Voluntary transfer fee added to affordable housing mix
summit daily news
Summit County, CO Colorado
SUMMIT COUNTY ” Along with the development impact fees and sales tax increase approved by voters to fund an affordable housing program, some local jurisdictions are also working toward establishing a voluntary .33 percent transfer fee that would establish a permanent long-term revenue source for the housing program.
Housing authority director Bonnie Osborn updated county commissioners as to the status of those discussions at a BOCC work session this week. She said Frisco and Breckenridge are considering adoption of such a fee, already approved by the county. Silverthorne and Dillon have not taken any steps in that direction, she added.
The voluntary fee is meant to provide an alternative for builders. Instead of paying the graduated impact fee, they could choose put a deed restriction on the property that would stipulate the ongoing transfer fee. The first transaction would be exempt, but every subsequent sale of the property would be subject to the fee, Osborn explained.
Several recent residential developments have already adopted a similar measure. County building inspector Larry Renfroe said that, based on preliminary indications, there could be a significant number of developers who would choose the voluntary transfer fee over the square-footage based development impact tax.
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