90 Virginian Lane got a $5M push, with rents skewing to 135% AMI

Jackson’s Town Council and Teton County’s Board of County Commissioners chose to advance a 221-home version of 90 Virginian Lane with 70% rentals and 30% ownership, alongside $5 million in additional public investment (Option 1B) staff report. Staff framed it as the smallest cash add that still keeps the project within the range of past public-private housing subsidies, while keeping condo resale caps that, over time, make the ownership units cheaper relative to the market.

The tradeoff debated in the room was affordability depth versus getting shovels in the ground. Staff’s recommended package landed at a “weighted affordability” of 135% of area median income, after Pennrose and staff described moving some units into higher income bands to meet financing coverage ratios meeting transcript. Supporters argued the site is one of the few places in town where this much density pencils and could cut commuter traffic; skeptics called it a bait-and-switch and questioned per-unit costs after roughly $30 million in land and $10 million in prior commitments were already on the table.