The goal of the Live Park City Lite-Deed program is to help maintain a sense of community by incentivizing new and existing residents to place deed restrictions on their property in exchange for a cash payment from the City in order to promote year-round residency, more workforce housing opportunities, and down payment assistance. Currently, 67% of Park City's housing stock does not have a primary resident (which are considered to be "vacant") and are instead used as second homes and short-term recreational uses. The pilot program aims to:
- Promote more full-time residents and less second-home ownership;
- Encourage investments in workforce housing;
- Provide down payment assistance for those just out of the market; and
- Create an option for current homeowners to ensure their home offers the ability for future residents to live and work in Park City in perpetuity.
The Lite Deed Restriction Program Advisory Committee was created to review applications, help negotiate, and make recommendations to purchase Deed Restrictions consistent with program guidelines. The Advisory Committee is also tasked with reviewing applications, purchase and sale agreements, deed restrictions, and other forms necessary to support program administration.
Meetings will occur as needed, but likely averaging once or twice per month for one year or until the pilot program’s funding is exhausted. The Advisory Committee will consist of five members plus a City Council Liaison. All members serve one-year terms for the duration of the pilot program. Members of the Advisory Committee are required to reside or work within the City limits, and applicants should demonstrate a general knowledge of land use, affordable housing, development, financing, or local lending/banking.
Contact the Housing Team email@example.com 435-615-5060 for additional information.