Frisco Workforce Housing Inventory
Frisco Workforce Housing
Why is Housing a Challenge in Mountain Communities?
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/second homes and vacation rentals and the lack of inventory inherent in a community with limited buildable land, as Frisco is surrounded by National Forest on three sides and Dillon Reservoir on the fourth side. Couple this with a tourism based economy, which primarily produces lower paying service jobs, and housing the local workforce becomes challenging.
How to be a Part of the Solution: Frisco Housing Helps
The Town of Frisco has a program, Housing Helps authorized by Resolution 21-17, where the Town provides cash for a deed restriction in order to incentivize real estate buyers and homeowners to deed restrict their properties to maintain and sustain homes for locals working in the community. The Town in turn pays buyers, businesses, current property owners, and investors to accept a deed restriction on homes that are currently without a deed restriction.
What kind of deed restriction?
- The most flexible type- recipients of Housing Helps assistance are required to execute an occupancy-only deed restriction, where occupants (owners or renters) must work at least 30 hours a week at businesses within one mile of the Ten Mile Basin- basically Copper, Frisco (including the hospital, County Commons, and the middle school) and Farmer’s Corner (including the high school).
- There are NO income caps, NO price appreciation caps, and NO household size requirements as part of this occupancy-only deed restriction.
How much cash assistance?
- 10-15% of the value of the property- The Town estimates that the value of the deed restriction will likely be in the range of 10-15% of the market value of the property.
- The amount paid for a deed restriction will vary depending on the market and how well the home meets the current needs in the community.
- Participants may use the funds for ANYTHING, including using it as part of their down payment.
- Option 1: Town purchases a deed restriction from a new home buyer who can use that cash assistance for anything, including as down payment assistance. Buyers may include businesses or investors who want to rent their properties to occupants who work at least 30 hours a week at businesses within one mile of the Ten Mile Basin.
- Option 2: Town purchases a deed restriction from a current property owner (including businesses and developers) and then this property has a deed restriction that limits occupancy to local workforce community members who work at least 30 hours a week at businesses within one mile of the Ten Mile Basin.
- 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 limits may be imposed at the discretion of the Town if the property is purchased by the Town.
- Option 4: Town provides financial assistance to a current property owner to construct an accessory dwelling unit that is deed restricted to local workforce community members who work at least 30 hours a week at businesses within one mile of the Ten Mile Basin.
- Option 5: Town partners with Summit County to purchase 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.
How to Apply:
- Complete the online Housing Helps application
- If approved, Town staff will assist with processing the Housing Helps Purchase Agreement and Housing Restrictive Covenant
- Process typically takes about 30-45 days, similar to a real estate transaction
Frisco Workforce Housing Inventory
- Frisco has 153 affordable housing units located in various developments around Frisco, which includes the Peak One Neighborhood. Many of these units were made available because of incentives in Frisco’s land use regulations.
- The Town of Frisco owns 17 properties, which includes the Mary Ruth Project, that are rented long-term, primarily for the purpose of providing employee housing.
- Peak One Neighborhood includes 69 homes, both single family and duplex. 61 of the units are restricted to families earning between 80-160% of the Area Median Income (AMI); 8 are market value; and all 69 of the homes are restricted to people in the local workforce. The Town of Frisco worked with Brynn Grey Partners to develop this twelve and a half acre town-owned parcel of land in the heart of Frisco. This project was completed in 2015. In 2016, Housing Colorado honored Frisco’s Peak One Neighborhood with the Eagle Award for its outstanding contribution to affordable housing in Colorado.