6:00 - 6:30 p.m. Public Hearing - Town Council Chambers . 2:00 p.m. 1. A requnt for a variance from Sections 11-4C-17 and 11-4C-18 of the Town of Vail Municipal Code, to allow for an arcade wall sign in excess of 20 square feet and window signage in excess of two per frontage, located at 2161 N. Frontage Road West / A portion of Lot 2A, Vail das Schone 3rd Filing. Applicant: Half Moon Saloon Planner: Allison Ochs 2. A request for a Conditional Use Permit, to allow for a"transportation business" within SDD #4, located at 1295 S. Frontage Road/Cascade Village. Applicant: Thrifty Car Rental, represented by Rudy & Associates - - Planner: George Ruther/Dominic Mauriello - 3. Review and provide a final recommendation on the Lionshead Master Plan. Applicant: Town of Vail Planner: Dominic Mauriello, representing the Lionshead Master Plan Team 4. Information Update 5. Approval of November 9, 1998 minutes. The applications and information about the proposals are available for public inspection during regular office hours in the project planner's office located at the Town of Vail Community Development Department, 75 South Frontage Road. Sign language interpretation available upon request with 24 hour notification. Please call 479-2356, Telephone for the Hearing Impaired, for information. *VAIL Community Development Department row1 Published November 20, 1998 in the Vail Trail. ~ DESIGN REVIEW BOARD AGENDA Wednesday, November 18, 1998 3:00 P.M. PROJECT ORIENTATION / LUNCH - Community Development Department 12:00 pm MEMBERS PRESENT MEMBERS ABSENT Brent Alm Clark Brittain • Hans Woldrich Bill Pierce . ` Brian Doyon (PEC) , SITE VISITS 2:00 pm 1. Ball Residence 2. Galbreath Residence 3. Ketchum Residence 4. VA - Golden Peak Driver: Jeff PUBLIC HEARING - TOWN COUNCIL CHAMBERS 3:00 pm 1. Ketchum residence - New single-family residence. Allison 4301 Glen Falls Lane/Lot 1, Forest Glen. Applicant: Stephanie Lord MOTION: Clark Brittain SECOND: Brian Doyon VOTE: 3-1 (Bill Pierce recused) APPROVED WITH 3 CONDITIONS: 1. That there be only a single curi cut. 2. That no tree removal happen in the the flood plain. 3. That the culvert be changed from 12" to 18" 2. Galbreath residence - New single family residence Allison 4445 Glen Falls Lane/Lolt 4, Forest Glen Applicant: James Galbreath TABLED UNTIL DECEMBER 2, 1998 3. Vail Associates - Parking booth Jeff Golden Peak Applicant: Vail Associates MOTION: Hans Woldrich SECOND: Bill Pierce VOTE: 5-0 APPROVED WITH 2 CONDITIONS: . 1. That the existing booth be removed by January 31, 1999. • 2. That any application for replacement be submitted within 2 DRB meetings. *Va roWv1 . 4. Ball Residence - Conceptual review Jeff ~ 2835 Snowberry Dr./Lot 8, Block 9, Intermountain Applicant: CONCEPTUAL - NO VOTE 5. . Westhaven Condos - Conceptual review of a proposed new Fractional Fee Club and George employee housing project. 1325 Westhaven Dr., Westhaven Condominiums/ Cascade Village Area A. Applicant: Gerald L. Wurhmann, represented by Robby Robinson CONCEPTUAL - NO VOTE .6. A request for a final review and a recomrrjendation on the Lionshead.Master Plan. Dom Applicant: Town of Vail Planner: Lionshead Master Plan Team TABLED UNTIL NOVEMBER 23, 1998 (SPECIAL MEETING) Staff Approvals Squash Blossum - New awning sign. Brent 198 Gore Creek Drive/A portion of Block 5C, Vail Village #1. Applicant: Patrice and John Cogswell The Club - New awning sign. Brent 304 E. Bridge Street/Red Lion Building. Applicant: Todd Milner Speciality Sports Venture - Vail 99 #121 - New awning sign. Brent 600 W. Lionshead Circle/A portion of Block 1, Vail Lionshead #1. Applicant: Vail Associates, Inc. All About Horses - New sign. Brent 227 Bridge StreeUCovered Bridge Building. Applicant: Carol & Jim Callahan Quetsch residence - New window. Brent 4516 E. Meadow Drive/Timberfalls Condominiums #807. Applicant: Quetsch Land Trust Briar Patch Condominiums - Addition of exterior lighting. Brent 1390 Buffehr Creek Road/Briar Patch. Applicant: Briar Patch Condo Association Vail Golf Course Townhomes #17 - New deck. Jeff 1630 Sunburst Drive #17/Building E, Phase 2/Vail Golfcourse Townhomes. Applicant: Wldo F. Geigo Villa Cortina Condominiums - Boiler/mechanical area screening. Brent 22 W. Meadow Dr./Villa Cortina, Lot H, Vail Village 2"d Filing. Applicant: Villa Cortina Condominium Association East Vail Water Tank - Improvements. Jeff 5022 Snowshoe Lane/Vail Meadows #1, Recreation Area. Applicant: Eagle River Water & Sanitation District 2 . The applications and information about the proposals are available for public inspection during regular office : in the project planner's office, located at the Town of Vail Community Development Department, 75 South Fr Road. Sign language interpretation available upon request with 24 hour notification. Please call 479-2356, Telepho the Hearing Impaired, for information. 3 zs rt-dq,ls MEMORANDUM TO: Town Council FROM: Lionshead Redevelopment Master Plan Team DATE: November 24, 1998 SUBJECT: Lionshead Redevelopment Master Plan The Planning and Environmental Commission, at its November 23, 1997 meeting, unanimously approved the Lionshead Redevelopment Master Plan subject to the following nine (9) changes: 1. Change language in the site development guidelines to state that landscaping shall be incorporated within existing and new construction to emphasize and create niches. 