Complete August 2024: Flat Creek Apartments

This partnership with BlueLine Development and Stealth FCA LLC created 48 Affordable Rental homes for households earning <60% median income. The Town of Jackson provided the land, appraised free market value at $5,000,000, and an additional $1,000,000 in funding for the development. In return, the property may only be used as affordable housing for 99 years. The developer secured Low Income Housing Tax Credits, HOME funds, and National Housing Trust funds to finance the project. In late 2023, the state awarded the Town of Jackson $1,250,000 in ARPA funds for the project, replacing funding the Town had previously supplied the project, freeing up that Town funding to be used to create future affordable workforce housing.

Project Funding

• $6,000,000 (21%) - Public Funding (free market value of land + cash)
• $12,661,711 (43%) - Investor Equity (Low Income Housing Tax Credits)
• $1,250,000 (4%) - ARPA grant funding
• $2,325,000 (8%) - HOME and National Housing Trust Fund
• $6,974,000 (24%) - Debt secured by developer
• $29,210,711 - Total Project Cost

Demographics at Initial Lease Up (2024)

Household Information

• Total # of Adults = 60 
• Total # of Children = 39
• Average Household Income = $47,788
• Median Household Income = $50,000

Employers with Employees Living at Flat Creek Apartments

Teton County School District (3), Sweet Spirits Daycare, Children's Learning Center (2), Art Association of Jackson Hole, St. John's Health, TJ Maxx (3), United Group Express, Whole Foods, Sidewinders, Crossmark, The Bunnery, Quiznos Subs, Jackson Hole Mountain Resort (2), Jackson Hole Taxi, SRRC Eatery, Springhill Suites by Marriott, New Generation Builders, Amangani, Latitude, The Cloudveil Hotel, UPS, The Virginian Restaurant, Premier Cleaning, OK Taxi Service, Fine Dining Group, Wyoming Property Management (2), Rocky Mountain Maids, Mangy Moose, Four Seasons, Teton Thai, Teton County Hospital District, JH Indoor, Alpha Builders, Blue Collar Restaurant Group, Avis Budget, Self-employed (9).

Ongoing Compliance

Our partners on this project, the Wyoming Community Development Authority (WCDA), BlueLine Development, and Stealth LLC, work together to vet applicants through an ongoing process as follows.

1. Interested parties complete an extensive application including questions about household size, income, assets, and a Federal Tax ID or Social Security number.  
2. They are screened through a background check. 
3. Their income information is verified by HUD, IRS, and WCDA-approved methods.  
4. The developer/manager’s compliance team reviews and verifies application materials.  
5. A third-party compliance firm reviews and verifies applications.
6. Leases are shared and signed, and files are sent to the developer/manager’s asset management department for final review and approval.  
7. WCDA provides ongoing periodic inspections and regularly reviews samplings of tenant files to verify continued compliance. 

Applicants only move to the next step in this process after meeting requirements for each previous step. Flat Creek Apartments complies with all state and federal regulations. Residents meet strict requirements to qualify to live there. 

Flat Creek Apartments Fact Sheet