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Consultants outline Chamisa Verde pilot, $2.9M grant and $2M infrastructure estimate for first phase
Summary
Consultants from Economic & Planning Systems and Bowman presented a feasibility and engineering update on Chamisa Verde, proposing a 7‑lot pilot with a second‑mortgage affordability tool and initial infrastructure costs estimated near $2 million; council discussed deed restrictions, lender acceptance and density options.
Town consultants Economic & Planning Systems (EPS) and Bowman presented the next steps for Chamisa Verde affordable housing on May 13 and asked council for direction on key program design points: eligible buyer criteria, deed‑restriction features and whether to consider higher‑density options on unserved lots.
Matt Prosser and Sarah Dunmeyer of EPS said the town has grant funding (about $2.9 million) for plan design and initial development work and that the first seven lots will operate as a pilot to help define pricing, resale restrictions and a second‑mortgage mechanism to preserve long‑term affordability. Prosser outlined a recommended eligibility window targeting households at or below 120% area median income (AMI) who live and work in Taos/Taos County and noted the council could add preferences or residency length requirements.
EPS described a second‑mortgage approach to reduce the buyer’s mortgage obligation: grant or program funds would cover land and some connection fees through a subordinate loan, allowing buyers to qualify for smaller primary construction mortgages and preserving subsidy dollars for future resale. EPS also recommended deed restrictions limiting appreciation (a sample 3% annual cap was discussed) and requiring resale to qualifying buyers so affordability repurposes for future households.
Bowman’s predevelopment engineering study identified gaps between the 1996 plat and existing utility as‑builts and estimated hard infrastructure costs to extend water, sewer and roads to unbuilt lots. The firm provided a high‑level estimate of roughly $2 million for utilities and roadwork to serve the remaining phase; consultants said that figure would be refined after field survey, potholing and confirmation of existing mains. Bowman also flagged opportunities to consider increased density where there is no existing infrastructure (for example, smaller lots, townhomes or stacked flats) to stretch subsidy dollars and provide more units.
Council discussion centered on the feasibility and long‑term stewardship of deed restrictions; several council members asked that staff consult local lenders to ensure mortgage products can be underwritten where deed restrictions limit future sale price. Planning director Bill Evans confirmed the $2.9 million grant is intended for plan design and affordable workforce housing and said the town will confirm whether infrastructure costs are eligible under the grant rules. Several council members expressed support for exploring greater density where practical.
Consultants said their next steps are to survey and confirm on‑the‑ground utility locations, finalize engineering estimates, refine price points and return with a program that integrates the second‑mortgage tool and implementation steps for the pilot seven lots and subsequent phases.