2. Gardens and planting beds shall be located within the Lionshead study area where they add to the pedestrian experience, provide for screening, and to focus views. 3. Stronger language needs to be added which directs study to the undergrounding of the I-70 corridor and use of the air rights above. 4. The plan needs to provide language about the study of the parking pay-in-lieu fee. Additionally, the plan should provide for the study of parking requirements which reflect a uses' parking need. 5. The plan language should be modified to encourage the immediate formation of a Downtown Development Authority and enabling of tax increment financing. 6. Gross Residential Floor Area (GRFA) limitations should be eliminated or substantial modification/increase of the standard should be provided. 7. Plan language shall be modified to compel development on the core site to be oriented north/south. 8. Language should be included in the plan to allow for additional height (additional story) for properties adjacent to the S. Frontage Road and in the west end of the study area by conditional use permit or other regulatory vehicle. 9. Map "W" is currently too restrictive and should be modified to show the entire study area, including the Red Sandstone Site, as potential employee housing infill areas. F:\EVERYONE\COUNCIL\1\IEMOS\98\I.H N24.doc 11 / 17/ 1998 20: 46 13127875363 CON6ALTON PAGE 01 rc Congsiton ~ MACS A,ssociat"? L!C Wsstwind Unit 307 ~ veu, colontao a1e57_ EAX TRANSMIS810N TQ: Member's of ft Vail Town Council FAX: (970) 478-2157 _ pATE: Nov4mber 16,1998 MESSAGE: ` I,sdies attd Gentlemen: " As you finalize your decisions with respect td the Lionshead Master Plan, we would appreciate yvur considerinq the followinq: (i) The maximiun heiqht for new buildinqs which yau adopt will have a profoutYd imgact on the ambianae of the new Iaanshead area_ In additian to deetroyinq mauntain views, the placeznent of hiqh atructures around the central Plaza will create a more urban feel snd cause the entire Lionshead area to become less attractive. We urge you to restrict the allowable building height as much as possible, and believe that for Wy new building abuttinQ the Plaza or l.ccated between the Flaza and the mountain, no part should be allowed to exceed 71 feet, and sections with lower ~rw~.rr~ r elevations shauld be r2quirad. (ii) Tha propased location af the r?ew transportation center on the Ncrth Day Lot will be very i.ritrusive Qn our unit at the Westwind, as well as on ather buxldings Iocated in the imznediate vicinity. While we understand the nead for such a faC311ty; we hope you will be csreful to minimize the impaat - of this structure on neighboring buildinqs as much as possible. At a minimun, the tranWortation facility r:hould be covered, appropriate physical barriers ae well as landscapinq should be lp aced on all sides which abut residential buildinqs, and precautions ta ms.nimize noise and exhaust pollution ahauid be mandated• ~ Thank you for your consideration of tx?ese views. very truly yaurs, T. "lt Chri tophe W. CQnqalton . NOV-1T- , 98 TUE 1, 5:58 0000000, . 0000@000@00000000 9709494385 P.01 ~ • , • , . ~ • ~ I • , ~ . The ~~~Ae. . , r • CHAMBEk , Of Comrtzeree . , . . . ~ , . • For ImMediate Release November 13,1998 , • Coqtacf: . Jen,Brown,'949-504 . ' - . • ' ~ , ' , , ~ Chamber Anaaubc~s New Exectitive Director ' AvON ''Jen BXOwn has beep selected by the Boaxd of Directors; Executive Gommittee as the . . . • ~ ' new Executive Dixectbr of The Chamber o£ Cpmmerce. One of three finalists, Jen ARROWHEAID ' • , . was chosen ~ecau's,e of her, involvement and exp~fience with the Chamber, as well as, BEA.VBR CREEIC . her cornlnaxtrnent to the commutaity. Shq comments, "I am deligbted to be given, the ' opportunity to shape the future direction of the Chamber and it's a bozlus to have a , , CORDILLERA stmng orpnizational foundation and experienced staff." , - sncI.s-vAxL . , Jen will be feSponsible for developing the business plan for the organization as well , • " ~ ' • $Dwn,RM ,as unplemerlting programs and serviCes for mmbers. Her Ghaxnbex experience ' ' includes' agosxtion in inforlnation servaces and as Wi executive assxstant and then MINTURN ~ . . , pro§ressing to communicatxons,directqx,, Her "Wds'on." kxaowledge of producing the, ~ vaIL, ~ , Y Chamber newsletter (Lxaison), press releases, and her leadership fiza organizing Chamber pxograms and supervising the recent office xemodel, are valuable assets in ' ' . . woLcoTT her new posltion. . Pzior to working at the Mmbex, Jen was a pro~esSional ski racer , • on the World Pro Ski Tour, the United States Ski Team and the Unuvexsxt}? of ; Coloiado Ski, Team, 1 I . 1 Posr QFKce Box 1437 Avo?v, coLOxnoo 91620, . ' . , . , • (970) 949-5109 0 FaK (970) 949-4385 • . . . • B-Mail: chaAnberOvai.t.net •'http: //www.vail.nQt/chaxinber ' ' . NOV-]:,,3'-98 TUE 15:59 000000000000000000000000 9709494385 P.02 ' • ~ , ' . . , ~ . \ . ~ ~ , , ' " ~ • ` ~ ' i , ~ ' , ~ ~ • . . „ . . ~ ~ Husb;4nd Mike 13rown xs a lifeti~ne local that sl~iec~~for the lowci and.the U.S. in the , , : , , • „ •.•1984 World Alpine Ski Champiopships. 'Mike cukrently owns a stone 'masonry , . . ' . , ' ' , , ~ ; , ~ company Ad the'couple recehtl'y purchased ahbtne iA Eagle-Vail, ~ , , . , ~ 1 ' . , . ~ . . ~ • ' . . . . , . ~ ~ • , , • ~ ~ i i . I • . . , t , ~ • • , • ' ' ' ? , . . i , ~ , • ' - ~ , . / - . • • , ' • 1 , ~ . • . ' ~ , . , i , ~ • . . . ` . . ~ _ ` i ' • i • ~ • , ! I ' , , . ~ ` J , - ' ~ ~ . • ~ ~ I - / • . 