In response to the growing housing crisis, the Town of Creston is proposing a potential municipal housing corporation.
Wednesday evening, May 1, a meeting was held to provide the public with information about the possibility of a municipal housing corporation.
The municipal housing corporation would develop and operate housing within Creston to provide services and resources while removing the risk and liability from the town itself.
The town proposed the cooperation due to a lack of housing developers in the valley.
In the presentation, it was stated that there have been no new large apartment buildings built in the last 40 years.
Additionally, the main housing units in the town are single-detached homes, the most expensive kind of housing to both buy and maintain.
The corporation aims to provide more diverse types of housing while adding resources and opportunities the town currently lacks.
The presentation stated that the Creston Housing Corporation will facilitate the development of housing, deliver attainable housing, and provide accessible and diverse rental and ownership units.
The presentation also described several benefits for the community, such as job creation, economic growth, a growing community, and support for the current business community.
The Creston Housing Corporation, if approved, aims to build 50 to 60 rental units and 12 to 20 price-restricted homeownership units in the first five years.
The corporation would be primarily funded by the town, with additional government funding, direct revenue, and philanthropy providing additional support.
Importantly, the presentation stressed that the corporation will not be funded by property taxes.
More information on the structure and potential running of the corporation was also discussed during the information meeting.
Moving forward, the public is invited to attend another public information meeting on May 16.
The deadline for public feedback is May 24, with the council reviewing the feedback set for May 28.
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