VAIL DAILY ARTICLE: VALLEY’S BIGGEST ISSUE – HOUSING

The local economy is humming along at the moment, but there are some blotches in the picture. That was the overall opinion of several local experts at Wednesday’s Vail Valley Business Forum, a joint production of the Vail Symposium and the Vail Valley Partnership, the valleywide chamber of commerce. That forum provided a good look at the county’s economic picture. First, the good news: While the town of Vail’s sales tax collections recovered more quickly from the nationwide economic slump that began in 2008, the county’s sales tax revenues recovered more slowly. In fact, Eagle County Manager Brent McFall said 2015 was the first year that sales tax revenues matched 2008’s figures.

To read the entire article, click here.

VAIL DAILY ARTICLE: HOUSING – DOING NOTHING NOT AN OPTION

This town’s chronic housing shortage is as bad now as it ever has been. But what will the town, its residents and its businesses do about it? Alan Nazzaro, the town’s housing director, has only been on the job about a year, but he’s spent most of the past several months assessing the town’s shortage, and working on a plan to help alleviate it. Nazzaro is now putting the finishing touches on a plan that could actually produce some new housing in and around the town in the next three to five years.

To read the entire article, click here.

2016 EAGLE COUNTY HOUSING UPDATE

Eagle County completed a Housing Needs Assessment in 2007, and a Nexus/Proportionality study for Commercial Development in 2008. The results of those two analyses were used as a basis for its 2009 Housing Guidelines. The 2012 Housing Needs Assessment was used to update the Housing Guidelines in 2014. Economic conditions in the United States, Colorado, and Eagle County have changed drastically since 2007-2008. Eagle County has gone from full employment (unemployment under 3%) to a rate of almost 9% unemployment in 2010, back to 3% in 2015. This see-saw of economic conditions has affected the housing market in Eagle County. Because 2007 was the height of the pre-recession growth period, the 2007 Housing Needs Assessment defined a need for affordable housing at its peak. Calculations in the 2008 Nexus study targeted ownership housing for workforce families earning 140% of Area Median Income (AMI). The 2012 Housing Needs Assessment provided an overview of post-recession needs for affordable housing which included lowering the target market for affordable housing to 100% AMI.

To read the entire report, click here.