STATUS 

• The Resiliency Department has announced new construction housing goals for the first quarter of 2023. They have secured funding worth over $3 million for Habitat for Humanity, which will be used to construct 16 townhouses in the Town of Eagle. The department is also working on a partnership with Hay Meadow and their in-house development at West Eagle, which will eventually have 113 units. They aim to have the development entitled by the end of the year.

MEASURE
Land use approvals granted with phases of development outlined

• In Q2 ECHDA formalized and funded its partnership with Haymeadow. ECHDA will purchase 43 2 bed 2 bath units and resell those units with a deed restriction to eligible households. ECHDA's earnest money deposit, the estimated subsidy per unit, is $6,880,000.

• ECHDA's West Eagle Affordable Housing Development continues to make progress with the intention of submitting its land use and annexation application in Q1 of 2023.

• The Eagle County Housing and Development Authority partnered with Colorado Mountain College (CMC) to fund the construction of a 36 unit apartment building at CMC's campus Edwards, the estimated cost of the building is $12 million. CMC is funding the construction of a second, identical building on the same site, for a net impact of 72 units that will be available summer and fall of 2023.

• The Eagle County/Housing Authority "West Eagle Housing" project is progressing on schedule. The plan is in the schematic design phase and currently showing around 150 units at full build out. The next major milestones will be adding a contractor to the team to begin to estimate cost of the project (late spring 2022) and a Land Use application submittal to the Town of Eagle (summer 2022)

MEASURE
Number of Eagle County Housing Development Authority (ECHDA) applications received

• CHDA's annexation and land use applications for its 113 West Eagle project was submitted to the Town of Eagle 7/3/2023.

• ECHDA initially approved 2 partnership applications in quarter 4 of 2022.

• Year to date, 4 partnerships have been received and approved

MEASURE
Number of ECHDA partnerships approved

• The first partnership approval is for gap funding for Habitat for Humanity's 16 unit, all-electric 3rd Street development in Eagle, expected to deliver its first units in early 2024.

• The second partnership approval is for a bulk purchase of 43 2 bed/2 bath condos at Haymeadow's Phase 1, with ECHDA reselling the units with a price-capped deed restriction to the local workforce.

• ECHDA's design team has fully completed the 100% Schematic Design Phase for the West Eagle affordable housing development, which envisions up to 150 price capped units at build out. ECHDA and the design team will work to develop and submit the project's annexation and development permit application by the end of the year. 

• ECHDA contributed $200,000 to Habitat Vail Valley to cover the cost of the building permit and other fees for an affordable housing project Habitat is proposing in the Town of Eagle for gap funding for Habitat for Humanity's 16 unit, all electric 3rd Street development in Eagle, which is expected to deliver its first units in early 2024. 

• ECHDA also approved a bulk purchase of 43 2 bed/2 bath condos at Haymeadow's Phase 1. ECHDA will resell these units with a price capped deed restriction to the local workforce. With ECHDA's investment in the bulk sale the developer has agreed to convert all of Phase 1, a total of 76 units to all electric with high efficiency mechanical systems. Also, based on ECHDA's investment, the developer has committed to delivering 18 Town of Eagle priced capped units (Local Employee Residence Program) units (9 are required in Phase 1, 9 in future phases) and 15 Town of Eagle Resident Occupied units (15 are required in Phase 1, some in later phases of development) which would deliver 76 deed restricted units, the entirety of Haymeadow Phase 1.

MEASURE
ECHDA Partnership closing/construction begins

• Both Haymeadow Phase 1, a total of 76 units and Habitat for Humanity's 3rd Street project (16 units) broke ground on construction.

• With ECHDA's investment in the bulk sale, the developer has agreed to convert all of Phase 1, a total of 76 units to all-electric with high-efficiency mechanical systems.

• Also, based on ECHDA's investment, the developer has committed to delivering 18 Town of Eagle price-capped units (Local Employee Residence Program) units (9 are required in Phase 1, 9 in future phases) and 15 Town of Eagle Resident Occupied units (15 are required in Phase 1, some in later phases of development) which would deliver 76 deed-restricted units, the entirety of Haymeadow Phase 1.

• ECHDA added a local contractor to the design team in Q4 of 2022 to provide pre-construction and pricing services.

• ECHDA's West Eagle Affordable Housing Development that includes an estimated 115 price capped deed restricted units continues to make progress with the intention of submitting its land use and annexation application in Q1 of 2023. In quarter 4 of 2022, ECHDA added a local contractor to the design team to provide pre construction and pricing services.