174 N. King Street - 30 Low Income Rental units
ABOUT THIS PROJECT: This is the first project in the Housing Department's "Request for Proposals" portfolio and represents a major step in implementing the Workforce Housing Action Plan.
In November 2017, the Town Council directed Housing Department staff to release a Request for Proposals to develop housing at 174 North King Street. In January 2018, four developers responded to the RFP. The Housing Supply Board reviewed the proposals, interviewed finalists, and provided a recommendation to the Town Council. The board was split between the CaRE Residential proposal with the incredible opportunity to leverage the adjacent northern parcels for a 100% workforce housing project, and the Westmount proposals with the opportunity to leverage Low Income Housing Tax Credits to provide much needed low-income rental housing to our most underserved population.
In May 2018, the Town Council awarded the project to Westmount Development. In September 2018, Westmount Development submitted an application to the Wyoming Community Development Authority (WCDA) for Low Income Housing Tax Credits (LIHTC) for the project. In January 2019, WCDA declined to award LIHTC to the project, but encouraged the team to reapply. In March 2019, Westmount Development reapplied for LIHTC. A decision on the LIHTC allocation is expected in July 2019.
- 30 rental units priced from $437/month to $1,269/month and serving households earning <28% of median family income to 60% of median family income.
- 1,920 square-feet of ground floor "community benefit" commercial space. Through a RFP process, the Town Council will identify a tenant for the space.
- Town of Jackson will provide the land to the developer for $1/year (land value = $2,000,000).
- Westmount Development will build and manage the property.
- The units will be permanently deed restricted.