Seventeen new housing units are on track to be built in Snowmass Village in a new subdivision named Coffey Place, in honor of Joe Coffey, the town’s first housing director who served in his position for 38 years until his death in 2018.
The Snowmass Town Council will get an update on the project from housing director Betsy Crum during its meeting Monday.
“Great attention has been paid to developing appealing and high-quality homes in a manner that fits in well with the surrounding neighborhood and natural environment,” Crum wrote in a memo to council.
Charles Cunniffe Architects is providing the design and construction oversight on the project. The subdivision will consist of three separate parcels surrounding an existing affordable housing neighborhood made up of free-standing, single-family homes known as Rodeo Place, near the entrance to the town.
Six of the units will be two-bedroom duplexes with a one-car garage. The other 11 units are three-bedroom homes with two-car garages. One of the homes will be ADA-accessible.
The $14 million project will mostly be repaid by the purchase of the homes, which are estimated to range from $523,767 to $824,502. The town is putting in $3.3 million to help subsidize the actual price of developing the homes, and will take out a construction mortgage of just over $10.8 million that will be paid back as the homes are sold.
Snowmass Village owns and operates its own affordable housing program, which is meant to primarily house those who work full time within the town. The program does not operate on income categories in the same way that the Aspen-Pitkin County Housing Authority does, but Crum estimates that in order to secure a home loan on the new units residents would need to earn at least $105,000 to $166,600 annually. Crum said maximum income limits set by the town will likely be in the $245,000 to $250,000 range.
In her memo to council, Crum wrote that the new development will address a gap in the town’s housing needs.
“The ‘missing middle’ are multi-unit and clustered housing types compatible in scale with single-family homes that help meet the growing demand [for] diverse housing options at a range that works for moderate-income families,” the memo says.
The project is set to go in front of the town’s planning commission in July. The three parcels of land need to be zoned “multi-family” in order to move forward, as some of the land is currently zoned “single family” or “recreation.”
Town council would still need to approve the final designs and discuss any changes to the lottery process that may come up for filling the new homes. The earliest projection for ground breaking on the new development is September, with a completion date in late 2020.