1 . , ' ' ~ , ~ i . ~ ' I ` ~ • ~ ' ' t 1 • . I; ' , , ~ • ' ' ~ ~ , - ` 1 ' ~ ~ ' . ` ~ ~ . ~ . ~ l ~ ' _ • , ~ ' ~ ~ r' ' , ' . • , ` . ' ~ . . • ' ' ~ ~ ~ , \ , • r , \ , 1 r . ' t , , . ' i • , , V ~ ' ~ ~ ' ' ~ ' ` ~ ' , ~ ~ , • , , ~ ' ~ , ( ~ , • \ • - t ' • ' ~ ' ' ~ ' ~ . . ' ~ • 1 ~ . ~ , ' ~ , ~ , ~ . • . ~ . ~ ~ , . . . , • ~ • . . • • . , i ' i i ' . . ~ i , • ~ . ~ , ~ , ~ ` . _ ' ~ , ' - , 14:27 NOV 17, 1998 ID: VVTCB TEL N0: (970) 476-6008 *52320 PA6E: 2i2 xC: 0n,~ ~N,e'f fl(ll¢C ~ 1 J - November 17, 1998 To: W'TCB Board of Directors WMB ' From: Frank W. Johnson Re: Staff Addition As most of you are aware, we have not refilled the Vice President of Sales and Marketing position vacated by Jim Feldhaus this time last year. After inteiviewing a number of candidates, i was really not canvinced that any of them had the right mix of skilis and lea.dership to help the WTCB create maximum impact on the community. So, af}er searching for a year, I am pleased to announce that effective in January, we will be welcoming John Garth as ow new Vice President of Sales and Marketing. Many of you know John as Director of Marketing of Marriott's Mountain Resort for the past 4 years. During that time, the hotel has increased its occupancy by 20 percentage points, doubled its sales, and won the Gold Key award from Meetings and Conventions Magazine. Prior to his tune here in Vail, John was Director of Marketing for Marriott in Denver, where he was involved in the creation of Mamott's ca11 center, generating reservations for all Matriott Hotels, Courtyards, Fair6eld Inns, and Residence Inns in the city of Denver, .and was Chairman af the Revenue Enhancement Task Force. He has also served as Director ofSales ofthe Marriott in St. Louis, Senior Sa1es Manager . of Marriott's Narbour Beach Resort in Ft. Lauderdale, and Sales Manager of the Orlando World Center Hotel. Prior to his joining Marriatt, John began his career as a bellman with Walt Disney World Hotels. John's background as a leader both in group and meeting sales activities as well as in Call Center management and Individual Leiswe Travel marketing ma.kes him uniquely qualified to join aur team! I NOV. 18, 1998 4:OOPM N0, 2894 P. 1/2 -r I c Vaii Resarts, Inc. FOR DONDIATE RELEASE oqp Media Contacts: KelIy Ladyga (970) 845-5722, kladvn(~a vailresorts.com Kristin Yantis (970) 845-5721, lristin@vailresorts.corn Vail Kpystone BEAVER CREEK RESORT SET TU OpIE1V' MOUNTATIV THIS MYT'!AY WITH sreckenridge TI.URRY OF ACTY'VYTYES Beaver Creek BIEAVER CREEK, Colo.-Nov. 18, 1998-Beaver Creek Resort, ruhich kicked off thc World Alpine Ski Championships Seasaa with the U.S. Sld Team's Return of the Champxons Race last weekend, will open to slders and snowboarders at 8:30 a.m. on Friday, Nov. 20, with more than 250 acres of terrain. "The storm that lingered for several days last we.ek, combined with colder air fiemperatures eonducive to snovvmaking, has helped to create good early season conditions," said Mike Beckley, managing director of mountain opecations for Beaver Creek. "We're looldng forward to ' our opening weelcend, a lang season of snow, and a suceessfvl World Alpine Sld Champxonships with the men's downhill and super G races on our nevv Birds of Prey course." EarIy season ]ift tickets are just $22 for adults vaith a Colorado Card until Nov. 25_ Kids with a Colozado Card ski free until Nov. 25. 5kiers and snowboaxders can get their Co]orado Card at lift ticket offices in Vail, Beaver Creek, Breckenridge and Keystone vr at designated outlets along the Front Range through this Friday, Nov_ 20 only. Season pass restrictions have been lifted fox Beaver Creek's opening. in honor of "Championships Season," bath Spruce Saddle Lvdge (the mid mountain dining facility) and Rendezvous Bar & Crrill (located slopeside at the base of the Centennial Express Lift #d) will offer $.99 food an,d drinlc spe.cials. Grxab a$.49 hambuxger at Spruce Saddle, and at the etld of the day, enjoy a 5.99 Coors z.ight beer and appetizer special for $_99 at Rendezvous Bar & Cmll. Furthermore, the first lU people in liune at the Centennial Express Lift (#6) on Friday at 8:30 a.m, will each receive two tickets to a Vilaz Center for the Arts performance good through the season (some performances may be exclvded)_ -more- PO eox 70 Vall, Colorado • 87658 • phone 9%0 476 5601 NoV, 18. 1998 4:01PM Na, 2894 p. 2/2 ~ BEAVEYt CREEK OPENIATG 2-2-2 In addition to slding, adults and children alike can enjoy a spin arownd the Black Family Ice Rink in Beaver G7reek Village, which is open to the public daily from 10 a.m. to 9 p.m. The skate fee is $2 per person; skate rentals rm $7 far aduits and $5 for children. Toscanini, a family-style Itatian restaurant located adjacent to the ice rink, is open for clinner business. Cal1(970) 845-5590 for reservations. Beaver Creek launches a month-long cclebratian of the holiday season on Friday, Nov, 27 with the txaditional tree-lighting cerennony in Beaver Creek Village and firewarks disp]ay on the mountain. The Vilar Center for the Arts presents political satire at its best with "The Foreman," on Friday, Nov. 27 and Sat., Nov. 28. The k'oreman group incorporates current political aommentary into wickedly comedic nnusic, singing to popular rock `n rall and folk tumes. Tickets are priced at $21 for