Community Foundation joins Jackson Street Apartments development project
JACKSON HOLE, Wyo. — The Community Foundation of Jackson Hole today announced that it is investing in Jackson Street Apartments LLC, alongside the Cumming Foundation on behalf of the Jackson/Teton Country Affordable Housing Department. Once completed, Jackson Street apartments will provide 57 new permanently deed-restricted apartments in downtown Jackson.
The Community Foundation will serve as a conduit for Teton County’s land and financial investments through the creation of a designated fund and investment in the development’s multi-member limited liability company.
“We are honored to play a role in this important housing project, which will help to address Jackson’s affordable housing crisis,” stated Community Foundation president Laurie Andrews.
The Jackson Street Apartments development has been years in the making, and was initially conceived by the late Ian M. Cumming, founder and chairman of Leucadia National Corporation. Before his passing, Cumming shared his vision for the property, which was to build a highly livable, affordable rental development in a way that is scalable both in Jackson and other communities.
Since his passing, the Cumming family and the Housing Department have worked with neighbors, civic organizations, and other stakeholders to refine the design of the development so that it balances community character and the high demand for affordable apartments.
The opportunity to participate in an impact investment benefiting the Jackson community aligns with the strategic priorities adopted by the Community Foundation’s board in December 2021.
