Celebrating 100% Deed Restricted Homes at Jackson Street Apartments
What a thrill to attend the ribbon cutting of this innovative, high impact public-private-philanthropic partnership!
From the Teton County / Jackson Affordable Housing Department:
At a ribbon cutting ceremony Monday, the Cumming Foundation, Community Foundation of Jackson Hole, and the Jackson/Teton County Housing Department celebrated the opening of Jackson’s newest affordable workforce housing development.
Named Jackson Street Apartments, this new rental community is built across 10 lots located just south of Snake River Brewing and represents the largest permanently deed restricted development ever built in Teton County, creating 48 Affordable rental homes and 9 Workforce rental homes.
The project was funded by a $24.9 million gift from the Cumming Foundation, a private foundation, which the late Ian Cumming’s sons John Cumming and David Cumming, and surviving spouse Annette Cumming now manage.
In addition to the funding provided by the Cumming Foundation, Teton County contributed $14 million towards the development, and First Republic Bank – now JP Morgan Chase – provided a below-market construction loan.
Phase 1 of the development, the first to come to market, consists of 36 apartments and welcomed renters in April 2024. Residents were chosen through the Housing Department’s comprehensive weighted drawing system as 233 households applied for 36 units.
The weighted drawing entry period for Phase 2, which consists of 21 units, will begin June 26; renters offered units through this second process will move in during August 2024.
The Jackson Street Apartments project is under budget and three months ahead of schedule.