balcony seats and $24 in the orchestxa section. Call the box office at (970) 845-T7XS to purchase tickets or x+eceive a schedule of performances fox the entire season. Check out Beaver Greek on the Intemet at www_sraow.com for the most ciurent snow reports, cool slci and lodging deals, amd vievirs from Beaver Crcek's two znountain cameras or village ice rink cam. Cal1800-404-3535 to book aocommodation5, li$ qckets and lessons. ~ 11 - '8-1998 d:31PM FROM VAIL PUBLIC LIBRARY 1 970 479 2192 P_1 . November 18, 1998 PSA xQ: Public Announcement kR: Vail Public Library Vailnet 949-3318 RE: FREE P,NTERNET SEMINAR 1 FREE INTERNET and EMAIL SEMINAR AT VAII. LTBRAP-`Y Talce advantage of a great opportunity! Vailnet wi11 be offering a FREE PTERNET SEMDVATt every month. Join us this DECEIVIBER 5h, 10-11 _30 at the Vail Librery community room. '['his regularly scheduled semina.r will run the first Saturday of each month through June. The seminaT will provide an intm ta using the search engines and we6 browsers. ln additxon watch for our monthty scheduled EMAIL seminars_ EMAII., seminar, Taeceraber 190, 12_30-2'00pm. Both seminars are FREE, however, please RSVP at 949-33 18. 11-1`5-1998 4-32PM FROM VAIL PUBLIC LIBRARY 1 970 479 2192 P_2 TrMEToR YOu To cHECK UUT THE INTERNEV.? Here's a great oppar~njt-ytl! Vailuet will be offering a free . INTERNET SEMINAR 10:00-1l. :30 a.m, the first Satutday of each month tlarough JUNE , in the Vail Public Library Community Room, e.g. see specific dates cited below. This regularly scheduled seminar is in response to user requests. 7fie seminar wil.l provide an intro to the Inteinet and how to use web browsers, search engines and net guides_ This seminar.wilI belp yau not orily surf the web but FIND useful infortnation. The seminar is bemeficiat for both guests and locals who want to decide if they need to be "connected". Fox those wha have used the Internet for a wbile and have aspects that you still ha,ven't understood, the seminar wilZ offex- a chance to ask a rea1, live person how to get the result you want. . Although FREE, please RSVP, sance the seminar does fill. RSVP at 949-33 X8. Novembe .r 70 Decem ber Ste Jan.uary .9th February ~ MarCti Aprii 3"d May 7 st June 5th ~ 11-1.8-1998 4:32PM FROM VAIL PUBLIC LIBRARY 1 970 479 2192 P_3 EXPE.RIEN~'E E.LECTRONIC' "L Vailnet wiil be offering a free E-MAIL SEMINAR E-Mail seminar D" mber 19,12:30-2:OOpm. In response to user xeyuests, . Vailnet will host an Electronic Mai1 seminar. This seminar will foaus on EleCbronic Mail, how to send, how to receive, how to use attaalunents, and . how to use address books. Join us in the Vait PuWic Library Commnnity room. The program is FREE, how?ever, please RSVIP at 949-3318. E"EaRlE1V'CE .LLECTR'aNIC-111AIL ~ . Vailnet wrll be offering a free E-MAIL SEMINAR E Mail seminrYrDece?nherYg, 12:30-2:00pm_ In response to user requests, Vailnet will host an Electronic Mail seminar, This seminar wili focus on Electronic Maii, bow to send, how to rece.ive, how to uss attachments; and how to use address books_ Join us in the Vail poblic Library Community room. The program is FR,EE, however, please RS'V'P at 949-3318. y ~y TOWN OF VAIL 75 Sauth Frontage Road O • D t~ail, Colbrado 81657 ~ 970-479-2100 FAX 970-479-2157 0 0 R D 0 TM FOR IMMEDIATE RELEASE • . November 12, 1998 " . Contact: Larry Grafel, 479-2173 TOV Public Works/Transportation Director Gus Cordova, (505) 751-2006 Taos Town Manager TOV RECEIVES 6 NEW REPLACEMENT BUSES THROUGH CREATIVE PARTNERSHIP W1TH TAOS, N.M. (Vail)--After five years of paperwork, Congressional testimony and some ingenuity, the Town of Vail has received the long-awaited delivery of six new replacement buses financed by a$1 million federal grant approved by Congress in 1996. The town applied for the buses through the federal 5309 discretionary capital funds program in a unique partnership crafted by then-Town of Vail Mayor Peggy Osterfoss. At the time, Vail partnered with Taos, N.M., in applying jointly for the federal grant. "The thought at the time was - that we'd share the buses, with Vail using them in the winter and Taos using them in the summer," said Larry Grafel, TOV public works;transportation director. "It was a concept that was well-received in Washington because of its regional scope," said Grafel, who along with then- Vail Mayor Peggy Osterfoss presented the proposal to members of the Senate Appropriations Committee during a Congressional visit in 1994. The proposal was eventually approved by Congress with help from the Colorado and New Mexico congressional delegations. The 31-passenger buses, each costing about $250,000, were delivered to Vail on Nov. 3 and will be put into service immediately, said Grafel. Although the approval process was tedious, TOV Transit Manager Mike Rose says it was worth the wait. "These new buses will replace some vehicles that are more than 17 years old," . (more) IL4M- RECYCLEDPAPER Add 1Nail-Taos Partnership Rose said. The typical lifespan of a bus is 12 years, he said. The Town of Taos originally proposed to use the new buses to supplement its current transit fleet dubbed the "Chili Line," established in January 1997. However, the 31-passenger buses . were much too large to use in daily operations within the historic downtown area of Taos, according to Gus Cordova, town manager of Taos. "We realized the large buses would be out of character and not in