Key Points

Qualifications 

• No Income or Asset limits
• One person in the household must work full-time in Teton County, Wyoming (1,560 hours per year - an average of 30 hours/week) 
• 75% of total household's income must be earned from a local business at time of rental/purchase and during occupancy
• May not own residential real estate within 150 miles of Teton County, Wyoming
• Must be a U.S. Citizen or Lawful Permanent Resident (Green Card) Ownership only

Occupancy & Use

• In order to ensure that the units meet the intended goals of housing the Teton County workforce and are consistent with mitigation requirements, the following occupancy preferences are: 

  Studio:   One (1) or two (2) persons 

  One-bedroom: One (1) or two (2) persons 

  Two-bedroom: One (1) or two (2) adults with one (1) or more dependents 

  Three-bedroom: One (1) or two (2) adults with two (2) or more dependents 

  Four-bedroom: One (1) or two (2) adults with three (3) or more dependents

  For purposes of counting household size, dependents must live with the household and be able to be claimed as a dependent on Federal Income tax returns. Rules & Regulations Section 4-1

• May not sublet/rent any rooms in the home or the home without prior approval of the Housing Department.
• Must occupy the home 10 months out of each calendar year Ownership only
• Must occupy the home for 80% of the lease term Rentals only
• Rental units must not be owner occupied and must remain rental units Rentals only

Rental Process

• All current Workforce rentals are provided by independent developers
• All tenants of Workforce rentals are selected by the owner directly - the Housing Department is not involved
• There is no cap on rental rates. Pricing for Workforce rentals is decided by the owner - the Housing Department is not involved
• Units may not remain vacant for more than 60 days.
• Owners must keep records to verify tenants are qualified. The Housing Department must qualify the household, and requalify the household annually

Sales Process

• Most of the Workforce ownership homes in our community are provided by independent developers
• Initial buyers are chosen by the developer directly - the Housing Department is not involved
• Initial sales price of a Workforce ownership home is negotiated directly between the buyer and seller - the Housing Department is not involved
• If the initial buyer decides to sell, all subsequent buyers will be selected through the Housing Department's Weighted Drawing process. This requires that one person in the household must work full-time in Teton County, WY, for a minimum of one year
• Appreciation is limited after the initial sale (CPI capped at 3%)
• The Housing Department must qualify the household, and requalify the household annually