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Town of Vail April 24, 2008 Housing Work Session Excerpts from the 2007 Eagle County Housing Needs Assessment Eagle County Population: 2000 to 2015 2000 2005 2007 2010 2015 % Change (2005- 2015} EAGLE COUNTY 41,659 49,375 52,236 57,881 66,113 33.9% Avon 5,561 6,753 7,451 8,256 9,430 39.6% Basalt 1,952 2,247 2,420 2,681 3,062 36.3% Eagle 3,032 4,387 4,247 4,705 5,375 22.5% Gypsum 3,654 5,125 5,602 6,208 7,091 38.4% Minturn 1,068 1,138 1,184 1,312 1,499 31.7% Red Cliff 289 312 327 363 414 32.8% Vail 4,531 4,785 5,124 5,678 6,486 35.5% Unincorporated 21,572 24,628 25,929 28,732 32,818 33.3% Source: 2000 US Census; Department of Local Affairs; RRC Associates Eagle County Housing Continuum, 2007 80-120% aMl 12o-4o% Annl Max Income $87,600 Max Income $109,500 Max Rent $2,190 Max Rent $2,738 Max Purchase Price $288,086 Max Purchase Price $334,741 120% AMI ,._.,..... 140% AMI .w _......._._~___...___.e _...~.,..._.__~_.._.d_._._...._, 80% AMI 120- Over 140% AMI 50-80% AMI Max Income Over $109,500 Mau Income $53,850 80-120% AMI ~% AMI Max Rent Over $2,738 Max Rent $1,346 28.8% 9'S'/c Max Purchase Price Over $334,741 Max Purchase Price $180,238 50% AMI 50-80% AMI 13.2% • ~i ~ <=50% AMI Max Income $36,500 e , ' Max Rent $913 Max Purchase Price $124,796 Eagle County Households *Dollar amounts represent the HUD AMI defined for an average sized 3-person family household in Eagle County. **Assumes no more than 30 percent of household income is used for rent. ***Assumes $10,000 down; 6% 30-year loan; approximately 20% of monthly payment for insurance, taxes, PMI, HOA. RRC Associates, Inc. ..i ~. Town of Vail Housing Work Session Where Live Comp ared with Where Want to Live April 24, 2008 Where Want to Live -1St Choice Avon Basalt/EI Jebel/Frying Pan Burns, etc Where Now Live Dotsero/ Edwards Gypsum Eagle/ Brush Crk Eagle- Vail Minturn/ Redcliff Vail Avon 42.7% 3.4%r 2.6% 4.3% 6.0% 2.3% 15.8% 1.9% 0.5% Basalt/El Jebel 0.6% 76.5% 0.0% 1.1% 1.1% 1.2% 0.0% 0.0% 0.5% Burns etc 2.9% 0.0% 56.4% 10.6% 3.4% 4.2% 2.1% 1.9% 0.5% Dotsero/Gypsum 0.0% O.O~Ic 2.6% 40.4% 1.5°Io 5.0% 0.0% 2.8% 0.0% Edwards 31.6% 0.0% 10.3% 8.>~'/~ 64.0% 13.5% 8.4% 17.9% 6.7% EagleBrush Crk 2.9% 0.7% 20.5% 26.1 ~h 6.0% 63.3% 5.3% 0.9% 3.6% Eagle-Vail ~ 10.5% 2.0% 0.0% 1.1% 6.4% 1.9% 45.3% 0.9% 6.2% Minturn/Redcliff 2.3% 0.0% 0.0% 0.0% 0.4% 0.8% 5.3% :52.8% 3.6% Vail 6.4% 1.3% 2.6% 2.7% 6.7% 3.1% 13.7% 12.3% 76.8% Other 0.0% 16.1% 5.1% 5.3% 4.5% 4.6% 4.2% 8.5% 1.5% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Source: 2007 Household Survey Where Want to Live by Where Work Where Work Where Want Vail Avon Beaver Edwards Eagle Gypsum Various to Live Crk sites AvonBeaver 8.5 10.6 14.9 9.6 6.1 2.2 3.9 Crk. Basalt Areas 0.6 0.4 1.8 1.4 5.5 1.1 4.9 Burns, etc. 3.4 4.9 6 3.2 4.4 14 11.8 Dotsero/Gypsum 2.3 3.4 4.8 3.2 10.5 36.6 9.8 Edwards 19.8 36.6 29.8 41.7 13.3 5.4 26.5 EagleBrush Crk 11.3 14 15.5 15.1 38.1 24.7 12.7 Eagle-Vail 6.5 12.8 9.5 7.3 2.8 3.2 8.8 Minturn/Red 4.0 4.9 5.4 3.2 1.7 0 2.9 Cliff Vail 38.5 7.5 7.7 9.6 9.9 4.3 10.8 Other 5.1 4.9 4.8 5.5 7.7 ~ 8.6 7.8 Total 100% 100% 100% 100% 100% 100°10 100% Source: 2007 Household Survey 0 RRC Associates, Inc. 2 .~~ w"~.. Town of Vail April 24, 2008 Housing Work Session ~, Value of Location Attributes by Where Want to Live Average Rating: 1 =not important, S =extremely imp ortant ls` Choice Where Want to Live Eagle/ Basalt Burns, Dotsero/ Brush Eagle- Minturn/ Proximity to: Avon Area etc Gypsum Edwards Crk Vail Red Cliff Vail My 3.7 3.5 2.9 3.1 3.4 3.3 3.6 4.3 3.7 Employment Employment 3.1 3.3 2.6 2.9 2.6 2.8 2.8 3.6 2.6 of Others Services 3.5 3.3 2.3 2.6 3.4 3.1 3.5 3.5 3.4 Daycare 1.4 2.0 1.2 1.7 1.7 1.8 1.5 1.6 1.4 Bus/Shuttle 2.5 3.2 2.1 2.0 2.1 2.1 2.8 3.4 3.3 Skiing/Outdoor 3.8 3.6 2.8 2.3 3.5 2.6 3.8 3.9 4.3 Recreation Other Factors: Quality of 2.5 2.8 2.3 2.8 2.8 3.1 2.6 1.9 2 0 Schools . Community 3.5 3.6 2.5 3.1 3.4 3.5 3.4 3.8 3 6 Amenities . Community 3.8 3.7 3.4 3.7 3.8 3.8 3.7 4.0 3 7 Character . Cost of 4.4 4.0 4.4 4.5 4.3 4.4 4.4 4.7 4.3 Housing Type of 