keeping with the historic district," Cordova said. "As a result, we've negotiated the permanent transfer of two 20-passenger transit vans from Vail which will compliment our existing fleet." Vail has agreed to transfer title of the two transit vans to Taos foltowing the World Alpine Ski Championships this winter. "The vans ended up being a better fit for their current needs," Grafel said, "so in this case, each community ends up a winner." In addition, Cordova says he's ask Vail to negotiate a cooperative agreement with Taos that would allow Taos the opportunity to borrow some of the large buses in the event they could be used for a special event or to transport tourists during a week-long convention. Although the need would rarely occur, Cordova says the proposal would be in keeping with the creative partnership. The Town of Vail operates•the largest free transit system in the nation. Its fleet consists of 45 buses and vans. For more information, contact Larry Grafel at 479-2173. # # # u 1y TOWN OF UAIL 75 South Frontage Road Vail, Colorado 81657 ~ 970-479-2100 FAX 970-479-2157 TM FOR IMMEDIATE RELEASE November 13, 1998 Contact: Bob McLaurin, 479-2105 Vail Town Manager PROPOSED BUDGET FOR TOWN OF VAIL PROVIDES FOR FIRE STATION PLANNING, RETENTION OF CURRENT SERVICES IN 1999 (Vaii)--The Vail Town Council wiil hold a public hearing on the proposed 1999-2000 biennial budget during its next regular evening meeting which begins at 7 p.m. Tuesday (11-17). The proposal contains recommendations for revenues and expenditures for both 1999 and 2000 based on a 10-year revenue forecast. Highlights of the 1999 budget include site planning for a new fire station, continuation.of the town's affordable housing initiatives, free ski season parking after 3, as well as retention of existing services. Vail Town Manger Bob McLaurin says the proposal reflects no increase in existing services. "We've learned fhat decisions made today have significant ramifications for the future, especially when we look at the upkeep of our infrastructure or adding new staff positions," said Town Manager Bob McLaurin. McLaurin has repeatedly warned of a potential financial hardship for the town in future years if adjustments aren't made soon. The problems are caused by expenses out-pacing revenues, mainly sales taxes, which have barely kept pace with inflation since 1990. "I'm comfortable with where we are on the budget for 1999, but the problems become more magnified beginning with the year 2000 and beyond," he said. As a result, McLaurin says he'll be seeking to modify the 2000 budget through a combination of additional cuts, new revenue sources, and/or reallocation of existing revenues. That process will be undertaken following completion of the World Alpine . (more) RECYCLEDPAPER Add 1/TOV Budget Ski Championships, he said, when there's more time to focus attention on the matter. "Although we have some difficult decisions ahead, f'm confident we can work together to make this place the envy of other ski resort communities facing the same challenges," McLaurin said. For 1999, highlights of the recommended $30.6 million budget are as follows: • Projects 4 percent increase in sales tax collections from 1998 budget; sales tax makes . up 52 percent of the town's revenues ' • Provides for 13 new employees, including 4 dispatchers for operation of the valleywide 911 system, 1 police sergeant to be funded by a grant, 1 computer tech position and the equivalent of 7 bus drivers to meet federal labor standards • Provides site planning expenses for a new fire station to be operable in June 2001 • Provides for construction and acquisition of affordable housing units outlined in the Common Ground plan • Provides funding for street reconstruction of the Lionsridge Loop area, as well as a remodel of the Library basement (formerly the Vail Recreation District offices) • Provides for an expansion of Buffehr Creek Park and completion of the North Trail • Provides one-time expenses associated with the World Alpine Ski Championships • Provides funding for an economic development study • Retains the "Park After Free" program • Provides funding for community facilities planning outlined in the Common Ground plan • Provides a merit pool of 4.5 percent for employee salary adjustments Following Tuesday's public hearing, the Council will consider first reading approval of the biennial budget. Final consideration is scheduled for the Dec. 1 evening meeting. For a copy of the proposed budget, contact the Town of Vail Community Information Office at 479-2115. , . # # # ~ - t ~y TOWN OF YAIL ~ 75 South Frontage Road ~ Vail, Colorado 81657 970-479-2100 IM-MAA MEDlA ADVISORY • • • • FAX 970-479-2157 7M November 18, 1998 . Contact: Suzanne Silverthorn, 479-2115 , Community lnformation Office . VAIL TOWN COUNClL HIGHLIGHTS FOR NOVEMBER 17 Work Session Briefs Council members present: Armour, Arnett, Foley, Ford, Jewett, Kurz, Navas --Lionshead Redevelopment Master Plan During a review of the latest draft of the Lionshead Master Plan, Councilmembers took a look at a phasing chart showing 14 public improvement projects, their associated costs and estimated revenue sources over the next 10-plus years. The projects show projected costs of $67 million, with a potential revenue stream of anywhere from $50 million to over $100 million, the bulk of which would potentially come from tax increment