One22 launches rental assistance program despite hesitancy from elected officials

JACKSON HOLE, Wyo. — Despite what looks like a temporary hiccup at a joint meeting Monday, One22 Resource Center says it will forge ahead with a program designed to help cash strapped households get into a new rental.

One22’s newly launched First/Last/Deposit Program assists with upfront rental costs like first and last month down payments and security deposits. One22 launched the effort in October to provide renters with resources for the required cash to move into safer, more affordable rentals if the opportunity arises. One22 says a program like this is especially necessary in Teton County where most rentals require thousands of dollars on short notice on the rare occasion that one becomes available.

One22 on Monday petitioned town and county leaders for $50,000 toward the program but the effort failed narrowly by a close vote. Town Council voted 4-1 to approve but the Board of County Commissioners failed the initiative on a 2-3 vote with commissioners Greg Epstein, Mark Barron, and Mark Newcomb opposed. Newcomb has since asked for a reconsideration, which passed Tuesday at a meeting of the BCC, allowing the topic to once again be discussed by the county.

The hang-up for most was not the necessity or urgency of the program. Most, like Newcomb, agreed it was much-needed in the valley.

The devil, however, lurked in the details as electeds pondered a minimum length to the lease, whether pet deposits would also be covered, or whether the funds could take on the look of a loan.

Councilmember Jim Rooks, the lone dissenting vote, also like the concept but had heartburn over taxpayer money going toward deposits which he said were arbitrary and often not returned to renters for a variety of reasons.

“It’s heartbreaking when a healthier opportunity like that slips away simply because the upfront costs are too high,” said Sharel Lund, executive director of One22. “We are mindful that these opportunities are few and far between, and securing affordable housing is essential for wellbeing.”

What the program will do

The program’s goal is to help people improve their financial stability by offering assistance when an opportunity arises for a rental situation that is more independent, suitable, or financially sustainable–particularly when it can help a household improve the amount of their income that’s going towards housing. Many residents are paying upwards of 50% of their income towards housing, which is highly stressful and prevents self-reliance.

“If folks have an opportunity to obtain a rental where the cost is closer to 30% of their income, a metric widely accepted as financially healthy, One22 wants to help them take advantage of that and support a healthier financial future,” Lund said.

One22’s First/Last/Deposit program helps would-be renters get into units when the cost is 45% or less of the household income, regardless of where the new rental is located, so long as the applicant currently lives or works in Teton County, Wyoming.

“Sometimes people want to consider commuting from Idaho or Star Valley to save money, and we do accept those scenarios; we welcome the opportunity to help them consider the hidden costs of taxes, fuel, wear and tear, and commuting time in their decision making,” Lund added.

One22 financial assistance programs are designed with households at or below 120% of Median Family Income (MFI) in mind though exceptions can be made for extenuating circumstances. Applicants must also be working at least 30 hours a week.

One22 says it is confident the First/Last/Deposit Program will meet the needs of many who find an opportunity for a better rental situation for themselves and their family, but need assistance with upfront costs. The program is slated to run through at least May 2022 or until funds run out.

The First/Last/Deposit Program also has the following guidelines:

• Local employment with separate guidelines for retired and disabled households
• The maximum amount a household may be is awarded is 70% of the F/L/D total
  • Maximum of $3,000 to households without dependents
  • Maximum of $6,000 to households with dependents
• Payment will be made directly to landlords
• Deposits will be returned to tenants