Town/county split costs on $15M funding plan for 90 Virginian Lane housing

Jackson Town Council and the Teton County Commission used their April 6 joint meeting to set a funding framework for the next phase of the 90 Virginian Lane affordable/workforce housing development (221 homes) as staff and the Jackson/Teton County Housing Authority finalize a development agreement and ground lease with Pennrose ahead of a targeted May approval.

Per the staff packet, electeds were asked to give direction on two near-term commitments: how to fund the project’s “first $10 million” (estimated $8.5 million for horizontal infrastructure plus a $1.5 million loan to the rental portion) and how to cover a separate $5 million funding gap for the rental project that Pennrose is seeking as a firm commitment. Staff recommended splitting both amounts evenly between the town and county, while allowing flexibility to sequence specific funding sources (mitigation fees first, then general funds and/or eligible SPET dollars depending on the policy tradeoffs). 90 Virginian Lane Affordable Housing Project Staff Report Packet

The packet also outlined additional policy choices that remain in play as deal terms are finalized, including whether the town should join the county in pre-purchasing up to $5 million in deed-restricted condos (asset acquisition rather than subsidy), and whether to broaden local “critical service provider” preferences to include groups such as school district staff, childcare workers, medical workers, and other government employees. 90 Virginian Lane Affordable Housing Project Staff Report Packet