financing. Also yesterday, Councilmembers: • accepted a concept for calculating average roof height that would create movement in linear roof forms • discussed the pros and cons of using a variance versus conditional use tool to provide employee housing incentives • asked for more clarification on a key component of the master plan that removes GRFA (Gross Residential F(oor Area) as the primary development constraint and instead emphasizes set-backs, height, site coverage and design guidelines to drive development standards • asked for more precision in defining the 5 protected view corridors within Lionshead • reviewed a section of the plan that would accommodate 1,300 new public parking spaces over time (2-new plates on the Lionshead parking structure, 800 spaces; underground parking areas in West Lionshead, 500 spaces) During discussion, a representative from Vail Spa expressed concerns about the perception of loading up the west end of Lionshead with higher density and taAer buildings. Jim Lamont of the East Village Homeowners Association asked for the establishment of fixed GRFA standards. Councilmember Sybill Navas expressed concerns about the plan's ability to address increased traffic along South Frontage Road. The Council will review the GRFA recommendation at the November 24th work session and then review the plan for final consideration at its Dec. 1 evening meeting. For more information, contact Dominic Mauriello at 479-2148. --Ski Ctub Vail Council Call-Up The Council voted 6-1 (Armour against) to uphold the Planning and Environmental Commission's 4-3 vote to approve a variance, along with 8 conditions, that will allow for athlete/vendor drop-off in front of the Ski Club Vail facilities on Vail Valley Drive during ski season. Those conditions include: that the approval be limited to a period of one year between Nov. 6 and May 10 and during the hours of 7 a.m. to 6 p.m.; that Ski Club Vail assume responsibility for voluntary enforcement; and that a long-term parking/development plan be submitted to the PEC for review no later than Feb. 28. During discussion, the Council heard from several Ski Club Vail (more) RECYCLEDPAPER a ~ TOV Council Highlights/November 17, 1998/Add1 representatives who described both the difficulties associated with hauling up to 400 pounds of equipment per athlete, and of the tremendous growing pains the organization has had in its - present faciliry. All agreed that a long-term master plan for a new facility is an essent+al next step. For more information, contact Brent Wilson in the Community Development Department at 479-2128. For more information, contact Brent Wilson at 479-2128. --Council Reports Kevin Foley, who also serves as chairman of the Eagle County Regional Transportation Authority (ECO), expressed concern about the amount of overtime expenses that will be passed on to ECO by the Town of Vail for operation of the Dotsero-to-Vail bus route. Because ihe to.wn is - - currently short four bus drivers, ECO has agreed to pick up overtime expenses associated with , that route through the end of this ski season. (ECO contracts with the town for that service). Town Manager Bob McLaurin suggested the two entities agree on a cap for anticipated overtime expenses. Sybill Navas reported on a recent meeting of the Art In Public Places Board (AIPP). She said the group is working on two projects: 1) making arrangements to have Seibert Circle professionally photographed; and 2) placement and dedication of a skier sculpture donated by Mt. Buller, Australia. --Other Sybill Navas inquired about the status of the "Ski with the Council" outreach program initiated last year. Rob Ford agreed to explore the possibilities. Michael Arnett had a procedural question regarding a constituent who had inquired about the status of a PEC decision. (There is a 10-day appeal requirement). Kevin Foley thanked the town carpenters for the work they did in replacing the playground equipment at Stephens Park. He also asked for clarification regarding the town's discontinuation of credit card payments for daily parking fees in the structures and encouraged the placement of additionaf signs at the entrance areas for notification. Evening Session Briefs Councif inembers present: Armour, Arnett, Foley, Ford, Jewett, Kurz, Navas --Citizen Participation Resident Diana Donovan appeared before the Council and suggested the town take a stand on area oil and gas leases under consideration by the Bureau of Land Management. Donovan said the town stands to have "oil wells in our backyards" if iYs not careful. Councilmembers agreed to look into the matter. Next, Wolf Mueller of the Donovan Park neighborhood complained about what he said were misrepresentations by the town regarding the size of the cut that was made recently on the lower bench of Donovan Park. Mueller said the cut was 12 times larger in actual size than what was reported by the Vail Daily. The cut connects a temporary parking area to the Cascade Village as part of the preparations for the World Alpine Ski Championships. Josette Elias, the 33-year-old Red Sandstone lottery applicant who had been placed in the bottom e{igibifity tier because of a 22-month-long break in her residency status, read an emotional letter to the Town Council asking for reinstatement and recognition of her longevity in (more) Y , C TOV Council Highlights/November 17, 1998/Add2 Vail. Elias