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Park City Municipal COVID-19 Updates: parkcity.org/covid-19

Qualifications

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A complete community strikes a balance between sustaining an exceptional quality of life and managing a thriving mountain town, while continuing to preserve and enhance the natural environment. A complete community is one where representatives of all factions of the community are able to live in town. The City’s affordable housing program provides opportunities to households with limited incomes to remain part of Park City’s complete community.

 

Qualifications to purchase a unit include the following:

  • Working full-time at a business, agency or enterprise located within the boundaries of the Park City School District for a minimum of 2 years prior to application;
  • Incomes limited to 80% and below of Area Median Income (AMI) for affordable units and 81-150% of AMI for attainable units;
  • Applicants may not keep ownership of other property or purchase additional property while owning a deed restricted unit;
  • If self-employed, must demonstrate that 75% of business is located in Park City;
  • A retired person who immediately preceding retirement was a full-time employee of an entity located within the Park City School District Boundaries for at least two continuous years and continued living as a full-time resident within the Park City School District Boundaries following his or her retirement;
  • A combined net-worth limit of four times the AMI for family size (cumulative of all household members);
  • Applicants must be able to qualify for sufficient mortgage without a co-signer (cash gifts are allowed for up to 30% of sale price and count against net-worth total);
  • Applicants who’ve never owned a home must complete a HUD-certified pre-purchase Homebuyer Education class;
  • All applicants must attend an Affordable/Attainable Housing Orientation prior to purchasing a deed-restricted home;
  • A person unable to work or who does not have a work history due to qualifying for disability as defined by the Americans with Disabilities Act (ADA).

Additional Rules

The City reserves the right to ensure that each unit matches the household purchasing the unit, for instance household size must match unit size:

Unit-Household

Income Limits and Net-Worth Limits

Income limits and Net Worth limits are based on US Department of Housing and Urban Development calculations of Area Median Income (AMI) which adjusts with household size. Net-Worth is the total assets accumulated by all household members such as stocks, bonds, retirement accounts, property, and cash. The following charts illustrate current income and net-worth limits. Limits adjust in April of each year.


Limits