FUNDING & SUMMIT COMBINED HOUSING AUTHORITY
In November of 2006 the voters authorized a County-wide 0.125% sales tax and a development impact fee for affordable housing purposes. This was renewed by the voters in 2015 and a new Construction Fund was approved by the voters in November of 2016. These revenue streams generate approximately $3,000,000 annually which is available to preserve and/or develop affordable housing.
In conjunction with the County-wide sales tax and impact fee, the Summit Combined Housing Authority (SCHA) was formed in 2006 to represent all of the jurisdictions within Summit County. The Town of Breckenridge works closely with the SCHA to coordinate the Town’s housing projects and programs with other County-wide efforts. Additional information about the SCHA and their mission is available at the SCHA web site.
land banking & NEW DEVELOPMENT
Land is a critical factor in being able to provide affordable housing and the Town has been successful in acquiring land for the purpose of constructing new affordable housing units. Both rental and for sale affordable housing has been built on Town land and will continue to be built on the Block 11 and McCain subdivisions. These projects have been built by the Town as the developer and through public private partnerships where the Town works with private sector developers in the development of affordable housing. For more information on affordable housing neighborhoods in Breckenridge, click here.
Under Housing Helps the Town pays owners, buyers, sellers, businesses, 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. Recipients may use the funds for down payment, home repairs, special assessments, or any other purpose. In return, the recipients are required to execute a deed restriction that will insure the property is used for local housing. To find out more information and how to apply, click here.
Pursuant to the 2008 Workforce Housing Action Plan, the Town of Breckenridge is expanding efforts to acquire existing free-market units and convert them to permanently affordable workforce housing. This is an important strategy particularly as over time the market units that are currently occupied by employees are converted to other uses such as retirement or vacation homes. It is estimated that there are up to 1,000 market units in the Upper Blue (Breckenridge area) that are currently occupied by local employees. As employees retire and/or sell their market units to non-employees, the shortage of affordable workforce housing is exacerbated. The Town is working to develop specific criteria for Buy Down opportunities.
The Town of Breckenridge utilizes deed restrictions (restrictive covenants) to insure that housing (both rental and home ownership) remains affordable over time for use and occupancy by local employees. A deed restriction is a legal agreement that runs with the land and binds subsequent owners. There are several types of deed restrictions and there are several neighborhoods and individual properties within the Town that are subject to a deed restriction. A deed restriction in Breckenridge will usually limit the occupancy of a home to a local employee and may include resale, appreciation, and income caps as well as other restrictions. There are approximately 1,000 deed restricted properties in Breckenridge.
The Town of Breckenridge annexation policy has been highly effective in generating affordable housing. Breckenridge annexations provides greater densities via transfer of development rights, deferring water tap fees, and waiving permit fees. On the proposed annexation, a minimum of 80% of the proposed dwelling units should be developed as deed restricted housing with a maximum of 20% market rate units.
To encourage the development of new affordable housing and buy down of existing units, the Town of Breckenridge applies Policy 24 in section 9-1-19 of the Development Code. In addition, the Development Code requires that all newly constructed Accessory Dwelling Units be deed restricted. This restriction requires occupancy by a person who works an average of 30 hours per week for a business located in and serving Summit County and prohibits short term rentals. To view the Breckenridge Development Code click here.