ASPEN, COLORADO (Post Time News)—Some might consider it stranger than fiction, but a new idea has actually emerged in the campaign for Mayor of Aspen.
Tim Semrau—the former City Councilor, entrepreneur, and local store owner—is proposing to take a chunk of the city’s Affordable Housing fund and use it to increase the appreciation of the 755 units in the program to 5 percent from the more typical 3 percent. The candidate would also double the amount of money people could put into improving their deed-restricted units with the possibility of getting it back when the unit sells.
“The paradise we call Aspen has been created by all the people living here,” Semrau said, “and those living in deed-restricted housing should be able to share in the benefits of the American home ownership dream.”
The key to the plan is the money that the Real Estate Transfer Tax (RETT) that Semrau says will have a surplus of $35 million in 2008, rising to $100 million in 2014. He estimates the average appreciation of units under his proposal would be $3,640 per year—appreciation that owners could presumably recoup when they sell the unit. The City, in turn, would use the fund to “buy down” the unit and put it back into the affordable housing mix at a lower rate. Owners could also put 20 percent of the value of the unit into upgrades, a jump from the current 10 percent.
“The problem is that we have a program that needs additional units,” Mick Ireland, one of Semrau’s opponents in the race, told a local paper. “If we tap that fund to buy down units, we could wind up not having money to build additional units that are badly needed.”
Semrau’s chess move could put Ireland, who lives in Affordable Housing, in the difficult position of explaining to voters why he doesn’t want owners of affordable housing—himself included—to benefit from the RETT dollars swelling city coffers, at a time when the city has no major building plans beyond the Burlingame development.
“I didn’t buy a house to get a windfall from tax dollars,” Ireland, a former Pitkin County Commissioner, told the paper. “I’m not looking for a greater appreciation than I bargained for.”
Ireland’s aversion to additional dollars in his own pocket might not be shared by other owners of Affordable Housing. Another candidate in the race, City Councilor Torre, immediately grasped the implications of Semrau’s plan.
“It sounds like a politician pandering to the affordable housing vote,” Torre told another local paper.
Pandering or not, Semrau’s proposal to use the Affordable Housing fund to make a better deal for owners of the units is not an idea that is about to go away in before the May 2007 election.
Unbelievable….who knew Tim would be such an astute politician?
Unbelievable….who knew Tim would be such an astute politician?
The well written letter by Frank Peters in todays daily (news) bible sums it up nicely.
Once again the ‘conman’ has sided with the wrong cannidate. He’s a useful barometer of who not to vote for.
The well written letter by Frank Peters in todays daily (news) bible sums it up nicely.
Once again the ‘conman’ has sided with the wrong cannidate. He’s a useful barometer of who not to vote for.
For the record, I don’t endorse candidates but I do support ideas. Had another candidate come out with Semrau’s idea to bring new life to affordable housing–and to make it a more realistic part of a local’s financial planning–I would have responded with equal enthusiasm.
My question is this: would supporters of other candidates react the same way? In other words, had Mick or Torre come out with this would their supporters be singing their praises?
My guess is they would–that’s only human nature. And I’m amazed that the papers can’t seem to give Tim’s idea a fair hearing. It’s downright weird, but the important point shouldn’t be missed, that Tim has put some ideas on the table and they need to be discussed.
For the record, I don’t endorse candidates but I do support ideas. Had another candidate come out with Semrau’s idea to bring new life to affordable housing–and to make it a more realistic part of a local’s financial planning–I would have responded with equal enthusiasm.
My question is this: would supporters of other candidates react the same way? In other words, had Mick or Torre come out with this would their supporters be singing their praises?
My guess is they would–that’s only human nature. And I’m amazed that the papers can’t seem to give Tim’s idea a fair hearing. It’s downright weird, but the important point shouldn’t be missed, that Tim has put some ideas on the table and they need to be discussed.
And…I would also point you to TeleDog Two’s comment above about Tim as “astute.” TD2 and I don’t agree on much, but I applaud his willingness to at least consider Tim’s ideas.
