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Habitat describes regional buy‑downs and employer priority system that aim to stabilize workforce housing
Summary
Habitat reviewed a large conversion buy‑down (88 units, $35M purchase) and a 'priority partner' model where employers and public entities put up funds for rights to units so employees can access long‑term homeownership.
Habitat for Humanity told the council about past regional projects and a large buy‑down effort intended to convert rental stock into long‑term homeownership. A presenter said the organization bought 88 free‑market rental units in West Glenwood Springs for roughly $35 million and has been converting them into ownership opportunities aligned to household AMI levels.
Gail Schwartz described an employer priority system used on several projects: local governments, school districts, fire districts and some private employers make priority contributions ($100,000–$150,000 cited in examples) that secure an ongoing right to place an eligible employee into a unit when it becomes available. Schwartz said priorities do not buy down a unit’s price directly but create a property right to nomination and help stabilize housing for specific employers.
Habitat representatives asked jurisdictions to consider partnerships and noted multiple development and donation examples (land donations, infrastructure contributions) that materially reduced project costs in prior projects. Councilors asked about remaining partnership slots, the timeline for converting rental units to homeownership and the potential for Aspen to participate in the employer priority program.
Habitat said some priority slots had been sold and that its goal for a recent project was to have 30 priority partners and that 20 had signed on; staff suggested follow up to explore Aspen participation in priority partnerships for future developments.
