Big News for Park City Affordable Housing
For several years now, affordable housing in Park City has become as elusive as deep powder in April. As our economy strengthens and more people relocate to Summit County or purchase second houses here, we’re seeing increasing prices and demand for homes. This leaves Park City’s working class high and dry.
As a real estate agent who takes pride in working with buyers and sellers of all financial backgrounds, it’s important to me to see a diversity of housing types and pricing in the Wasatch Back. Thankfully, “The Town” is proactively addressing this issue. One of their solutions to Park City affordable housing is a new development right in the heart of Old Town. Recently, the Park Record released some exciting details about this project.
Here are six things to know about the Town of Park City’s new affordable housing project:
1. The Town hopes to sell eight units for less than $300,000.
Depending on square footage and income level, units will range from $195,000 to $285,000. That’s dramatically less than median home prices in the area, which can average around a million dollars. The project includes eight homes. Two of the units will be one-bedrooms of 750 square feet, five will be two-bedrooms of 1,120 square feet and one will be a three-bedroom of 1,350 square feet.
2. To qualify for a unit, a potential buyer will most likely need a household income between $47,221 and $78,720.
However, figures will be updated for 2017 Summit County median income data. One member of the household needs to work within the Park City school district boundaries. The owner also needs to live in the unit full-time. Worker type and tenure will also add preference points to applicants. Specific guidelines will be established by the time the application is released.
3. Resales will be capped at three percent annually.
Unit resales will also be subject to municipal right of refusal, or deed restricted. These are not investment properties and for good reason.
4. The development addresses are 1450 and 1460 Park Avenue in case you want to do a drive-by viewing.
And it’s only a short walk to the Park City Library, Main Street, and City Park, and on a bus route. And the 4th of July Parade goes right by your front door.
5. This is not a one-off project.
It’s part of a larger plan that kicked off with the 2010 Snow Creek Cottages and will include more developments in the future.
6. The Town is not the only entity working on the Park City affordable housing issue.
Mountainlands Community Trust is a nonprofit also making efforts to improve local workforce housing.
Stay tuned for more details. The Town expects to release applications in early summer and make decisions by the end of summer. For more information, contact Park City Housing Program Manager Rhoda at 435.615.5152 or [email protected].
Affordable housing projects generally do not allow representation by agents, but as your local real estate expert, I am happy to answer questions and direct you to the resources you’ll need to qualify.