said the town's decision to credit her for only 2 years of residency (eliminating her previous concurrent residency of 28 years) was unfair and disheartening. Elias, who said she left Vail for a brief period for medical reasons, said the staff's interpretation of the current lottery guidelines were extreme and arbitrary, and that her personal character had come under attack by the town. That prompted Councilman Michael Jewett to make a motion for Council "call-up" of the lottery application, a process similar to Council call-ups of decisions by the Design Review Board and the Planning and Environmental Commission. That motion was defeated by a vote of 2-5 (Armour, Arnett, Ford, Kurz and Navas against). While sympathetic to the situation, most Councilmembers said they preferred an independent review of the lottery criteria to consider , concurrent residency adjustments and creation of an appeals process, among other potentiai improvements, noting it would be inappropriate to reconsider results of the just-completed Red Sandstone lottery. Next, Lew Meskimen asked the Council why so much time is spent hauling and removing snow during the winter. By leaving the snow in huge piles, Meskimen said it would have a lasting psychological effect on Vail's tourists and the snow would be an attraction for the kids. He encouraged Vail to look like a winter resort, not Miami. --Consent Agenda, Ordinance No. 16, Interior, Exterior Conversions for Multi-Family Dwellings The Council voted 6-1 (Armour against) to approve second reading of an ordinance that allows for interior conversions as well as additional exterior GRFA (250 sq. ft.) abilities for multi-family dwellings. The measure creates consistency in the implementation of the town's regulations among single family residences and multi-family residences. In voting against the measure, Councilman Bob Armour said although he agreed with the intent of the ordinance, he preferred to take a more comprehensive look at other incentives that might be more meaningful for redeveloping multi-family structures. Other Councilmembers have called the ordinance a tool that could be used to help revitalize residential properties. For more information, contact Dominic Mauriello in the Community Development Department at 479-2148. --Mayoral Proclamation The Council voted 7-0 to approve a proclamation honoring the members of Team Vail for winning the 1998 Discovery Channel Eco-Challenge in Marrakech, Morocco. For a copy of the proclamation, contact the Community Information Office at 479-2115. --Ordinance No. 17, 1999-2000 Biennial Budget The Council voted 6-1 (Foley against) to approve first reading of the 1999-2000 Town of Vail biennial budget: For 1999, the $30.6 million budget includes site planning for a new fire station, continuation of the town's affordable housing initiatives, free ski season parking after 3, as well as retention of existing services. The budget also applies a mill levy credit of .302 mills, bringing the property tax mill levy to 4.399 mills in accordance with the Tabor Amendment. In voting against the budget ordinance, Councilman Foley said he didn't think the Council had done enough to tell the departments where the monies were going to come from, nor where some operational savings could be found. In the past, Town Manager Bob McLaurin has said he's comfortable with the revenue and operational forecasts for the 1999 budget. But for the 2000 budget, currently at $30,704,642 million, McLaurin has said he'll seek significant adjustments through a combination of cuts, new revenue sources and/or reallocation of existing revenues. Those discussions will be undertaken following completion of the World Alpine Ski Championships, according to McLaurin, when there's more time to focus attention on the matter. Without those adjustments, McLaurin has repeatedly warned of a potential financial hardship for (more) Y ~ . ~ TOV Council Highlights/November 17, 1998/Add3 the town because of growing demands and flattening revenues. Final consideration of the budget is scheduled for the Dec. 1 evening meeting. For more information, contact Finance Director Steve Thompson at 479-2116. --Design Parameters for the West Vail Neighborhood Park and Affordable Housing Development After hearing testimony from 25 people, both pro and con, regarding three conceptual designs, the Council: • voted 6-1 (Jewett against) to direct staff to pursue an affordable housing design on the - Arosa-Garmisch parcel in West Vail based on a density of 6 units (current zoning allows 8 units). voted 6-1 (Jewett against) to direct staff to prepare a housing design on the property that - would require only one street cut off Chamonix Lane with housing clustered on either the east side or the west side so as to maximize a park area through the middle • agreed to defer design of the proposed neighborhood park components to Todd Oppenheimer, the town's landscape architect Themes from public comments throughout the evening included: pedestrian safety and traffic concerns along Chamonix; consider 6 units on the site rather than 8 units; design the neighborhood park so it can be used by all residents; use the park as the focal point for the property; consider housing efforts on a site eisewhere to maximize impact; make the housing component truly affordable; don't build housing on property in which funds from the Real Estate