3.7 4.0 4.1 4.3 4.0 4.1 4.0 4.1 4 0 Housing . Source: 2007 Household Survey RRC Associates, Inc. 3 ~ ~ Town of Vail Housing Work Session Apri124, 2008 Please rate the importance of the following items in your choice for housing „~ (Use a scale from I to 5 where l =Not important and S=Extremely Important) AVERAGE RATING FOR VAIL RESIDENTS ONLY AMENITIES IIV-UNIT WASHER/ DRYER SUNLIGHT ENERGY EFFICIENCY EXTRA STORAGE MULTIPLE BATHROOMS GARAGE/ COVERED PARKING ON-SITE LAUNDRY FACILITIES OFFICE SPACE FOR BUSINESS USE WORKSHOP SPACE NEIGHBORHOOD OTHER FEATURES OR AMENITIES FEATURES PRNATE YARD/ OUTDOOR SPACE PETS ALLOWED GARDEN SPACE WOODBURNING ALLOWED SHARED COMMON AREAS WOODBURNING PROHIBITED LNESTOCK ALLOWED Source: 2007 Household Survey 0 RRC Associates, Inc. 4 0.0 0.5 I.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 In acknowledgement of the commitment to ensure deed restricted housing options for at least 30% of Vail's workforce within the Town of Vail. Vail Town Council Dick Cleveland, Mayor Andy Daly, Mayor Pro-Tem Kevin Foley Mark Gordon Farrow Hitt Kim Newbury Margaret Rogers Vail Local Housing Authority Mark Ristow, Chairman Sally Jackle Steve Lindstrom Ethan Moore Kim Newbury Planning and Environmental Commission Bill Pierce, Chairman Anne Gunion Rollie Kjesbo Michael Kurz Scott Proper Susie Tjossem David Viele ' '. Local Employers Vail Resorts, Inc. Vail Valley Medical Genter Town of Vail Open Hospitality Vail Cascade Hotel and Spa Vail Plaza Hotel Vail Valley Partnership Eagle County Eagle County School District RRC Associates, lnc Chris Cares Board of County Commissioners Arn Menconi, Chairman Peter Runyon Sarah Fisher Vail Economic Advisory Council Mark Gordon. Dick Cleveland Greg Moffet Rick Scapello Robin Litt .Sally Hanlon Chris Jarnot Rob. Levine Pam Stenmark Mark Cervantes Matt Morgan Brian Nolan Steve Kauffman Tori Franks Rayla Kundolf Bob McNichols Bob Boselli Alan Koslof M. Joseph McHugh John Garnsey Micheal Kurz Laurie Mullen Mia Vlaar 2 c Table of Contents I. Purpose II. Life Cycle III. Goals a. Keep Up i. Who does the Town want housed? 1. For Sale and Rental ii. What types of jobs are being generated? 1. Affordable or Occupancy Restricted b. Catch Up i. What employees are leaving town? 1. Would other housing options keep them .here? 2. What would most enhance. the community? ii. Who does the Town want housed? 1. Types of Units iii. What types of;jobs are being lost in town? 1. What makes the most economic sense? IV. Methods a. SWOT Analysis V. Roles and Responsibilities a. Vail Town Council b. Vail Local Housing,Authority c. Planning and Environmental Commission VI. Action Steps. a. Tools Already in Place i. Regulatory Requirements ii. Town Initiated Development and Acquisition b. Options of Others? c. Economic Impacts d. Land Use Inventory e. Where??? f. Revenue Streams g. Partnerships h. Zoning Text Amendments i. One to Five Years i. Policy ii. New Development iii. Funding iv. Regional Opportunities 3 j. Five to Ten Years VII. Schedule a. Vail Town Council b. Vail Local Housing Authority c. Planning and Environmental Commission 4 TOWN OF VAIL STRATEGIC HOUSING PLAN I. PURPOSE The Town of Vail recognizes employee housing as basic infrastructure. This housing allows employees to live in the town promoting community, improving the quality of our local workforce thereby supporting the local economy, and reducing regional transit needs. The Plan seeks to provide enough deed-restricted housing for at least 30 percent of the workforce to live in the Town of Vail through policies, regulations and publicly initiated development. This Plan is adecision-making guide for the implementation of employee occupied housing programs. The Plan documents current approaches. to providing employee housing. It also identifies goals and methods he Town will pursue', to accomplish the identified objectives. In addition, the Appendices provide background information on Town housing definitions, policies and initiatives and are included as a resource. This plan also recognizes and affirms the importance of Vail serving