By: Curtis Englehart | Executive Director, GJEP

(Originally published in the Grand Junction Daily Sentinel – October 22, 2023)

For many communities across the country, including ours, housing has become a hot topic. Over the past few years, our community has experienced significant growth and development with new investments, people relocating to the region, and the vision of our community gaining traction.

Although growth is essential for progress, it brings along a set of challenges, particularly in terms of housing. The existing shortage of affordable housing inventory throughout Colorado puts a considerable strain on our local economy.

During the last Grand Junction Economic Partnership Board of Directors meeting, we received a very compelling presentation on the upcoming ballot measure 2B. This initiative would allow the City of Grand Junction to lease its land for up to 99 years, for the purpose of affordable and workforce housing.

Our Board of Directors unanimously voted to endorse ballot measure 2B. We believe this initiative will contribute to sustainable growth and improve the quality of life in the region. The issue of housing affects everyone, from families to employers, and it has a significant impact on the overall quality of life and the legacy of the region.

The Housing Challenge:

Before we dive into the housing challenge, it is important that we provide clarification on the differences between workforce, affordable, and attainable housing. These three terms are commonly used in the real estate and housing sectors to describe different types of housing options that are accessible to individuals and families with varying income levels. These definitions can vary depending on different factors, however, here are some general overviews of each term.

Affordable housing targets individuals and families with low to moderate incomes, workforce housing is specifically tailored for essential workers, and attainable housing encompasses a broader spectrum of housing options that are accessible to people with different income levels. Attainable housing can also include both affordable and workforce housing. All three of these housing options and the wide range of strategies that accommodate them are needed to address the housing needs in our community as well as across the nation.

The City of Grand Junction Housing Inventory completed in 2021 identified a gap of over 3,000 units to house our citizens. As of 2022, nearly 64% of households in the Greater Grand Junction Area could not afford a median home price of $399,000. Household incomes have not kept pace with rising housing costs for both renters and prospective homeowners as inflation rises and interest rates increase. Additionally, as overall building costs increase, it becomes more difficult to incentivize developers to build additional units for the purpose of affordable and workforce housing.

The Economic Impact:

Having access to affordable housing is crucial for the long-term economic development and stability of communities. When individuals cannot find housing, their quality of life suffers, and they may be at risk of becoming unhoused or forced to look at alternatives, such as migrating outside of the area.

When the residents and our workforce cannot find adequate housing, the entire community suffers. For many key industries, including healthcare, the lack of available housing units for our workforce is becoming a significant barrier to attracting and retaining employees. Additionally, from an economic development perspective, it becomes more difficult to attract and retain companies creating new primary jobs when the current state of housing inventory cannot support workforce needs.

As a community, we are already seeing the challenges associated with a deficit of affordable and workforce housing. This is a topic that not only impacts our economy, but also impacts generations of residents, incoming and future workforce, and the overall quality of life in our community.

A Promising Solution:

The proposed ballot measure (2B) is an innovative housing strategy that will allow for the lease of land for affordable and workforce housing up to 99 years. If approved by voters, this initiative would allow the City of Grand Junction to lease its land for the purpose of affordable and workforce housing.

The current status limits the leases of city property to 25 years and the sale of city property requires voter approval. As a result, the state of affordable housing in the region has suffered. Through this initiative, the city of Grand Junction would offer 99-year leases for land used for this purpose. This ballot initiative will not increase taxes and at the end of the lease term, those leasing the property could either renew the lease or vacate the property.

The housing crisis in Grand Junction is a pressing issue that demands immediate action and innovative solutions. For our community to become a place of opportunity for residents at all income levels, we must be proactive about creating affordable and workforce housing opportunities. The proposed ballot measure 2B, endorsed by the Grand Junction Economic Partnership, represents a step in the right direction.

By proactively addressing our community’s challenges related to housing, we can foster sustainable economic growth, support our workforce, and ensure a healthier future for our residents.

For more information on business development in Mesa County and how you can connect with our partners, please contact curtis@gjep.org.