YVHA Mission: The Yampa Valley Housing Authority supports the local economy, community, and businesses of the Yampa Valley by implementing appropriate housing solutions for local workers, other qualified residents and their families.

Updates from the

Yampa Valley Housing Authority (YVHA)

March 8, 2024

Hello community members,

Thank you for continuing to read this newsletter and asking us questions about our housing developments.

Recently, the affordable housing crisis in Steamboat Springs made national news in a NBC News story; you can read it here.

Affordable housing is complicated and so different than market-rate housing. We get many of the same questions at our meetings and we will continue to answer the questions we receive in this newsletter, like we did last week.

The three questions addressed in this newsletter are:

• How is affordable housing different than market-rate housing?
• How is YVHA working with community partners to provide services?
• What are the income levels for YVHA properties?

In last week's newsletter section about parks at the Brown Ranch we wrote that "there will be an eight mile trail around the entire Brown Ranch, part of the wild land fire break ring, that will be paid for by YVHA." It should have stated that YVHA has agreed to provide at least eight miles of trails at Brown Ranch, including the Core Trail extension, greenway trails, and wild land fire break perimeter trail.

Thank you for reading, and check out more below.

Sincerely,

Jason Peasley, Executive Director, YVHA

Leah Wood, YVHA Board President

How is affordable housing different than market-rate housing?

What is the difference between market-rate housing development and affordable housing development?

Affordable housing is very different than market-rate housing. By definition, Affordable Housing is housing that is subsidized so that households at specified income ranges can afford it without spending approximately 30% of their income. Here are a few points to help explain how YVHA builds its housing developments and keeps costs lower for renters and owners.

·      Cost to build: Construction costs are the same for market-rate home and an affordable home. The main difference between market-rate housing and affordable housing is how these costs are passed down to the renter/buyer. 

·      Passing on costs to the renter/owner: In market-rate housing, developers pass on the costs associated with building a home to the renter or owner. 

·      YVHA reduces costs to the renter/owner: However, since the YVHA is a non-profit government entity, it has access to federal and state tax credits and grants that reduce the end cost to the renter/buyer.

·      Subsidy reduces equity cost for developers: In addition, YVHA has worked with private developers on their housing units at The Reserves, Alpenglow Village, Sunlight Crossing and Anglers Four Hundred. The private developers invest their money and assume the risk to get a return on their investment, but their costs are less because YVHA has secured a subsidy. 

·      Land donations reduce costs: In the case of Mid Valley and the Brown Ranch, the subsidy is even greater because donors gave YVHA the funds to buy the land. Market-rate developers typically include the cost of land in the price renters/owners pay.

·      Price points of affordable homes are based on income tiers, not based on supply and demand dynamics of the housing market: Both for Mid Valley and Brown Ranch, YVHA will offer as many income tiers as possible, based on Area Median Income (AMI), for both rental and ownership options. This effort is aligned with the goal of helping individuals meet the federal affordability standard that approximately 30% of income goes to rents or mortgages. 

·      Mid Valley and Brown Ranch will include a variety of home types to serve a wide range of incomes.  The Reserves, Alpenglow Village and Anglers Four Hundred were all built as low-income federally subsidized apartments. Sunlight Crossing rental units were built for middle-income earners.

Mid Valley will also be built for middle-income earners. 

-- Ownership will be 100 to 140% Area Median Income (AMI) which is:

• Individual: $75,100 (100% AMI) to $106,260 (140% AMI)
• 4-person household: $108,300 (100% AMI) to $151,620 (140% AMI)
• Rentals will be 80 - 140% Area Median Income (AMI)
• Individual: $60,720 (80% AMI) to $106,260 (140% AMI)
• 4-person household: $86,640 (80% AMI) to $151,620 (140% AMI)

The Brown Ranch plans to have rental and ownership options for a broad range of incomes in the Routt County workforce.

·       Individual - 20% Area Median Income (AMI) ($15,180) to 250% AMI* ($189,750) 

·       4-person household - 20% AMI ($21,600) to 250% AMI ($270,750)

          More details can be found here.

More details can be found here.

* AMI numbers are based on salaries in 2023.

How YVHA is working with community partners to provide services?

The Yampa Valley Housing Authority (YVHA) believes in leveraging community assets to help provide services for the community.

As part of YVHA's community outreach, community members have identified services that are needed west of town.

Services include access to food, medical offices, childcare, recreation and more. Including services close to where people live contributes to health and resiliency of our residents and reduces traffic. At the same time, it creates partnerships with trusted community partners who need space to grow to serve our community.

YVHA plans to work with trusted local community experts to provide the services that will be needed in conjunction with YVHA housing. There is a formal application process to be considered as a partner and YVHA is still accepting applications to fill any gaps. 



Final plans of where these services will be located and how services will be delivered still needs to be developed in more detail.

Find out more about community partnerships here.

Community Partner Spotlight: The Steamboat Sports Barn

The Steamboat Sports Barn: An Indoor Recreation Facility for All

• YVHA intends to lease 8.5 acres to a local non-profit, the Steamboat Sports Barn, made up of local youth sports groups.

• The plan is for an indoor Fieldhouse and two full-size athletic fields.

• It would be sited near Sleeping Giant School, off County Road 42.

• The Steamboat Sports Barn non-profit is raising the funds to pay for the facility.

• Read more here.

What are the income levels for YVHA homes?

As YVHA embarks on more rental and ownership options, it is important to understand the different tiers of income thresholds. Area Median Income (AMI) is the measurement YVHA uses to determine eligibility for our homes, both rental and ownership.

With more home types intended in YVHA's portfolio, YVHA can respond to community demand for building single family homes, duplexes, townhomes, accessory dwelling units, condos and apartments.

YVHA intends to have a wider range of homes that serve diverse incomes available to respond to consumer demand. Our community needs homes for nurses, teachers, firefighters, non-profit staff, restaurant and hotel staff and more. Per the 2023 Area Median Income numbers, YVHA is intending to deliver a wide range of homes in these income ranges:

• Individual Income:

20% Area Median Income (AMI) ($15,180) to 250% AMI ($189,750) 

• 4 person household income:

20% AMI ($21,600) to 250% AMI ($270,750)

Brown Ranch Vision

Brown Ranch residents will live and connect in a vibrant, resilient, diverse, and welcoming neighborhood that provides a wide variety of housing options and services designed by and for the Yampa Valley community.

An affordable housing development for the Yampa Valley

For inquiries Email: inquiry@yvha.org