Apartment Rentals Breckenridge CO

Program Goals:
The goal of the Breckenridge Workforce Housing Program is to insure that affordable housing is integrated throughout the community to provide a variety of housing options for the local workforce.

Program History:

Resort communities, such as Breckenridge, frequently experience a shortage of housing that is affordable to the local workforce. Many of the jobs associated with a tourism based economy are lower paying jobs. As a community becomes a popular vacation and/or retirement option, with a limited supply of land and housing, real estate prices become increasingly unaffordable to the local workforce creating an affordability gap between what is offered in the community and what the local workforce can afford. When the workforce is displaced or priced out it becomes more difficult to sustain a vibrant economy, to fill jobs, to retain families, to service visitors, and satisfy the needs of the community. The Town of Breckenridge has adopted specific housing strategies to insure that there are opportunities for the workforce to live in Town because the lack of housing impacts not only the employees and their families, but also impacts the broader community including residents, employers, and guests in many different ways.

In November of 2006 the voters authorized a County-wide 0.125% sales tax and a development impact fee for affordable housing purposes. This was renewed by the voters in 2015 and a new Construction Fund was approved by the voters in November of 2016. The sales tax and impact fee generate approximately $600, 000 annually in Breckenridge. This tax and impact fee will expire in 2017. In addition to the revenue generated through sales tax and impact fee, the Town of Breckenridge also allocates additional funds into a Breckenridge Affordable Housing Fund. For information on the housing fund, impact fee, or sales tax please contact Laurie Best.

In conjunction with the County-wide sales tax and impact fee, the Summit Combined Housing Authority (SCHA) was formed in 2006 to represent all of the jurisdictions within Summit County. The Town of Breckenridge works closely with the SCHA to coordinate the Town’s housing projects and programs with other County-wide efforts. Additional information about the SCHA and their mission is available at the SCHA web site.

Accomplishments:

• Vic's Landing (24 'for sale' units - completed in 2008)
• Kennington Townhomes (36 'for sale' units - completed in 1999)
• Monarch Townhomes (13 'for sale' units - completed in 2005)
• Pinewood Village (74 affordable rental units - completed in 2001)
• Breckenridge Terrace (180 rental units - completed in 2000)
• Maggie Placer (9 'for sale' units - completed 2015)
• Pinewood II (45 Low-income apartments completed in 2016)

In addition to these neighborhoods, there are over 116 individual units dispersed in Town that are subject to deed restriction. To determine if your home is subject to a deed restriction and how that deed restriction affects the permissible use and resale price of your home, please contact the Summit Combined Housing Authority at (970) 423-7044.

2013 Housing Needs Assessment Executive Summary

Current Projects / Next Steps:
- Pursuant to the 2008 Workforce Housing Action Plan, the Town of Breckenridge is expanding efforts to acquire existing free-market units and convert them to permanently affordable workforce housing. This is an important strategy particularly as over time the market units that are currently occupied by employees are converted to other uses such as retirement or vacation homes. It is estimated that there are up to 1, 000 market units in the Upper Blue (Breckenridge area) that are currently occupied by local employees. As employees retire and/or sell their market units to non-employees, the shortage of affordable workforce housing is exacerbated. The Town is working to develop specific criteria for Buy Down opportunities. For additional information on this program, please contact Laurie Best.