New affordable housing project aims to keep local workers living in Teton Valley. today at 10:02 AM DRIGGS, Idaho (KIFI)- A new affordable housing project is taking shape in Teton Valley, with construction underway on 175 Front Street in downtown Driggs. The project aims to bridge the gap in a community where average housing costs are nearly three times what typical residents can afford. "We're becoming a place where people come to spend their money more than make their money, which means that folks that work in our community are finding it harder and harder to live in our community," Jerod Pfeffer, Executive Director of Teton Valley Housing, said. 175 Front Street is being developed through a collaborative effort involving Teton Valley Housing, the Idaho Housing and Finance Association, and other local partners. Once completed, the building will provide 23 apartments for households earning between 40-80% of the area median income. Pfeffer says the need for affordable housing in the valley is significant. Housing costs in Driggs are about three times the median income, making it difficult for many local workers to afford to live in the community where they work, leading them to live farther away and commute. "What I hear is that it's getting harder and harder all the time. They're driving further to access their job," Pfeffer said. "The trend lines here are that housing is becoming more expensive. It's becoming a larger share of household income for people, and it's getting more and more challenging to make ends meet while working and living in Teton Valley." Teton Valley Housing launched its first affordable housing unit, Depot Square, three years ago. Recently, residents moved into an affordable housing unit in Jackson. Local leaders view the projects as the beginning of more affordable housing across the valley. "Our goal is really to keep these, as a housing authority, to keep these units permanently affordable. So not just the first family, but the family after that and then after that," Pfeffer said. Ask LocalNews8 Hi I'm your AI news assistant, trained on LocalNews8 content! Have any questions about this story? Tap a prompt below or ask me about anything! What's the average housing cost in Driggs? How many apartments will be available in the new project? What's the median income in Teton Valley? Are there any other affordable housing projects in the works? Powered by Article Topic Follows: News