as a regional partner in the provision of employee hous,irtg. II. LIFE CYCLE The Town of Vail Strategic Housing Plan is based on a five-to-ten year planning horizon; it looks well into. the future anticipating the needs for employee housing over time. The. Plan also contains identified "action steps"..targeted for: a one to three year period. These action steps will need to be ..evaluated annually and it is anticipated that they will be updated at least every threeyears as market conditions change. III. GOALS A. Provide. housing to address needs generated by new development or redevelopment. It is documented and understood that new development will require employees and a goal of this Plan is to provide for that housing. This goal is also referred to as "Keep Up" in the Plan; going forward the Town will attempt to address employee housing needs by requiring those needs to be met as a condition of new development. B. Respond to the existing affordable housing shortfall by pursuing a number of identified programs and development opportunities. This goal is also referred to as "Catch Up" in the Plan; it describes efforts to i' 5 address deficiencies in the available housing inventory that have arisen over a period of years. IV. METHODS The Town of Vail will pursue three broadly described methods to achieve the Town's housing goals. A. Regulatory Requirements will be Imposed by the Town ^ New development will be required to address a portion of its housing demand within the Town of Vail B. The Town will Initiate Development and Acquisition ^ To address employee housing needs beyond the regulatory requirements for new development;, and ^ To respond to the desire to promote a more diverse and vibrant local community. C. Regional Partnerships will be formed ^ To address employee housing needs beyond the regulatory requirements, including: i. Public /Private,' and ii. Multi Jurisdictional V. ACTION STEPS A. The Town'will continue to use tools already in place including: a. Regulatory i. Linkage ii. Inclusionary` iii. Housing District b Town Initiatives i. Buy Downs ii. Incentives iii. Density iv. Participation in actual developments including: 1. Timber Ridge 2. Middle Creek 3. Chamonix 4. Buzzard Park 6 k F' 5. (etc.etc.) c. Regional i. Miller Ranch ii. (Does ECO transit get mentioned???) B. Funding Considerations C. One to Five Years D. Five to Ten Years VI. ROLES AND RESPONSIBILITIES A. Vail Town Council B. Vail Local Housing Authority C. Planning and Environmental Commission VIII. SCHEDULE A. Vail Town Council May 6, 2008 Work Session Affirm Housing Goals and Purpose of the Plan Review proposed actions and timeline June 3, 20.08 Work Session July 1, 2008 Work Session August 5, 2008 Adoption by Resolution B. Vail Local Housing Authority March 24, 2008 VLHA Work Session Met with consultant (Chris Cares) Dusted off previous work towards a TOV Strategic Plan April 10, 2008 VLHA Work Session Review and update proposed actions and timeline April 24, 2008 VLHA Work Se ' ssion 7 Further refine actions and timeline for Council meeting May 13, 2008 Vail Economic Advisory Council May 15, 2008 VLHA Work Session May -June, 2008 Meet with Local Employers June 10, 2008 Vail Economic Advisory Council June 19, 2008 VLHA Work'Session June XX, 2008 Community Open House July 15, 2008 Vail Economic Advisory Council July 17, 2008 VLHA Work Session C. Planning and Environmental Commission June 9, 2008 Work Session Review and provide input on draft Strategic Plan June 23, 2008.. Work Session July 14, 2008 Formal Recommendation July 28, 2008 Formal Recommendation, if needed t 8 3 i t F Definitions The following definitions are applicable for the terms used in this Plan. Area Median Income (AMI) Limits -most communities establish income limits for the programs they administer based on the area median income (AMI) for the area according to household size, which are adjusted annually by the Department of Housing and Urban Development (HUD). Four different income categories are defined for various programs and policies: 1. Extremely low-income, which is less