The housing crisis has not only caused workforce shortages and hurt local businesses but threatens to disrupt what makes the Jackson community special. Despite the universal desire to find solutions, maintaining sufficient housing inventory is a challenge that every mountain town in the West is struggling with. Expanding the availability of affordable housing isn’t easy, even with the unified efforts of public agencies, nonprofit organizations and developers.

As the workforce housing shortfall continues, it’s clear that reliance on public funding alone isn’t enough. We need to consider new approaches, partners and financing models that bring capital and workforce housing into Teton County. I believe achieving this is already possible through lending partners and employers across our local housing ecosystem.

The efforts of local employers are key; there are many different ways that businesses can fund workforce housing to their own benefit. Local companies are finding that investing in affordable housing aligns with both financial goals and corporate directives — ever more important with mission-oriented giving and the growth of environmental, social and corporate governance lending and investing. But more importantly, employers can provide direct support to their most important employees.

In the battle to retain critical talent, local employers have every incentive to create job-secured housing partnerships for employees. They are then able to share the risk and reward of investing in the Jackson real estate market while providing long-term housing to local staff. While public support for employer-assisted housing programs increases the pool of resources available to employers that provide rent or home-buying assistance to staff, it’s not the only option. There are plenty of funding tools for employers that haven’t been effectively used to help families afford a home here in Teton County. These include:

– Shared Appreciation Mortgages: This funding tool acts as a second mortgage that a participating entity (e.g., a local employer) holds on the property. A SAM is due back to a lender when the employee leaves the company or the property is sold. At that point, both the business and the employee are paid back a percentage of principal and appreciation based on their ownership over time. The key is that there is no repayment due by employees until they leave employment or sell the home, creating a dynamic where an employer can put up the significant capital required to finance a home for employees while both benefit from appreciation.

– Community Seconds: This is another type of second mortgage that is approved by Fannie Mae and Freddie Mac. Like a SAM, these mortgages are also held by a separate entity, which can be an employer, a nonprofit or a government agency, such as the Town of Jackson or Teton County. The goal is the same: Equip employers with financing options to provide employees with housing. The terms and pricing can be very flexible to meet the needs of the business and the employee.

These unconventional alternatives are consistently overlooked by many public officials and private employers here in Jackson. While not a comprehensive solution, every bit of additional private financing for workforce housing will help alleviate the stresses created by the lack of inventory.

It’s also worth engaging owners and mission-oriented investors as stakeholders to address the housing crisis. To do that, creating investment pools dedicated to affordable housing is another consideration. Put in simple terms, an investment pool is similar to a bond or stock fund that is focused on financing local housing projects or individuals in need of assistance. This could include down payment assistance, financing for a second mortgage or other options that would help create additional workforce housing. Both local businesses or individual investors could invest into the investment pool, and their returns would be based on the appreciation of the portfolio, i.e., the properties that the pool is invested in. It gives investors a way to direct their capital toward making a meaningful impact for the greater Jackson community.

Work toward these goals has already begun. I am part of a focus group of investors, businesspeople and nonprofits spearheaded by Anna Olson, president of the Jackson Hole Chamber of Commerce. We’re exploring ways for the private sector to take a more proactive role in solving our workforce housing crisis through new funding sources, housing projects and collaboration among community employers, leaders and stakeholders.

There’s no question that creating more workforce housing inventory will be a critical need for the foreseeable future. First Interstate knows this well after leading the region in affordable housing financing for the last 10 years. It’s clear that solutions are needed beyond broad public measures like specific purpose excise tax funding and real estate transfer taxes. Private financing options with employer and community support can help address the gap, providing more homes to deserving members of our community.

Richard Uhl, 20-plus-year resident of Teton County, has spent more than 40 years in the banking world and serves as the Jackson market president for First Interstate Bank. He is also the current board chairman for Jackson Hole Chamber of Commerce. Guest Shots are solely the opinion of their authors.

Your comment has been submitted.

There was a problem reporting this.

Please note: Online comments may also run in our print publications. Keep it clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language. Please turn off your CAPS LOCK. No personal attacks. Discuss issues & opinions rather than denigrating someone with an opposing view. No political attacks. Refrain from using negative slang when identifying political parties. Be truthful. Don’t knowingly lie about anyone or anything. Be proactive. Use the “Report” link on each comment to let us know of abusive posts. Share with us. We’d love to hear eyewitness accounts or history behind an article. Use your real name: Anonymous commenting is not allowed. . The News&Guide welcomes comments from our paid subscribers. Tell us what you think. Thanks for engaging in the conversation!

Please log in, or sign up for a new account and purchase a subscription to read or post comments.

Sorry, no promotional deals were found matching that code.

Promotional Rates were found for your code.

Sorry, there are no recent results for popular videos.

Get up-to-the-minute news sent straight to your device.

Sign up to receive local, breaking news alerts as they become available.

Sign up to receive a weekly e-newsletter with a selection of healthcare and wellness news from the Jackson Hole News&Guide. 

Sign up to receive a weekly e-newsletter with a selection of private, public and continuing education news from the Jackson Hole News&Guide. 

Sign up to receive a monthly e-newsletter with a selection of photography and video from the Jackson Hole News&Guide.

Sign up to receive a weekly e-newsletter with a selection of town and county government news from the Jackson Hole News&Guide. 

Sign up to receive a weekly e-newsletter with a selection of arts and entertainment headlines from the Scene section of Jackson Hole News&Guide. 

Sign up to receive a weekly e-newsletter with a selection of economic and business news from the Jackson Hole News&Guide. 

Sign up to receive a weekly e-newsletter with a selection of environmental news from the Jackson Hole News&Guide. 

Sign up to receive a weekly e-newsletter with a spotlight on Jackson Hole's crime, justice and emergency news from the Jackson Hole News&Guide. 

Sign up to receive a daily e-newsletter with a selection of local, state and regional news headlines from the Jackson Hole Daily. 

Sign up to receive a weekly e-newsletter with a selection of inspiring stories about the faces and places of Jackson Hole from the Jackson Hole News&Guide. 

Sign up to receive a weekly e-newsletter with a selection of outdoors, sports and recreation news from the Jackson Hole News&Guide. 

Sign up to receive a weekly e-newsletter with a selection of trending local news headlines from the Jackson Hole News&Guide.

Sign up to receive a weekly e-newsletter with a selection of news headlines from the Jackson Hole News&Guide. 

Your account has been registered, and you are now logged in.

Check your email for details.

Invalid password or account does not exist

Submitting this form below will send a message to your email with a link to change your password.

An email message containing instructions on how to reset your password has been sent to the e-mail address listed on your account.

Your purchase was successful, and you are now logged in.

A receipt was sent to your email.