Transfer Tax have been used forall or a portion of its acquisition; don't sacrifice open lands until all other options have been exhausted; incorporate the best of the three conceptual site plans into one design; consider incorporating 1-bedroom units into the housing make-up; look more to the private sector for affordable housing solutions; refocus housing efforts on Mountain Bell site instead; consider potential loss of existing space for dog walking; and consider leaving entire site as a park site. There also was a plea from residents of the Vail Commons development encouraging the Town Council to move forward with a housing component on the site. Council reaction included comments from Ludwig Kurz who characterized last nighYs decision as "reasonable, fair and responsible" given the needs of the community, while Michael Jewett suggested the community would be better served if the town spent its energy on a 200 to 300 unit development rather than "wasting time" on 6 units. Sybill Navas said she appreciated a willingness to compromise on the West Vai1 site, noting that no parcel exists in town--publicly or privately owned--that isn't already politically sensitive when it comes to housing. Next steps include developing conceptual architectural plans and cost estimates for Town Council's consideration: For more infarmation, contact Andy Knudtsen in the Community Development Department at 479-2440. --Other Upon learning of the resignation of longtime TOV employee Georgie Manzanares in the Administration Department, Kevin Foley wished her well. UPCOMING DISCUSSION TOPICS Novem6er 24 Work Session PEC/DRB Review Discussion with David Carter re: Regional Housing Authority Discussion of Youth Recognition AwardNail Valley Exchange 99 Championship Update December 1 Work Session Discussion of Dowd Junction Deer/Elk Migration Discussion of Contract Auditing Services (more) 1 - TOV Council Highlights/November 17, 1998/Add5 December 1 Evening Meeting Lionshead Master Plan, Final Review First Reading, 457 First Reading, Supplemental Appropriation First Reading, Building Codes Second Reading, 1999-2000 TOV Biennial Budget December 22, 29 Work Sessions are Cancelled _ . _ _ . . : . _ ~ - ?~~s~~'#!us+d~r, ~+bvernber ~t~9et..~~, Rec D l ~ - - 4 , strict t s downv 1e a1 ge Y . towns to contri ute fBy Elizabeth Mattern youth activity valleywide," Pieters million annual budget and is funded Diysraflrw~;ce, said. "We came ta the decision we in part by Avon's property tax, has up~ ~,ho take gymnas_ can't afford it anymore." "people come from all over." tics lessons through the Vail Recre- The district will offer a VRD taY- If recreation centers collect money ation District know the district is Payer rate to children from Avon, frOm towns based on how many kids outgrowing its programs. Eagle-Yail and Singletree at of Jan. 1 from those towns participate, Efting With 240 children on the waiting in exchange for the donations. said, the situation could become list for the gymnastics program, and if the boards hadn't contributed, tricky and detrimen[al ro the valle~wi[h other growing programs in ten- tke VRD might have had to "drasti- youth pro~rams. ~ nis, liasketball, soccer, volleybalL cally increase" fees for non-Vaii res- I'Mv biggest fear is tt~at we oet those at the Vail Recreation District idents, according to a«~ritten into this rec fee war," he said. "I don't decided they needed to ask other statement bv Ross Davis. Jr.. VRD u,ant to Q towns and metropolitan districts for ~~d chairman. ~et into questioning every kid financial help. "We were very happy ith the ~'here they come from and whether Piet Pieters, VRD director, said response we got from those boards," their board paid. ' the nonprofit organization's $4 mil- Pieters said. "I think these guys clear- But the Avon Town Council was lion budget was strained by youth lY see the big picture. It's nice to tiave ~'~'iliing to make the donation to see programs that have expanded30 per- the eommunities working toQether how it works for a year. - , cent in the last two years. More than rnstead of fighting." The VRD plans to hire more staff 80 percent of the kids who take part Bill Efting, Avon town manager; and expand some of its programs in the district's sports programs and said the Avon Town Council plans to with the newfound donations. Some Camp Vail live outside of Vail, but contribute $3,000, plus free soccer of the money, Pieters said, could go the district has traditionally collected field usage. toward plans to buiid a new 6,000- money only from Vail residents "They've extended themselves," square-foot gymnastics facility adja- through the town's property talc. he said of the VRD, cent to the Dobson Ice Arena. Now, the district will receive a While Eftino, understands the "1'ou'll see expansion in the qual- total of about 5100,000 extra from VRD's predicament, he's waiting to ity of the programs," Pieters said. Avon, Eaole-Vail and Singletree to see how the donation pro=ram works "We're just going to put our feelers offset the_cost of subsidizin~ kids on a trial basis. out and see what needs to be done." from those areas and elsewhere in the "We're in a similar situation with Eli::abetlz Matrern covers Vail, valley. our rec center," he said. The Avon Eagle-Vail mtd MinnI nt. She can be "The VRD has been funding Recreation Center, which has a$1 reachnd at (970) 949-0.555, eat. 619.