Flat Creek Apartments at 400 West Snow King Avenue

400 SK rendering

Under Construction: Flat Creek Apartments

This partnership with BlueLine Development and Snow King Partners will result in 48 Affordable Rental units (84 bedrooms) serving households earning 30-60% of median family income, or less than $66,420 for a family of three. The Town is providing the land for the development via a long-term ground lease + $1,000,000. 

Affordability

  • 17 apartments will serve households earning <50% MFI.
  • 30 apartments will serve households earning <60% MFI. 
  • 1 apartment will be employment based. 

Projected Project Funding

  • $6,000,000 - Town of Jackson contributions (free market appraisal of land at $5,000,000 + $1,000,000 cash)
  • $12,872,075 - Projected Investor Equity (Low Income Housing Tax Credits) 
  • $1,250,000 - ARPA grant funding 
  • $2,325,000 - HOME & National Housing Trust Fund
  • $6,340,000 - Debt secured by developer

Next Steps

  • Project Completion: Winter 2024/25
  • Groundbreaking: May 2023