Affordable Housing Programs in Telluride
With an average single family home price that exceeds $550,000, ensuring an adequate supply of affordable housing is one of Telluride's most important goals. The community seeks to create housing that assists local businesses and the broader community. This is done through the provision of a qualified work force, the reduction of regional traffic and commuter congestion, and the preservation of community character.
At this time, programs to ensure affordable housing can be roughly separated into three categories:
- Town Manager's Department - Program Director
- Planning & Building Department
- San Miguel Regional Housing Authority (SMRHA)
The first category is public actions to acquire land and develop housing. These tasks are primarily handled by the Town Manager's office, in consultation with the SMRHA. Planning is currently underway to develop several sites controlled by the Town, and opportunities to acquire additional sites are considered on a case-by-case basis.
The administration of regulatory mechanisms contained within the Town's Land Use Code (LUC) and adopted Telluride Affordable Housing Guidelines (TAHG) is another key component. Regulatory mechanisms primarily include the Land Use Code requirement that new development provide affordable housing for 40% of new employees generated. This housing is provided in the form of cash payments, construction of new deed-restricted housing, or deed-restriction of existing housing. Incentives to create new housing also exist. The primary example is a density bonus granted within residential zones intended to establish more secondary dwelling units.
These regulatory mechanisms are administered by the Planning & Building Department within their development review activities, with assistance from the SMRHA to process necessary deed restrictions for affected dwelling units.
The final category consists of financial incentives and information provided or administered by the SMRHA. These primarily consist of Federal and State programs such as down payment assistance and mortgage credit certificates, among others. The SMRHA also provides information and advice to first time home buyers.