HomeMy Public PortalAboutCornerstone's Attainable Housing Plan014,
CORNERSTONE
Attainable Housing Plan
April 20, 2005
s -
Cornerstone Attainable Housing Plan
1.0 Summary
This report presents the Attainable (Work Force) Housing Plan as required by the Amended and Restated
Annexation Agreement for the Rendezvous Property, dated June 4, 2003. It is submitted in accordance
with section 4.7 of the annexation agreement to fulfill the requirements of the agreement, which call for
the provision of 144 attainable housing units. In preparing the Work Force Housing Plan, Cornerstone
Winter Park Holdings, LLC ("Cornerstone") reviewed the Town of Fraser's current housing needs and
Grand County market conditions with the assistance of RRC Associates. RRC's experience with
attainable housing in Colorado and its familiarity with Grand County's population and demographic trends
include assisting in the preparation of the Grand County Housing Needs Assessment conducted in
2000/2001. The preparation of the Cornerstone Plan included analysis of the Grand County Housing
Needs Assessment (2001), 2000 Census information, Grand County Assessor records and current MLS
listings; and meeting with representatives of the Grand County Housing Authority, the Fraser Work Force
Housing Committee, and the Town of Fraser.
2.0 Cornerstone Attainable Housing Plan
The plan is based on the current Town requirement, and it is understood that Cornerstone and
Rendezvous are not subject to other, future changes in regulations of the Town or extra -
jurisdictions in the form of levy's, impact fees, or other controls that could impact their
properties. It is understood that sufficient demand for the housing must exist prior to
commencing development and that the plan may be revised upon agreement of the Town of
Fraser and Cornerstone.
2.1 Plan Definitions and Elements
The Housing Plan is based on the following definitions, standards and definitions:
Inclusionary Housing Definition.
This plan is designed to address the workforce housing need related to the
Cornerstone and Rendezvous properties as identified in the Rendezvous PDD,
approved June 2003. Cornerstone is responsible for fulfilling the requirement for both
properties by providing attainable housing on the Cornerstone property, or on sites
identified by Cornerstone within the Fraser Valley. This allows for a tie between
development on the Cornerstone property and the provision of work force housing.
2. Attainable Housing Definition.
Based on the definition in Section 2.1.2 of the 2003 Amended and Restated
Annexation Agreement, attainable housing is defined as "dwelling units or their
equivalent intended to be purchased and/or rented by Fraser Valley residents that
meet certain asset, income and employment guidelines".
3. Resident Criteria.
The housing is intended for the permanent work force employed in the Fraser Valley,
and the occupant must meet the following guidelines:
a) Primary home
b) May not own other developed residential property in Grand County
c) Attend home -buyer's class
d) Housing and qualified improvements appreciation will be deed restricted
e) Work in Fraser Valley eight months/year
1
Cornerstone Attainable Housing Plan
4. Incentives.
As the cost of providing attainable housing is impacted by development standards
and development fees, the Town of Fraser agrees to consider incentive programs,
modified development standards, and other regulatory approaches to facilitate
attainable housing costs. Town of Fraser also agrees to assist Cornerstone with the
involvement of other jurisdictions.
5. Partnerships and Flexibility.
Cornerstone may seek partnerships with public and private sector entities to develop
work force housing.
6. Equivalency Standards.
The residential equivalency for attainable housing will be accounted for as follows:
Housing Type Equivalency
Accessory Unit (450sf) 1 unit
Single family lot 1.5 units
Single family dwelling unit: 750sf or less 1.5 units
Single family dwelling unit: greater than 750sf 1.5 units + .002 unit/sf over 750sf
Multi -family Rental unit 1.0 unit
Multi -family ownership unit: 500sf or less 1.0 unit
Multi -family ownership unit: greater than 500sf 1.0 units + .002 unit/sf over 500sf
7. Administration.
The Grand County Housing Authority will review resident qualification and administer
the deed restriction programs.
An annual audit will be provided to the Town by Cornerstone on or before October 31
of each year.
Development Proposal — Elk Creek Neighborhood
Cornerstone proposes to develop an initial attainable housing project in a traditional neighborhood with an
integrated plan of attainable and market priced housing consisting of single family and multi -family
residential.
The proposed project is located along Elk Creek near Count Road 72 immediately adjacent to the existing
developed portion of the Town of Fraser. Within walking distance of existing commercial and
transportation services the neighborhood is designed with a traditional layout of single-family detached
lots and multi -family housing reflecting the pattern of 'old' Fraser. This pattern will help foster 'connectivity'
and a sense of neighborliness along Elk Creek with convenient roadway and trail access.
Architectural guidelines will provide a simple but consistent framework promoting a 'mountain meadow'
cottage character emphasizing porches; setback and detached garages; gabled roof forms with dormers;
and a palette of traditional materials and colors.
The plan as proposed contains a minimum of 15 attainable multi -family (townhome and/or apartment)
residences and 34 attainable single-family lots — which can be provided as lots for owner constructed;
builder constructed and developer constructed residences. Development of the Elk Creek neighborhood
would commence upon reservation/contracting 50% of the affordable housing and/or land product.
2