Eagle County Commissioners agree to spend almost $30 million on two new housing projects | VailDaily.com

Eagle County Commissioners agree to spend almost $30 million on two new housing projects

County will help fund Habitat project, and will bulk-buy units in Eagle's Haymeadow project

Eagle County has agreed to bulk-buy 43 units in the first phase of the Haymeadow development in Eagle. The county will subsidize purchase of the units by roughly $160,000 each.
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Eagle County in 2023 will spend in a big way some of the $50 million it received from the sale of the Lake Creek Village apartments in Edwards.

The Eagle County Board of Commissioners, acting as the county’s housing authority, recently approved financial commitments for a pair of projects in Eagle.

The first, with a total contribution of $3.28 million, will help fund a partnership project between the Eagle County School District and the local chapter of Habitat for Humanity.

Where the money goes
  • $3.28 million: Total Eagle County contribution to a partnership with Habitat for Humanity and the Eagle County School District for 16 new homes in Eagle.
  • $26 million: Up-front costs to buy 43 homes in a 76-unit portion of the Haymeadow project in Eagle.
  • $6.88 million: Ultimate county subsidy for those homes after they’ve been sold and deed-restricted.

That project will build 16 homes on Eagle’s Third Street, near the school district campus there. The homes will all be three-bedroom, two-bathroom units. Much of the construction will be completed by a factory in Buena Vista.

Eagle County Resiliency Coordinator Tori Franks told the commissioners that the project is facing a funding gap of a bit more than $3 million.

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Franks said the units will be all-electric, which is in line with the county’s climate action goals.

Commissioner Matt Scherr noted that beyond cutting greenhouse gas emissions, the electric heat and appliances will be “a lot less expensive to operate.”

John Welaj, director of the local Habitat chapter, thanked the commissioners for their help.

“This is the largest gift we’ve ever received,” Welaj said. “Everyone’s been amazing to work with — we’re so grateful.”

The commissioners also approved funding to buy 43 two-bedroom, two-bathroom units in one phase of Eagle’s Haymeadow project.

The 43 units are part of a 76-unit first phase of the project. The county’s participation means all 76 units in the first phase will be built as all-electric homes.

Scherr noted that the Haymeadow project sees the county working with a private developer, with the county using the unit purchase as leverage for its sustainability goals.

In addition to the county’s price-capped, deed-restricted units, the town of Eagle will participate in the purchase and deed-restriction of another 18 units. Franks said Haymeadow’s developers have agreed to deed-restrict all 76 units in the first phase to ensure future affordability.

The county’s portion of the project will cost almost $26 million in up-front funding, but much of that money will be recouped when the units start selling in 2024. But roughly $6.8 million will go to buy down the value of the units.

Franks said current market rates put the price of unsubsidized units at about $600,000. The subsidized units will sell for about $440,000.

Commissioner Kathy Chandler-Henry noted that there’s been “lots of talk” about housing in the valley.

“This is actual digging in the ground — and quickly,” she added.

Scherr noted that the community is getting “59 price-capped units for Christmas… those are the ones we value the most. It’s very exciting.”

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