Who Lives in Park City Affordable Housing?
Most residents living in deed-restricted properties in Park City represent the essential workforce who keep our town a world-class resort destination. This includes resort employees, police officers, teachers, City employees, artists, bus drivers, servers and bartenders, and nonprofit employees, to name a few.
Each year, housing staff conducts a survey of the persons living in the deed-restricted units in Park City. Owners receive a letter and must return a signed and notarized affidavit reporting the current rent being charged or, in the case of owner occupied units, owners must return a signed and notarized form to verify that they maintain the deed-restricted unit as their primary residence.
Qualifications for purchase of affordable housing in city-sponsored projects:
- Minimum of 2 years working full-time at a business, agency, or enterprise located within the boundaries of the Park City School District, with a priority for those located within the city limits prior to application
- Applicants may not keep ownership of other property nor may they purchase additional property while owning a deed restricted unit
- Household incomes are limited and each project will have different targets that are determined prior to the application process
- If self-employed, must demonstrate that 75% of business is located in Park City
- If retired must be able to document that their primary source of income was from a job based in Park City for a minimum of two years prior to retirement
- A combined net-worth limit (cumulative of all household members)
- Applicants must be able to get pre-approval from a certified lender without need for a co-signer
Regulation of Deed-Restricted Properties
Annual rent increases are based on CPI adjustments in April of each year. The City publishes the percentage of increase on this page.
As of April 2018, allowable rent increase is 2.8%.
2018 Payment In Lieu of Development fee is $336,600 per affordable unit equivalent
Resale of Deed-Restricted Properties
All sales and resales of deed-restricted units must be processed through the City.* The City holds the right of first refusal when a deed-restricted property is sold. Housing staff is also prepared to assist in the sale of these homes and maintains a list of interested households. A checklist for the sale of deed-restricted properties is available here.
Recorded deed restrictions for all properties within Park City city limits are listed below. They are also available on the Summit County Recorder’s webpage.
* There is one exception. The Line Condominiums are deed restricted to the benefit of Mountainlands Community Housing Trust who monitors compliance on those 22 units.
Key Information and Reports
Community workforce housing has been an issue in Park City since the early 1990s. In 1993, Park City adopted its first set of housing policies defining incentives to create and preserve affordable housing. Today, Park City promotes quality housing opportunities for persons of all economic levels as a key element of community sustainability. Key information and reports are linked below:
- 2017 Housing Assessment and Plan
- 03-2017 Housing Resolution
- 2016 Housing Policy Study
- 2016 Housing Market Report
- 2013 Affordable Housing Options & Strategies
- 2012 Housing Assessment & Plan
- 2012 Housing Survey and Focus Group Results
- Housing Goals, Policies & Strategies
- Housing Myths
- Housing Needs Assessment 2005-2010
- Housing Marketing Assessment 2010-2015
- Housing Resolution 25-12
- Housing Resolution 13-15