YVHA Annual Report 20 Flipbook

YAMPA VALLEY HOUSING AUTHORITY 2020 REPORT TO THE COMMUNITY

From the YVHA Executive Director The Yampa Valley Housing Authority is a local government organization whose mission is to support the local economy, community and businesses of the Yampa Valley by implementing appropriate housing solutions for local workers, other qualified residents, and their families. Over the past three years, YVHA has invested revenue from the 5A for Homes property tax to create 237 new affordable housing units at Alpenglow Village, Sunlight Crossings and Anglers Four Hundred. Alpenglow Village has recently completed construction and leased up in a single day. Sunlight Crossings is currently under construction and Anglers Four Hundred is in the pre-development planning phase. This year’s report to the community highlights the housing challenges we face as a community, the housing developments we are undertaking, the programs YVHA offers and the property we own and manage. Affordable and attainable housing is a critical issue to our community and YVHA is dedicated to addressing this issue by creating new healthy communities that support our local families and maintaining housing options for all of our workforce. ~ Jason Peasley, AICP, Executive Director

“The Alpenglow apartments have been a blessing for those of us who love living in Steamboat Springs and want to continue living here. We are thankful for this affordable housing complex. We love where it is located! We have shopping, the river and access to buses.” ~ Tammy State of Housing The State of Housing in Routt County continues to be an environment where there is not enough housing supply to meet the demands of locals, second homeowners and the destination tourism industry. This market imbalance is resulting in high rates of price appreciation, limited unit turnover and long wait lists at YVHA affordable housing properties. Over the past four years there has been a significant decline (over 11%) in low and moderate income households throughout the County. At the same time, housing inventory for low and moderate income households has decreased as home prices have appreciated beyond their financial reach. The updated housing Gap Analysis which looks at the supply – demand imbalance throughout Routt County indicates that there is a growing supply gap for low income, entry level and move up housing. YVHA’s commitment to deliver new affordable low and moderate income housing supply has just begun to make a dent in the supply - demand equation. New housing supply in the YVHA project pipeline will increase the supply of housing for low and moderate income households by 15%. This new supply is anticipated to have a calming effect on the supply – demand imbalance that currently exists.

Gap Analysis (2018|2020) Seasonal Low Income Entry Level Move Up 2018 | 2020 2018 | 2020 2018 | 2020 2018 | 2020 Total Households 1455 | 1455 2544 | 1996 3021 | 2844 2686 | 3179 Absolute Housing Units 650 | 650 (beds) 2255 | 1586 4544 | 4176 5171 | 5217 Vacancy Rate* 0% | 0% 42% | 45% 42% | 45% 42% | 45% Available Housing Units for locals 650 | 650 (beds) 1533 | 950 2636 | 2396 2999 | 2869 2020 Gap in Supply -134 | -134(beds) -1011 | -1046 -385 | -448 +313 | -310 Sources: American Community Survey, Routt County Assessor, Employer Survey *Vacancy Rate is the percentage of housing units not permanently occupied (otherwise known as second homes and vacation rentals) Development Vision: The Development Team is focused on establishing public-private partnerships capable of creating new housing units that meet our development goals. YVHA will contribute a portion of the 5A property tax revenue, provide tax exemptions and local entitlement expertise to our development partnerships. Through these partnerships, YVHA will leverage small amounts of community resources to make a significant impact on our community’s housing supply. Long Term Goals: • 100 Seasonal Housing Units (rental) • 350 Low Income Units (rental) • 150 Entry Level Units (rental and for sale)

Project Pipeline Alpenglow Village located on Pine Grove Road, next to Walgreens, is scheduled to be completed September 2020. Alpenglow Village is a mixed income apartment community that will serve households making 30%-120% of the Area Median Income. The property includes one, two and three-bedroom units and is anticipated to be fully leased shortly after completion. Sunlight Crossings, located at the corner of Sunlight Drive and US Highway 40, is a new project being developed in partnership with Gorman and Company. The project consists of 90 apartment units targeted at house- holds making 80%-120% of the Area Median Income. Construction is antici- pated to begin in Autumn 2020 and is projected to deliver units in early 2022. Anglers Four Hundred located on Anglers Drive is the next project in YVHA’s pipeline and will be developed in partnership with Overland Property Group. An application to the Colorado Housing and Finance Authority (CHFA) has been submitted to request an estimated $6,000,000 in state low income housing tax credits (LIHTC). This funding will be used to develop 75 rental units serving households earning 30%-80% AMI. The future of this project is dependent on the LIHTC award which will be determined in the 4th quarter of 2020.

Finances Vision: The vision of the Finance Team is to oversee the fiscal health of the organization and to ensure timely, accurate and transparent reporting. This work team will strive to ensure that management has the appropriate oversight, auditing and regulatory reporting to comply with federal, state and municipal guidelines as well as the organization’s policies and procedures. Finally, this work team will aid the board and management in addressing the organizational capacity to execute strategic plans and goals as approved by the board annually. Financial Highlights: • 2019 Audit highlights - $12.74M in total assets - $5.44M in total liabilities - $7.29M in net position - $2.23M in annual revenue - $1,261,852 in annual expenses - $964,780 retained net position • $1,755,000 set aside for future development projects • $324,000 set aside for down payment assistance

Down Payment Assistance Loan Program The Yampa Valley Housing Authority established the Down Payment Assistance Program to help locals with up to 10% of the purchase price of a home. In May of 2019 the YVHA Finance Team made several changes and additions to the program in order to help lenders utilize the program better. We spoke with several mortgage lenders throughout the community and discussed their concerns/ suggestions with Impact Development Fund (mortgage servicer) to see how to best dovetail all of the components. The most notable changes to the program are as follows: • The loan amount has been increased from $15,000 to $20,000 • The maximum combined loan to value (CLTV) was increased to match the same amount major lending programs allow which is 105%. • The maximum debt to Income Ration (DTI) was moved from 43% to 45% to encompass all lending programs. • An interest rate was inserted in to replace the pro-rata share of equity upon sale. This allows borrowers to better understand what they are going to owe at the end of the loans term. HOUSEHOLD 2020 150% AREA SIZE MEDIAN INCOME LIMIT 1 person 2 persons $91,650 3 persons $104,700 4 persons $117,750 5 persons $130,800 6 persons $141,300 $151,800 *Please go to www.yvha.org for all program requirements.

