Good morning friends. I have some pretty big news to share with you coming out of Mammoth Lakes, California this morning.
The Town of Mammoth Lakes, which is known for Mammoth Mountain and June Mountain ski resorts, has just announced plans to build 466 affordable housing units which will be made available to the local workforce.
244 of the units will either be occupied or under construction by 2023.
The plans are a response to the meteoric rise in real estate costs that are effectively pricing out middle-class workers in Mammoth Lakes, and in ski towns across America.
I’m a big proponent of affordable housing initiatives in ski towns, and I’m encouraged to see Mammoth Lakes take this huge steps towards addressing the problem.
Here’s to hoping more towns and communities across America follow suit.
Here are the full plans from Mammoth Lakes:
- Description: Converting 12 Market Rate units to affordable deed restricted units in exchange for providing interested parties with a town-funded subsidy (average subsidy: 109k)
- Timing: subsidy is available now
The Parcel Project:
- Description: 25-acre town-owned vacant landsite with plans for affordable housing, public park, and childcare facilities. 450 total units going in
- Phase 1:
- 81 apartment units
- Construction underway // occupancy: fall 2023
- Phase 2:
- 147 units
- Construction anticipated to begin in summer 2023, currently in entitlement
- Subsequent phases:
- 222 affordable units
- Construction timeline to follow Phase 2
Small Site Development:
4 unit project, completed by 2023. Restricted to households earning between 120-150% of the AMI (cohort that most state/ federal programs don’t allow assistance to)
All image renderings courtesy: Town of Mammoth Lakes