The Jackson Street Apartments will create much needed affordable housing units for the local workforce
Last week the Teton County Board of County Commissioners approved the Jackson Street Apartment complex, a public-private project that will create 57 100% deed-restricted housing units. 75% of the units will be “affordable” rentals for people making 120% or less of median family income. The other 25% will be “workforce” restricted, meaning renters need to make at least 75% of their household income locally, and cannot own property within 150 miles of the county. All tenant households will need to have at least one person working full-time locally.
The project was made possible by a donation from the Cumming Foundation, which will donate six lots, appraised last November at $11.5 million, and $10 million in cash to the development. Teton County will contribute four adjacent lots to the south of the Cumming Foundation’s lots, appraised at $5.6 million, in addition to $5 million of housing mitigation fees. This combination of public and private partnerships is a wonderful example of widespread community support for housing in Jackson. The Alliance is excited to see this project approved and hopefully many more in the future to support our community.