Deed Restrictions The Yampa Valley Housing Authority manages approximately 100 deed restricted properties throughout the greater Steamboat Springs area. A deed restriction maintains the affordability of a unit by targeting a sale to “qualified owners” who meet specific income, asset, and employment criteria. The qualification terms for a deed restriction varies depending on the specific unit, however here are the general qualifications: Income: This is represented by a percentage of the Area Median Income (AMI) and is usually set at 80% or 120%. The chart below shows the specific income qualification based on AMI and household size for 2020: AMI 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 80% $48,880 $55,840 $62,800 $69,760 $75,360 $80,960 120% $73,320 $83,760 $94,200 $104,640 $113,040 $121,440 Net Assets: This is a calculation of net assets (assets minus liabilities) with the maximum assets varying depending on the deed restriction. Employment: All local deed restrictions require that the purchaser be either employed full time in Routt County or retired from full time employment in Routt County. Affordability: Some deed restrictions require that the mortgage payment does not exceed 30% of gross income. This is often referred to as a “front end ratio’ or “housing allowance” in mortgage lending terms. Other affordability terms include appreciation cap, limiting the price appreciation of the unit over time. Sole Residency: All local deed restrictions require the owner to live in the unit as their sole residence. This means that rentals of the deed restricted unit are only permitted under certain circumstances outlined in the deed restriction. It is important that anyone within Routt County that is interested in purchasing a deed restricted home contact the Yampa Valley Housing Authority. We would like to make sure all parties understand the restrictions and that proper qualification happens to maintain a smooth transaction for all parties involved.

“I’m absolutely in love with my new place and it feels awesome to be able to afford such a nice, brand-new place in Steamboat. I’m so grateful for it! My neighbors are also wonderful people and it’s cool getting to know them.” ~ Lauren

Communities: Hillside Village Apartments: Hillside Village Apartments is a project financed by USDA-Rural Development which assists tenants with subsidies. The 55-unit complex located on Tamarack Drive, consists of a mix of 1-and 2-bedroom units. Since USDA- Rural Development finances the project, the Yampa Valley Housing Authority is required to verify that each household has sufficient income to pay the basic rent. Some of the most notable capital projects have been completed are the replacement of all electrical boxes on the property, a new roof for each building and most recently drainage improvements. As of August 2019, Hillside Village Apartments had a waitlist of 25 families. Fish Creek Mobile Home Park: In 2007, the Yampa Valley Housing Authority purchased the Fish Creek Mobile Home Park to ensure future affordability for the residents of this community. The 68-owner occupied units are situated along the beautiful Yampa River near Angler’s Drive and US 40. Lot rents include water, sewer, and trash pickup and snow removal. Residents are responsible for electric, gas, cable and Internet service. In 2019 YVHA will have replaced several of the electrical meters. The Reserves: YVHA is a special limited partner in this project and invested $400,000 of community resources towards its development. This 48-unit apartment project targets households making between 40% and 60% of the Area Median Income (AMI). The project was developed in partnership with Overland Property Group utilizing the Low-Income Housing Tax Credit (LIHTC) program and is managed by Ross Management. The project was completed in June 2017 and is fully leased. As of August 2019, there is a waitlist of over 200 families. Alpenglow Village: YVHA is a special limited partner in this project and invested $525,000 of community resources towards its development. This 72-unit apartment project targets households making between 30% and 120% of the Area Median Income (AMI). The project was developed in partnership with Overland Property Group utilizing the Low-Income Housing Tax Credit (LIHTC) program and is managed by Ross Management. The project was completed in September 2020 and is fully leased.

Board | Staff | Contact information • Jason Peasley, AICP, Executive Director 2100 Elk River Road, Steamboat Springs, CO 80487 970.870.0167 | [email protected] • Alyssa “La La” Cartmill, Regional Property Manager 2100 Elk River Road, Steamboat Springs, CO 80487 970.870.0167 | [email protected] • Sandy Jacobs, Finance Director 2100 Elk River Road, Steamboat Springs, CO 80487 970.870.0167 | [email protected] • Kevin Delehanty, Executive Assistant 2100 Elk River Road, Steamboat Springs, CO 80487 970.870.0167 | [email protected] • Kate Totos, Property Manager 647 Tamarack Drive, Steamboat Springs, CO 80477 970.879.1862 | [email protected] • Kent Hornor, Maintenance Manager 647 Tamarack Drive, Steamboat Springs, CO 80477 970.879.1862 | [email protected] Board Members Alison Brodie Luke Carrier Cole Hewitt, President Catherine Carson Mike Beyer, Vice President Emily Katzman Chris Slota, Treasurer Michael Ann Marchand Tim Corrigan, Routt County Commissioner, ex officio Rachel Van Eck Kathi Meyer, Steamboat Springs City Council, ex officio Roger Ashton Roddy Beall

YAMPA VALLEY HOUSING AUTHORITY 2100 Elk River Road, Steamboat Springs, CO 80487 970.870.0167 | yvha.org