Local Employee Residence Program
For more information about the program, please contact:
Tori Franks
The Valley Home Store
25 Mill Loft St. Suite 200
Edwards, CO 81632
(970) 328-8775 Direct
(970) 328-8782 Fax
Overview
The Town of Eagle recognizes that affordable housing is a valuable community resource that needs to remain available not only for current residents and employees, but also for those who may move to our Town. For this reason, in the fall 2002, the Town adopted inclusionary residential requirements for local employee residency, titled “Local Employee Residency Program" (“LERP”). The program officially began in January 2004.
Local Residency Program
The purpose of the Local Employee Residency Program for the Town of Eagle is to increase the supply of housing that is affordable to those who live and/or work in the Town. However, this program does not exclude those who live and/or work elsewhere. In recent years, the cost of housing has increased at a rate that is faster than the increases in the earnings of low to moderate-income households. This, in turn has affected the ability of the community to retain and attract employees.
The Town of Eagle Local Employee Residency Program requires new residential development of ten (10) or more units to provide at least 10% of the housing that it produces as affordable to households defined herein. The program also seeks to distribute community housing throughout new developments and that these units will be produced in proportion to market rate housing that is constructed in any new development. The units will be subject to an appreciation cap and specific resale procedures, both intended to make the initial price as low as possible and keep it that way well into the future.
The program has created a total of 33 constructed units throughout town, which include single family homes, townhomes and condominiums.
Eagle Ranch Housing Corporation
In addition to the Local Employee Residency Program, the Town of Eagle required a housing program to be established with the Eagle Ranch Planned Unit Development, which is run by the Eagle Ranch Housing Corporation. This program has created a total of 61 constructed units throughout town, which include single family homes, townhomes and condominiums.
Accessory Dwelling Units (ADUs)
Lastly, in 2000, the Town changed its zoning standards to permit accessory dwelling units (“ADUs”) in all residential zoned districts as a measure to increase the supply of rental housing available in the area. Anecdotally, the Town believes that ADU’s are being rented as workforce housing units. To date, the Town estimates that there are approximately 88 constructed and occupied ADU’s in the Town.
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