Yampa Valley Housing Authority looks at funding options to meet needs

The Yampa Valley Housing Authority is looking for ways to meet the growing need for affordable housing in Routt County. YVHA currently relies on funding from Steamboat Springs and Routt County to fund projects. The Housing Authority was formed in early 2004 and is composed of a variety of community members.

According to state statute, there are three options for dedicated funding sources: a sales tax of 1 percent or less; a property tax of 5 mills or less; or an impact fee of $2 or less per square foot. An impact fee charges a dollar amount for every square foot of a new building. If the Housing Authority chooses an impact fee, it must also have a tax. All three of the options require a vote by the residents who live within the Housing Authority's boundaries.

YVHA staff and board members said it is too early to say what type of funding the board may go for. Funds that are gained from a dedicated funding source would be used for more affordable housing projects.

The median sale price of a home in Routt County — the price that falls in the middle of prices for all home solds — rose from about $270,000 in 2000 to $370,000 in 2004. In April, only one single-family home in Steamboat Springs area listed at less than $300K.

Read the full article in the Steamboat Pilot . . .

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