Complete in August 2024: Jackson Street Apartments, Partnership with the Cumming Foundation and Community Foundation of Jackson Hole

This partnership with the Cumming Foundation and Teton County created 57 rental homes - 113 bedrooms - for local working families and individuals. The Cumming Foundation contributed six lots, all of which are in the lodging overlay, valued at $11,500,000, and invested $13,400,000 into the development. Teton County contributed four lots, valued at $5,600,000, and $8,400,000. The Community Foundation of Jackson Hole joined the project in June 2022, serving as a conduit for Teton County's land and financial investments through the creation of a Designated Fund and investment in the Development's multi-member limited liability company. 

In addition to creating 57 permanently deed restricted apartments, Teton County will also receive 15 rights of rental for its employees. 

Affordability

57 homes total, 84% Affordable, 16% Workforce.

• 12 Affordable 0-50% MFI
• 28 Affordable 50-80% MFI
• 8 Affordable 80-120% MFI
• 9 Workforce 

Project Funding

• $14,000,000 (26.5%) - Projected Public Funding (land + cash) - updated, June 2024
• $13,400,000 (25%) - Social Impact Funding Provided by the Cumming Foundation
• $11,500,000 (22%) - Philanthropy Provided by the Cumming Foundation
• $14,000,000 (26.5%) - Below-Market Debt Provided by First Republic Bank & Guaranteed by the Cumming Foundation 
• $52,900,000 - Total Project Cost - updated, June 2024

Renter Demographics at Initial Lease Up

• 170 people housed, including 93 adults and 77 children! 
• Average household income = $81,075 / year
• Median household income = $79,994 / year 
• Employers with employees living at Jackson Street Apartments: Teton County Parks & Recreation (3), Teton County Library (2), Jackson Hole Classical Academy, One 22 Resource Center, Teton County School District (5), Cornerstone Church, Cox Painting (2), Mountain Scapes, Two Ocean Builders, Persephone (2), Teton County Public Works, Vista Counseling, Aspens Market (2), Amangani (2), St. John’s Health (3), Teton Literacy Center (2), Hines Goldsmith, Gus the Gutterman, Jedidiah’s, Teton County Sheriff’s Office (2), Nobel House, Yellow Iron, Self-employed photography, Inn on the Creek, Cloudveil (2), High Country Linen (2), Smith’s, Big Hole BBQ, Springhill Suites (2), Four Seasons Resort, Self-employed sushi (2), Liberty Burger, Stewart Construction, Mountain Fire Protection, Pica’s (2), Profinish Painting, Tonks Masonry, Touch of Class, Fine Dining (3), Moose is Loose, C-V Ranch Therapeutic School, JH Airport, ABF Cleaning, Stewart Construction, US Forest Service, Head Start, Teton Pines, Canvas Unlimited (2), Wilcox Painting, Uber (2), Jackson Hole Ford, Westgroup Teton Employer, Animal Care Clinic, Children’s Learning Center, Snowmobile JH, Solitude, Parkland USA, Hertz, Lyft, Target, Community Foundation of Jackson Hole, Pearl Street Market, Teton County Public Health, and Teton County Attorney’s Office.