Staff members with the Blaine County Housing Authority are concerned that a proposed $550 association fee for an affordable housing unit that's being redeveloped as part of a larger Elkhorn Springs condominium project is too high.
The two-bedroom condo is designated for sale as an income category 2 affordable housing unit and is being redeveloped by Ketchum-based Hennessy Co., said Cygnia Rapp, program director for the housing authority.
However, because of the complexities of the mixed ownership building—just a portion are owned by the Hennessy Co.—the development company has no control over the dues structure, Rapp said.
Sun Valley-based Sun Country Management manages the homeowners association that governs the multiple-level condo building in which the unit is located. The issue is apparently made more complex because the building is master metered for all utilities, Rapp said, meaning that dues for each individual unit are calculated on a per-square-foot basis.
Rapp said the median income for income category 2 wage earners is $25,000 per year. She said that makes the proposed $550 dues too costly for this category of prospective buyer and may discourage anyone from buying the unit.
"That would be an enormous number," she said.
Rapp stressed that staff with Sun Country Management are working earnestly with the housing authority to try and address the issue.
"We're looking for creative solutions," she said.
