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County and town set funding split as staff reanalyzes $5 million condo shortfall for 90 Virginia Lane project
Summary
After staff flagged a newly clarified $5 million subsidy need for the for-sale condo portion of the 90 Virginia Lane housing project, the county commission approved a conditional county allocation and the town approved a separate town contribution while directing staff to return with a clearer financial analysis and alternatives.
Teton County and Jackson town officials on April 6 voted to lock in funding direction for the 90 Virginia Lane affordable housing project while ordering staff to return with clearer numbers after project partners said a previously unrecognized $5 million subsidy remained for the condominium (for-sale) portion of the development.
Shannon Norton, a project presenter, told the joint meeting that the project team and staff had discovered a difference in how "prepurchase" of condominiums and a direct subsidy function. "Pre purchasing condos buys the county or the town the right to own condos, but that's just at the fair market value of whatever that purchase price is. That's not a subsidy," Norton said. She added that, under the projects current AMI (area median income) mix and unit mix, "there's still, all things equal, a need for a $5,000,000 subsidy on the…
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