A good idea is a good idea no matter who comes up with it.
And…I would also point you to TeleDog Two’s comment above about Tim as “astute.” TD2 and I don’t agree on much, but I applaud his willingness to at least consider Tim’s ideas.
A good idea is a good idea no matter who comes up with it.
It looked to me like he was being sarcastic.
I bought an employee housing unit about 12 years ago. I couldn’t even tell you what category it is. I can tell you it’s an investment – in my current quality of life, and my future, and it’s going to be my legacy to my kids. I plow most of the profits right back into my house, and yard. Some will say that’s a bad idea, because you can’t get any money back. I could give a shit about getting money back – I’m living in the best place in the world, own two businesses, raising my family, and benefiting in the now. I’m not sure who’s spoonfeeding you the bullshit about the employee housing program that you buy a unit, then move downvalley and buy something?!
I’m a proud owner of an employee unit, have put alot of my own money back into it, and am grateful to be part of the soloution – locals providing local services.
I signed a contract and it works for me – I’m sticking to it. if someone, Mick included, offered me a sweetheart deal – I’d be very suspicious. I’ve see them before, and the little guy always get’s screwed in the end.
Are there problems with the current employee housing program – yes – there’s not nearly enough of it. Thanks to the city and county for trying their best to level the playing field.
It looked to me like he was being sarcastic.
I bought an employee housing unit about 12 years ago. I couldn’t even tell you what category it is. I can tell you it’s an investment – in my current quality of life, and my future, and it’s going to be my legacy to my kids. I plow most of the profits right back into my house, and yard. Some will say that’s a bad idea, because you can’t get any money back. I could give a shit about getting money back – I’m living in the best place in the world, own two businesses, raising my family, and benefiting in the now. I’m not sure who’s spoonfeeding you the bullshit about the employee housing program that you buy a unit, then move downvalley and buy something?!
I’m a proud owner of an employee unit, have put alot of my own money back into it, and am grateful to be part of the soloution – locals providing local services.
I signed a contract and it works for me – I’m sticking to it. if someone, Mick included, offered me a sweetheart deal – I’d be very suspicious. I’ve see them before, and the little guy always get’s screwed in the end.
Are there problems with the current employee housing program – yes – there’s not nearly enough of it. Thanks to the city and county for trying their best to level the playing field.
Sorry Con Man, but HUH?
Torre and Mick did not come up with this idea because it is wrong and bad for the community. It matters more what the idea is, not who proposed it.
It is rather telling about the person who did propose it.
And Frank Peters pretty much said all that needs to be said about the message and the messanger.
VOTE MICK!
Sorry Con Man, but HUH?
Torre and Mick did not come up with this idea because it is wrong and bad for the community. It matters more what the idea is, not who proposed it.
It is rather telling about the person who did propose it.
And Frank Peters pretty much said all that needs to be said about the message and the messanger.
VOTE MICK!
And yeah, that’s sarcasm at the top….sheesh…
And yeah, that’s sarcasm at the top….sheesh…
if torre or mick came up with that idea, I’d knee them both in the nuts.
and as for the papers not giving tim’s idea a fair shake – you’re delusional, caught in a vast aspen left wing media
conspiracy theory. kettle – meet the pot. you clearly have sided. it’s alright, just be a man and admit it.
the county builds employee housing – they are not financial planners. it’s up to the individual that owns employee housing to start an ira, and plan for their retiremnet accordingly. that’s what I do.
if torre or mick came up with that idea, I’d knee them both in the nuts.
and as for the papers not giving tim’s idea a fair shake – you’re delusional, caught in a vast aspen left wing media
conspiracy theory. kettle – meet the pot. you clearly have sided. it’s alright, just be a man and admit it.
the county builds employee housing – they are not financial planners. it’s up to the individual that owns employee housing to start an ira, and plan for their retiremnet accordingly. that’s what I do.
Thank you LS.
