Breckenridge is taking a significant step forward in addressing the housing needs of its local workforce with the introduction of the Runway Neighborhood. This development, a collaboration between the town and developer Neighborhood Crafters, aims to provide affordable housing options tailored specifically for community members.
Project Overview
The first phase of the Runway Neighborhood will feature 81 units, designed to cater to a diverse range of residents, including first responders, educators, hospitality workers, and local business owners. The town’s commitment to this initiative is evident through its substantial investment, including providing the land and covering infrastructure costs. Additionally, a $10 million gap subsidy fund has been established to ensure the affordability of these homes, with overall project costs totaling $34 million. Funding sources include local sales taxes and a portion of Breckenridge’s short-term rental fees.
Lottery System for Fair Allocation
To ensure equitable access to these sought-after units, the town has implemented a lottery system, administered by the Summit Combined Housing Authority. This approach aims to provide all interested parties with a fair opportunity to secure housing within the development. Notably, approximately 25% of the units are prioritized for educators, highlighting the community’s dedication to supporting those who serve its residents.
Long-Term Commitment to Workforce Housing
The Runway Neighborhood is the latest addition to Breckenridge’s ongoing efforts to expand workforce housing. Over the years, the town’s program has grown from a modest initiative of about 80 deed-restricted units to nearly 1,800 units. This expansion reflects a strategic mix of approaches, including annexation requirements, land banking, public investment, and offering a variety of housing types. Such initiatives are crucial in a resort community like Breckenridge, where market forces often drive up home prices, making it challenging for local workers to find affordable housing.
By continuing to invest in developments like the Runway Neighborhood, Breckenridge demonstrates its unwavering commitment to fostering a thriving, inclusive community where residents can live and work comfortably.