Teton Valley News – Kira Corasanti, Editor – Wed, July 22, 2026
Impending rain and wind could not stop the official groundbreaking Friday for the 175 Front Street Affordable Housing Development, located half a block north of Depot Square in downtown Driggs.
“It’ll be the heart of downtown,” said Jerod Pfeffer, executive director of Teton Valley Housing. “It will bring opportunities for the people, for our community to thrive. That’s the work we do: diverse, permanently affordable housing, and the stewardship to keep it that way. So thanks to our commissioners, our partners, our neighbors.”
The project will create 23 income-restricted apartments, including three units reserved for Teton County employees. Pfeffer said providing homes for the people who live and work in Teton Valley remains one of the housing authority’s biggest goals and most pressing community challenges.
The homes will serve households earning between 40 and 80 percent of Area Median Income (AMI), roughly $44,750 to $71,600 annually, according to Teton Valley Housing’s 2025 housing assessment. Pfeffer noted that a precise cost estimate for the units is difficult to determine at this stage. Based on 2026 figures, which are expected to change before construction is complete, a one-bedroom unit would start at approximately $895 per month for someone earning 40% AMI, while a three-bedroom unit at the upper end would cost about $2,348 per month for someone earning 80% AMI.
“At Northwest, we believe that every community deserves housing opportunities that support its workforce and long-term economic health,” said John Vance, Vice President of the Development Group at Northwest Real Estate Capital Corp. “We are honored to work alongside Teton Valley Housing and local leaders to bring this important project to life.”
Vance explained that one of the housing authority’s key funding partners was the Idaho Housing and Finance Association. In addition, the project received tax-exempt bonds that made construction financing possible, along with Low-Income Housing Tax Credits. Northwest was also awarded a $4 million grant from workforce housing funds. The Rural Community Assistance Corporation provided a deferred loan with a 55-year term, and Glacier Bank contributed $3.5 million in construction financing.
“The total investment that Idaho Housing has made in this project is more than $10 million,” Vance said.
The development will include 10 one-bedroom units, six two-bedroom units, and seven three-bedroom units. Construction is expected to continue through fall 2027, with leasing information to be announced as the project nears completion.
During the groundbreaking event, Pfeffer thanked the Teton Ridge Ranch Foundation for its early funding support, City of Driggs community members for their donations, and project partners including Northwest Real Estate Capital Corp., the Idaho Housing and Finance Association’s Workforce Housing Fund, Redstone Glacier Bank, and CSI Construction Company, the project’s general contractor.