If you sign up for a lottery, and you win, and you purchase a home under the guidelines of the Pitkin County Housing program, you know exactly what you are getting into.
The purpose of the program, as I see it, is to provide homes for those of us not lucky enough to be born with a trust fund.
This way we can avoid a long commute, allow our children the amazing opportunity to grow up in this community, and on some special days wake up and walk to the mountain for an epic powder day.
I didn’t know the purpse of the lottery was to win a chance at becoming a millionaire.
Thank you LS.
If you sign up for a lottery, and you win, and you purchase a home under the guidelines of the Pitkin County Housing program, you know exactly what you are getting into.
The purpose of the program, as I see it, is to provide homes for those of us not lucky enough to be born with a trust fund.
This way we can avoid a long commute, allow our children the amazing opportunity to grow up in this community, and on some special days wake up and walk to the mountain for an epic powder day.
I didn’t know the purpse of the lottery was to win a chance at becoming a millionaire.
Listen to Tele Dog and Lost Sailor – your altruism is so beautifuly socialist. You speak of leaving a legacy for your kids. How ’bout a little equity as well?
Why do you say that “you know exactly what you are getting into?” Are you accepting a fate and destiny? Do you really think that a positive change in your favor needs to be seen as a negative?
Semrau is working to give you something that you deserve – an adjusted rate after 17 years without one. How could that possibly be seen as bad? If you want to leave something for your kids, trust yourselves to handle the money that is being offered to you and pass it on to them. Your altruism will be all the more powerful!
Listen to Tele Dog and Lost Sailor – your altruism is so beautifuly socialist. You speak of leaving a legacy for your kids. How ’bout a little equity as well?
Why do you say that “you know exactly what you are getting into?” Are you accepting a fate and destiny? Do you really think that a positive change in your favor needs to be seen as a negative?
Semrau is working to give you something that you deserve – an adjusted rate after 17 years without one. How could that possibly be seen as bad? If you want to leave something for your kids, trust yourselves to handle the money that is being offered to you and pass it on to them. Your altruism will be all the more powerful!
Interesting point aspenskier – my biggest concern now is paying off my mortgage.
How does an adjusted rate affect my property tax & mortgage, home insurance, etc. out of curiosity.
I’ve yet to hear any mayoral cannidate’s ‘plans’ for new housing, hint hint.
Interesting point aspenskier – my biggest concern now is paying off my mortgage.
How does an adjusted rate affect my property tax & mortgage, home insurance, etc. out of curiosity.
I’ve yet to hear any mayoral cannidate’s ‘plans’ for new housing, hint hint.
Lost sailor, an adjusted rate simply adds more value to your home each year. You will still pay the same mortgage, only when you pay it off, or pass it on to your kids, it will be worth more.
Understand that you are a part of Aspen. You have put your sweat equity into making this town great. You put up with the construction stress, traffic, and the high prices that comes with living here.
The real estate transfer tax was enacted to help counter those stresses. Now Tim is saying let’s give a little back right now to those who deserve to receive it. He is proposing using about $2.5 million per year from a fund that will balloon to over $102 million by 2012.
We have plenty of money to add a little equity to your personal nest egg. We are not taking from any future generations in doing so, and wouldn’t you rather being the one passing that money on to your children, or do you trust the government to do it for you after you’re gone?
Lost sailor, an adjusted rate simply adds more value to your home each year. You will still pay the same mortgage, only when you pay it off, or pass it on to your kids, it will be worth more.
Understand that you are a part of Aspen. You have put your sweat equity into making this town great. You put up with the construction stress, traffic, and the high prices that comes with living here.
The real estate transfer tax was enacted to help counter those stresses. Now Tim is saying let’s give a little back right now to those who deserve to receive it. He is proposing using about $2.5 million per year from a fund that will balloon to over $102 million by 2012.
We have plenty of money to add a little equity to your personal nest egg. We are not taking from any future generations in doing so, and wouldn’t you rather being the one passing that money on to your children, or do you trust the government to do it for you after you’re gone?