Eagle County Plans Purchase of Fox Hollow for Affordable Housing

What does Eagle County's potential purchase of the Fox Hollow development in Edwards mean for affordable housing in the area? The county is exploring the purchase of the 87-unit property, currently owned by Vail Health and Breckenridge Grand Vacations, to preserve community housing. The Eagle County Board of Commissioners, acting as the Eagle County Housing and Development Authority, has approved a non-binding letter of intent with the sellers. This move could increase the number of deed-restricted units in the development from 44 to 87 — a significant boost to affordable housing options in the county.

Tori Franks, the county's resiliency director, called the purchase "the beginning of this journey" and emphasized its potential value to the community. Commissioner Tom Boyd also acknowledged the complexity of the undertaking. The plan involves purchasing the property and then master leasing it back to Vail Health for 30 years. Vail Health would pay predetermined monthly rents to the authority, and its employees would pay rent to Vail Health. The tenant mix is not expected to change, with Vail Health employees continuing to occupy the units.

The financial details of the plan are notable — the purchase price is estimated at $69 million, plus additional transactional costs, and bonds will be issued to cover the expense. The annual bond payments would be covered by the rent paid by Vail Health, with rent starting at $2,000 per month for a one-bedroom unit and escalating by 3% annually. Franks emphasized that "we are looking at this as deploying a lot of the housing authority's tools, but no out of pocket dollars." Make no mistake, this is a significant investment, one that could have a lasting impact on the availability of affordable housing in the area.

The short version is that Eagle County is taking a bold step to address the affordable housing crisis. But what's not being said is how this move will affect the broader housing market in the county. Will it drive up prices for other properties, or create new opportunities for developers to build affordable units? The partnership between the housing authority and Vail Health, one of the largest employers in the county, is also worth watching. This collaboration could set a precedent for future joint efforts between the public and private sectors to address the housing shortage.

As the plan moves forward, locals will be watching to see how it plays out. The fact that innovative solutions are being explored to address the housing crisis is a positive sign. But the devil is in the details; the success of this plan will depend on careful management and oversight to ensure it meets its intended goals.

Read that again: the authority is committing to a 30-year master lease with Vail Health. That's a long-term commitment, one that will require careful management and oversight to ensure it meets its intended goals.

Folks around here know that affordable housing is a pressing issue - one that affects not just individuals and families but also the local economy. The lack of affordable options can drive up costs for employers, make it harder for businesses to attract and retain talent, and limit the overall growth and development of the community. So, what's the potential impact of this move on the local economy? That's a question that will be answered in the coming months and years as the plan unfolds.

In the meantime, the community will be watching to see how this plan affects the affordable housing landscape in Eagle County. Eagle County's willingness to think outside the box and explore new solutions will be tested by the plan's implementation. But the real test will be whether this plan can truly make a dent in the affordable housing crisis. This move will be closely watched by locals, who are eager to see tangible progress on this critical issue. The question on everyone's mind: will it work?