Frisco Town Council has identified affordable workforce housing as one of their top 3 priorities, and is working on a comprehensive housing plan, which incorporates multiple strategies to insure employees are able to live where they work.
Mountain communities, like Frisco, are great places to visit, and their popularity as vacation destinations commonly results in a shortage of affordable workforce housing because of the prevalence of vacation homes and vacation rentals and the lack of inventory inherent in a community with limited buildable land. Couple this with a tourism based economy, which primarily produces lower paying service jobs, and you have a challenge housing the local workforce.
June 08, 2021 Housing Solutions Strategy Town Council Presentation
Frisco recognizes that our community is a better and more vibrant place when our workforce can afford to live and raise their families where they work. Workforce housing is intended to serve all areas of the workforce including first responders, medical care providers, teachers and hospitality and restaurant workers, so our residents have the services vital to preserving the quality of life for all community members.
The Frisco Town Council authorized staff to amend the deed restriction acquisition program known as – Housing Helps 2.0 with Resolution 21-17. The goal is to incentivize real estate buyers and homeowners to deed restrict their property to maintain and sustain homes for locals in the community. The Town will pay buyers, businesses, current property owners, and investors to accept a deed restriction on homes that are currently unrestricted.
The amount that will be paid for a deed restriction will vary depending on the market and how well the home meets current needs in the community. the Town estimates that the value of the deed restriction may be in the range of 10-15% of the market value of the property. Recipients may use the funds towards their down payment to purchase a property. In return, the recipients are required to execute an occupancy only deed restriction (must work 30 hours a week within one mile of the Ten Mile Basin) that will insure the property is used for local housing into perpetuity.
Option 1: Town purchases a deed restriction from a home buyer as a down-payment assistance program (buyers may include businesses) that limits occupancy to local workforce community members with no income cap, price appreciation cap, or household size requirement.
Option 2: Town purchases a deed restriction from a current property owner (including businesses and developers) that limits occupancy to local workforce community members with no income cap, price appreciation cap, or household size requirement.
Option 3: Town purchases a market rate or existing deed restricted housing unit and resells the property with a deed restriction limiting occupancy to local workforce community members. Income caps, price appreciation caps, and/or household size requirements. Income caps, price appreciation caps, and/or household size limits may be imposed at the discretion of the Town.
Option 4: Town provides financial assistance to a current property owner to construct an accessory dwelling unit that is deed restricted under the terms of the affordable housing incentives of Section 180-5.5 of the Frisco Unified Development Code.
How to Apply:
The Summit Combined Housing Authority (SCHA) was formed in 2006 to serve all of the towns in Summit County and all areas of unincorporated Summit County to facilitate a long term housing solution. SCHA provides education, loan assistance and rental information and enables the sale of workforce housing.
In March 2017, Frisco Town Council made the decision to form a Housing Task Force consisting of community members with diverse backgrounds related to housing. The Housing Task Force had their first meeting on May 11, 2017 and were scheduled to meet twice a month for 6 months going forward (finished meeting in November 2017) . The goal of the task force was to assist the Frisco Town Council by creating a strategic housing plan for the short and long term workforce housing needs of the community. Areas of recommendation would include housing project priorities, code incentives and 5A fund strategies, among other issues.
Housing Task Force members were chosen by Town Council after a robust application and selection process and met together at times and in separate groups, one focusing on projects and the other focusing on policy.
In August 2017, the Projects group put together a charrette to look at 3 different Town owned parcels and presented the results to Town Council at an August work session. The results can be found in the Housing Task Force Charrette Overview.
In September 2019, The Town Council approved a new Residential Housing Restrictive Covenant and Notice of Lien which any deed restricted owner has the option to opt in anytime in the future. Learn more and review the Frequently Asked Questions regarding this new covenant.
The Family Intercultural Resource Center (FIRC) also offers rental readiness class for perspective renters, a rental housing program and foreclosure counseling– Michel Infante, 970-455-0232 or email Micheli@SummitFIRC.org.
The Town of Frisco Community Development Department is a great resource for helping property owners figure out how to be part of the housing solution through incentives offered. You can contact Eva Henson, Housing Manager, at 970-668-3085 or email.