NASJA 5: Employee Housing Programs

At dinner last night I spoke with someone about an employee housing program in Pitkin County, Colorado. Pitkin County is home to Aspen, so as you might expect, it’s an expensive place to live.

Employees at the Aspen Ski Co live as far away as Rifle. According to Mapquest, that 68 mile trip takes an hour and 30 minutes. And that’s in good conditions.

Housing for (some) employees is semi-socialized. There’s a housing authority to which developers must contribute cash, or set aside units if they wish to create new housing. Residents who have full-time jobs for four years (in the same job, I think) are eligible to purchase a unit. Participation is limited by income level.

People can buy units from the authority at a market discount, but in turn can realize only a 3 percent per year gain on their purchase. How is that limit enforced? The deed to the property is restricted; the homeowner can only sell the property back to the authority.

I’ll have to chew on this idea for a while, and get more information. At the least you’ve got to give the folks in Pitkin County credit for taking some initiative.