workforce Homes
Background
Both ownership and rental Workforce housing exists in Town and Teton Village. This type of housing targets higher income earners who are still unable to afford a market home and provides some diversity in our programs.
Workforce rental homes are rented by their owners who must rent to households who qualify under the below restrictions. The Housing Department will re-qualify the tenants as new leases are signed.
Workforce ownership homes are initially sold by their owners to households who must qualify through the Housing Department under the below restrictions. The sales price is negotiated between the buyer and the seller. After the initial sale, the homes will appreciate at CPI with a 3% cap. The buyer will be identified by the Housing Department through the Weighted Drawing process.
Restriction Key Points
- No Income limit
- May not own residential real estate within 150 miles of Teton County, Wyoming
- 75% of total household's income must be earned from a local business at time of purchase and during ownership
- No income or asset categories
- Appreciation is limited after the initial sale
- Weighted Drawing sales process after initial sale for ownership units
- Owner identifies tenants and Housing Department qualifies them annually
- One person in household must work full-time in Teton County, Wyoming (1,560 hours per year)
- One person in household must have worked full-time in Teton County, Wyoming at least one year to be eligible for drawing
- Must occupy the home 10 months out of each calendar year
- Must be a U.S. Citizen or Lawful Permanent Resident (Green Card) to purchase
- May not sublet/rent the home or a room