than 30 percent of the median family income; 2. Very low-income, which is between 30 and 50 percent of the median family income; 3. Low-income, which is between 50 and 80 'percent of the median family income; 4. Middle income, which is between 80 and 120 percent of the median family income; and 5. Above middle income, which is over 120 percent of the median family income. Catch-Up Housing -Housing needed to "catch-up" to current deficient housing conditions. In this Plan, catch-up housing needs are defined by current resident households reporting housing problems (overcrowded, cost-burdened and/or living in substandard housing conditions), ..current renters and owners looking to purchase a home and in-commuters that would like to move to Vail. Catch-up housing is generally addressed through local city development initiatives, non- profits and housing groups and public/private. partnerships. Commercial Linkage - A commercial linkage program requires that developers of commercial space contribute to the provision of deed restricted employee housing in proportion to the housing need that they generate by creating new jobs. Housing Continuum, The - As illustrated below, it is possible to estimate the number of resident households in the Town of Vail at various income levels. Vail's planning is based on addressing the needs of households of different incomes, recognizing that there is a need to ensure housing for a diversity of households. The maximum purchase price assumes a $10,000 down payment and a 6% thirty-year mortgage. 9 ° 80-100 h AMI 120-140°k AAIM ! Max Incorrre 573,000 '' Max Income 5109,500 Max Rent 51,825 Max Rent 52,738 Max Price 5241,432 100°h AMI Max Price 5334,741 140°k ANN ~ 80% AM Over 140°h AMI 50~0°h AMI Max Income Over 5109 500 ~ ~ i , Max ~ 51 346 80- oo'X AM r r . , . , , Max Rent aer s2,738 Y ', Max Price 5180,238 4~5 I+i'17.a~ ~ ~ ~ Max Price Over 5334,741 ~, 50.80°10 AM ~ _ 5p%AMI 346 H•V14.1°iL _` ~ .,. ~50%ANN~' Max Income536,500.- ~,A% AMI Max Rent 5913 401 Hii16.4% Nlax Price 5124,796 ~'' . ~ 2007 veil FbuseFalds Inclusionary Zoning - requires a minimum percentage of residential development be provided to serve local employees as part of new residential developments (10 percent in Vail). Inclusionary zoning is a housing production obligation based on the community's need for employee housing as related to many factors, including a decreasing developable supply of land, rising home values, insufficient provision of housing affordable to residents by the market, etc., in addition to any direct employee generation impacts of development. Keep-Up Housing -Housing units needed to keep-up with future demand for housing. In this Plan, keep-up housing needs focuses on new housing units needed as a result of job growth in Vail and new employees filling those jobs. Keep-up housing is often addressed by the existing free-market, as well as regulatory requirements or incentives to produce housing that is needed and priced below'the current market. Levels of Homeownership -When discussing affordability of properties by Area Median Income (AMI) level (defined above) and the types of homes households among different AMI groups are seeking, reference is made to a couple different stages of°homeownership. This includes: 1. Entry-level ownership~rst-time homebuyers: These are households typically earning in the lower to middle income range. In Vail, these are households earning 50 to 100 percent of the AMI. These include households that currently rent (or otherwise do not own a home) and are looking to purchase their first home. 2. Move-up buyers: These are households earning in the middle to upper income range (about 100 to 120 percent AMI or higher) that may currently own a home and are looking to purchase a new or different home for a variety of reasons (relocating, growing family (e.g., having children), shrinking family (e.g., empty-nesters), etc.). 10 c Mean -the average of a group of numbers, which is the sum of all the data values divided by the number of items. Median -the middle point in a data set. c 11