Summit County Voters Approve Workforce Housing Fund
BRECKENRIDGE, Colo. (CBS4) – Voters in one Colorado resort community have voted yes to pay for more affordable workforce housing through an increase to sales tax there.
Preliminary results Tuesday night show the measure passed by voters in Summit County -- it will raise about $7.8 million per year through a 0.6 percent sales tax that would sunset after 10 years, according to housing authority officials.
According to data provided by the county, the most recent needs assessment of the local housing market, published in 2013, identified a gap of 1,035 to 1,785 housing units for the Summit County workforce over the following five years.
Silverthorne Mayor Bruce Butler recently told CBS4 that when the average price of a single-family home is over $700,000, it's hard for young workers and entrepreneurs to think of Summit County as a great place for them to launch a career, start a family or establish long-term bonds to the community.
The tax funds will be used for construction on several projects already in the works.
It was the Board of Directors of the Summit Combined Housing Authority voted to place a funding question on the November 2016 ballot that would pay for construction of affordable housing units.
Matt Kroschel covers news throughout Colorado working from the CBS4 Mountain Newsroom. Send story ideas to mrkroschel@cbs.com and connect with him on Twitter @Matt_Kroschel.