Mountainlands Community Housing Trust to build 330 units in Silver Creek Village
Organization plans to construct units within the next three years
May 2, 2017
Mountainlands Community Housing Trust will soon start accepting applications for the first phase of affordable housing units that will be constructed in Silver Creek Village Center, the 240-acre residential and commercial town center slated for the southeast corner of Interstate 80 and U.S. 40.
On Monday, the organization announced it will begin construction this summer on 64 apartments and up to 30 for-sale townhomes in the village center. The county first received an application for Silver Creek as an affordable housing community in the late 1990s. It received final approvals from the Summit County Council in June, 2015 for 1,290 residential units, including the 330 affordable units, and 50,000 square feet of commercial space.
"When it was approved, the developer had an obligation to build 330 units that would have been phased in over a period of time, which could have been five-to-10 years," said Scott Loomis, executive director of Mountainlands Community Housing Trust.
The village's development group provided several lots to the organization "so we can build them out very quickly as part of their obligation," Loomis said. In the fall, construction commenced on the development's main road and underground utilities were installed
"It's kind of a win-win situation because we are going to do it so it is a better product that targets the right people of lower income," he said.
Loomis said the organization is applying for low-income tax credits, adding "we are optimistic that we will score well." If the tax credits are awarded, he said the organization will be applying for a 106-unit complex and 24-unit complex. Construction would begin in the fall.
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"We have three other parcels where we will build as demand indicates and, hopefully, that will happen in the next couple of years," Loomis said.
Each unit, whether for sale or rent, will have eligibility restrictions on income and preferences for the local workforce, according to a release. It stated apartments will be restricted to households earning 25 to 60 percent of the area median income, which would be below $62,040 for family of four and $49,632 for a household of two. Rent is estimated to range between $700 and $1,500 per month for studio to four-bedroom apartments.
Half of the townhome units will be priced for households earning less than 60 percent of the area median income, the release stated. The remaining units will be restricted to those earning between 60 to 80 percent of the median income or $62,040 to $82,720 for a family of four. Townhome prices will range between $250,000 and $320,000.
Summit County's housing shortage has challenged government officials and activists as they've struggled to come up with a solution to provide affordable and workforce housing. The Park City and Summit County's Councils have recently reiterated their commitment to addressing the issue.
"It is so desperately needed here and with this solution we will be able to provide it before the developer would," Loomis said. "But the actual need is hundreds of units. Hopefully, this will help fill that need sooner rather than later."
For more information about income eligibility or to apply for the units, go to the Mountainlands Community Housing Trust website at housinghelp.org or visit their Facebook page. Mountainlands Community Housing Trust is a nonprofit organization advocating for affordable housing in Summit and Wasatch Counties.
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