4 THINGS TO KNOW ABOUT AFFORDABLE HOUSING IN PARK CITY:
In many high-end resort communities, it can be hard for many people who work full-time in town to afford to buy housing in town as prices continue to rise. Park City is addressing this issue and providing more affordable housing opportunities. By providing more affordable housing, Park City will increase the quality of life for full-time workers by allowing them to live in the town where they work, including (but not limited to) teachers, nurses, police officers and office workers. Below, we’ll go over a few important things you should know if you’re going to start looking for affordable housing in Park City.
1. Learn About the Different Developments
There are currently 4 different neighborhoods in Park City that are being developed into affordable housing. Here are the opportunities in the works:
a. Park City Heights
This will be townhomes, park homes and larger cottages that will be built across Hwy 248 from the Hospital. There will be two, three and four bedroom units. Sale prices range from $299,900 for a two-bedroom townhome to $438,500 for a three bedroom single family (Park Home), and $506,008 for a four-bedroom cottage on a larger lot. Each year, four townhomes, six park homes and one or two cottage homes are being built. To get in line for these, contact the sales manager for Ivory Homes (the builder) – Troy Goff at (435) 729-0550 or firstname.lastname@example.org.
b. Woodside Park
This infill neighborhood project spans from Park Avenue (across from City Park – Miners Hospital) to Empire Avenue. There will be 8 units (plus five accessory apartments to be rented to qualified individuals) in Phase I under development on the old Fire Station lot (Park Avenue to Woodside Avenue). Construction will begin on Phase I in late summer of 2017. Phase II will produce 50 to 62 units depending on final design and will likely be a mixture of ownership and rental units. Phase II is on the other side of Woodside up to Empire Avenue (base of Park City Mountain Resort). Sales pricing for Phase I hasn’t been finalized, but is likely to range between $185,000 and just over $400,000, depending on the size of the unit and whether or not an accessory apartment is included as an income generator. Household income limits will likely range from $47,221 to $98,400 depending on household size.
c. Park Avenue
This is a small infill neighborhood under construction on Park Avenue (lower part, north of old town near the 7-11). All detached houses, the completed project will include two one-bedroom units (750 square feet), five two-bedroom units (1,120 square feet), and one three-bedroom (1,300 square feet). Sale prices will vary from $195,000 to $285,000, depending on the size of the unit. Sales will be limited to households with annual incomes ranging between $47,221 and $78,720 depending on household size. Applications for these units, as well as the selection process, will likely be announced by late June 2017, and move-in dates will be in September/October of 2017.
d. Central Park Condos
This project will consist of 11 condos in prospector. There will be seven 2-bedroom/1.5-bathroom units, three two-bedroom/2-bathroom units and one studio will be sold in October of this year. Sale prices and income limits are not finalized yet. Applications will likely be available in the same timeframe as the 1450-1460 Park Avenue project listed above.
2. See if you Qualify – Fill Out Applications
As you’ve probably noticed, each project listed above will have different requirements in order to qualify as a purchaser. The income requirements vary based on household size, and depend on which project you’re looking at. Some projects have not yet announced income requirements, so keep an eye out for those. To receive updates on the projects, you can email Rhoda Stauffer at email@example.com. Rhoda is the Affordable Housing Program Manager for Park City, and she keeps a database of persons interested in projects going on within the city limits. Mountainlands Community Housing Trust, in cooperation with the city, also helps to inform residents about the upcoming projects and assist with the application and qualification process. Steve Laurent is the Programs Manager for Mountainlands, and will be working with Rhoda to put out applications for the upcoming projects. We suggest getting in touch with both of them to stay up-to-date on the happenings in the affordable housing community. You can reach Steve at firstname.lastname@example.org.
3. Understand Deed Restricted Properties
Affordable housing projects are considered deed restricted properties in most communities. A deed restricted property varies quite a bit from a normal market-value property. One of the main differences in owning a deed restricted property is that your home cannot appreciate more than a certain amount each year (typically 3%), in order to keep the property affordable. Another big difference is that you normally can’t rent the property on a nightly basis in order to make additional income (no Airbnb!). The owner also needs to live in the property year-round, and typically needs to work at least 30 hours/week in Park City (or another defined area). Most of the time, however, you can rent out any additional bedrooms year-round to other locals of the Park City area. Check out the deed restrictions page on the Mountainlands website for more information on deed restrictions for different projects.
4. Look at your Other Options, and Talk to an Agent
If affordable housing/deed restricted ownership isn’t for you (or even if it is, but you want to look at all your options), we suggest talking to an agent with knowledge of the affordable market. It is possible to find other affordable options in and around Park City that are not deed restricted, and that can appreciate more than 3% each year. Having an agent keep a close eye on the market for you is a must, because they’ll see everything right when it gets listed, and those lower-priced properties tend to go quickly!