Teton County fees for developers who decide not to build affordable housing has just become significantly more expensive.
County commissioners approved an annual update to the Affordable and Employee Housing In-Lieu Fee on Tuesday.
Town of Jackson and Teton County Land Development Regulations require developers to provide affordable housing to mitigate the effect their development has on the community.
It’s in line with the Jackson/Teton County Comprehensive Plan that set a goal to house at least 65 percent of the community’s workforce locally.
When the requirement calculation is less than an entire housing unit or when a developer can demonstrate that providing a unit is impractical, a fee in lieu of providing units may be paid, according to the Teton Housing Authority.
The Affordable Housing In-Lieu Fee has increased from $180,363 to $204,671 for Category 1 homes. Category 2 fees increased from $148,702 to $173,010, and Category 3 fees rose from $117,030 to $141,338.
The staff report presented by Stacy Stoker said the significant increase is largely due to the increase in local real estate prices.
There is also an Employee Housing In-Lieu Fee that has gone up this year. The fee represents the subsidy that goes into building an employee-housing unit.
That fee increased from $50,880.77 to $51,743.22.
The report cites rising construction costs and lower wages as the reason for the increased fee.
The fees for the town of Jackson and Teton County are calculated the same way but may differ because the town updates every two years and the county updates annually. The Town Council plans to discuss the fee at its June 5 meeting.