East West Partners, a Colorado-based developer that describes itself as devoted to building, selling, managing and supporting high quality real estate and life experiences, announced Wednesday that its Founders Place Community Foundation has raised more than $1.43 million through a specific “Co mmunity Benefit Fee” attached to real estate transactions at the Founders Place development in Park City. All the funds raised have been allocated to the Park City Municipal Corporation’s Affordable Housing Fund, which the city will use to benefit affordable housing projects and programs within the community.  “One of East West Partners’ core values is to add lasting value to the communities surrounding the places we create by identifying areas of need and giving back through civic engagement, fundraising and other philanthropic efforts,” said Carder Lamb, chair of the board of directors for the Founders Place Community Foundation. “Park City, like many ski resort communities, faces a structural housing problem: Local wages and the seasonal workforce that powers the tourism economy can’t keep up with real estate prices driven by second home demand. Our intent with The Foundation is to help address Park City’s critical “missing middle” and workforce housing crisis. We want to be part of the solution.” Founded in 2022, the Founders Place Community Foundation’s intent is to provide a consistent, private funding stream to support community benefit initiatives — initially, this funding stream is allocated to support affordable housing initiates. By attaching a benefit fee to luxury real estate sales, the Foundation aims to help ensure high-end development and resales directly contribute to solving the housing affordability crisis that it can otherwise exacerbate.  The funds are raised through a specific “Community Benefit Fee” attached to real estate transactions at Founders Place. Whenever a property is sold (both initial developer and future resales), a fee equal to 0.50% (half of one percent) of the purchase price is collected at closing. As of January, the Foundation raised approximately $1.43 million from phases one and two closings at Founders Place, which are now sold out. Once the third phase delivers, which is expected to occur in 2027, the total generated from initial closings is estimated to grow to more than $2.25 million.  All Community Benefit Fee revenue collected from initial developer sales has been directed to Park City Municipal Corporation’s affordable housing fund. This partnership maximizes the fee’s effectiveness, as the city’s extensive land holdings allow these funds to generate disproportionate results toward solving the affordable housing crisis. The city’s housing fund is currently engaged on a number of projects that could bring more than 700 affordable housing units to the area over the next several years, the organization said. The Foundation committed to continuing to support the city’s affordable housing initiatives by directing 50% of all benefit fee revenue to the city’s affordable housing fund through 2040. The remaining 50% will be directed at the Foundation’s discretion to support other nonprofit housing initiatives or other community initiatives in Park City which could include transportation, open space, mental health or sustainability. After 2040, 100% of the fee generated will be directed at the Foundation’s discretion. This may continue to be Park City, but the Foundation’s board said it hopes that the housing affordability crisis will be more under control by 2040. “Because the Community Benefit Fee applies to all future resales, the Foundation will continue to generate revenue indefinitely as owners sell their units,” said Lamb. “This ensures that the Foundation will continue to have lasting impact and address the needs of the Park City community for years to come.”  The post Founders Place Community Foundation raises $1.43 million for Park City Affordable Housing Fund appeared first on Park Record. ...read more read less