SUMMIT 3 – Mammoth Lakes Workforce Housing Summit
September 7, 2016
1:00 – 2:00 p.m.
Mammoth Lakes Library, Ellie Randol Room
Jennifer Halferty gave a recap of the Summit meetings to date.
- At the first Summit we spoke about stakeholder needs and they impact the organizations
- The second Summit addressed potential resources
- MLH staff provided a table outlining the sources of capital available to the Town and MLH
- Today, at the third Summit, we will attempt to link both the needs the resources to identity concept solutions and funding gaps
- Review of the current deficit:
- 264 affordable housing units by 2015 (Needs Assessment, 2011)
- An additional 600 units identified in the Hart Howertown plan (EPS Study, 2011)
- 1,000 new tech jobs proposed will create an additional 500 new workforce households
- The Town of Mammoth Lakes Nexus Fee Study discounted the housing mitigation fee by more than 70%, assuming that the Town would be responsible for this gap.
- Tom Heller, Fire Marshall, asked a clarifying question regarding the Town’s responsibility for covering the gap.
- Ruth Traxler, Associate Planner, stated that she wasn’t sure if the Town was responsible for providing the housing.
- Jennifer Halferty, MLH Executive Director, noted that by adopting a mitigation fee that covers less than the impact generated, the Town has a responsibility to provide the gap.
- On July 1, 2015, the Town Council adopted the Affordable Workforce Housing Fee Nexus Study and Fee Recommendation which recommended that “the maximum fee be discounted to reflect that the fee covers 30% of the gap for households at or below 60% AMI, while the other 70% is covered by the Town, Mammoth Lakes Housing, Inc. (MLH), and/or other programs or service providers” (p. 3).
- Review of Resources:
- Foundation Land
- MMSA has some land
- Mitigation Fees
- Measure 2002A
- Tom Hodges, MMSA, commented that vacant land is very limited. He noted that the needs of a community change over time and that the Council may want to reconsider the zoning of a parcel like the Bell Shaped Parcel.
- Jennifer Halferty, MLH, noted that long-term affordability should be the end goal. Tom Hodges noted that something like a “locals only deed restriction” might be a tool we could use. Jennifer Halferty agreed that it has worked in other places such as Telluride, CO.
- Ruth Traxler, Associate Planner, asked if the Town has ever considered charging interest on their first-time homebuyer programs, since if a loan is not repaid for a period of time, the value of that money is no longer the same. Jennifer Halferty stated that the Town has not since primary lenders do not look favorably on negative amortization (a silent, secondary loan that does not require payments but is accruing interest).
- Ruth Traxler, Associate Planner, asked if the Town could create a revolving loan fund to purchase individual, market rate, condo units that might benefit the local workforce, for re-sale. Jennifer Halferty, MLH, stated that the Town could do this, if the Council believed that this was the highest and best use of public funds. It would not be a recommendation of MLH. MLH recommends that public funds be leveraged to create a substantial amount of units to address the growing need.
- Tom Hodges, MMSA, stated that there is no doubt a need for more housing, and that new developments will generate more need. It is not going to get easier at this point. The Town should leverage what little they do get in mitigation fees. Hopefully, the Town will restore Measure 2002A.
- There was some discussion regarding existing stock and condominium complexes, and which units/complexes were suitable for local, workforce households. MLH is working on a data table and map to illustrate the availability of local land and condo units. John Wentworth, Town Council, asked MLH to join the TOT Committee meetings to discuss data surrounding transient rentals and existing housing stock.
- Next Steps
- MLH will meet with individual stakeholders to define paths forward
- MLH will present capital resources for new development as well as existing stock at the September 21st Town Council meeting
- The meeting was adjourned at 2:15 PM.