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Affordable homes are classified under categories. Jackson Teton County Affordable Housing has category 1 through 6 homes. Each category has a different income and asset limit. In order to qualify for a home in a specific category, you are not permitted to make more per year than the income limit for that category. You are also not permitted to have more in net assets than the category asset limit. Please see the Income and Asset Limit Chart (PDF) to see the income and asset limits for each category.
We also have Attainable homes. These homes are category 2, 3, and 4. You can refer to the Income and Asset Limit Chart (PDF) to see the income limits on Attainable homes. The asset limits are calculated and updated annually. Contact the Housing Department for information on Attainable asset limits. Jackson Teton County Affordable Housing does not facilitate the sale of Attainable homes. We only qualify the buyers so an application needs to be submitted and approved before closing on an Attainable home. Owners either list their Attainable homes with a real estate company or sell them ‘by owner’. There is no lottery process and we do not set the prices. Prices are negotiable between buyer and seller.
The Housing Department also has Employment Based homes in the program. To be eligible for these homes, you must have been working in Teton County full time for at least 2 years. There are no categories, and therefore no income or limits on employment based homes. The only asset limit is that you are not able to own any other residential real estate within 150 miles of Teton County. This applies at purchase and during ownership of Employment Based homes.
Your income is the amount you earn before taxes are taken out. The amount you are currently making will be used for qualification purposes. If you are self employed, an average of the past three years will be used including year to date earnings. If you have not been self employed for 3 years, the length of time you have been self employed will be used to calculate your income.
Anything you own that is valued above $500 is considered an asset. All bank accounts, stocks, bonds, vehicles, etc. should be counted. Once you add them all together, subtract any debt you have and the result is your net assets.
We do not count retirement accounts as part of your assets unless you are planning to use the money as a down payment on the purchase. If so, the amount you take out of your retirement account will be included in your assets.
The best way to find out when we have homes available is to check our website or look in the Valley Section of the Jackson Hole News and Guide. You can also complete an Information Contact Form and submit it to our office. We will add you to our e-mail list. We send emails out to everyone on our list every time a home is available. Keep in mind that we cannot guarantee that you will receive emails. In the past, some emails have been filtered out or returned to us. We recommend that you check our website every couple of weeks to be sure you are informed about available homes, visit the Homes Currently for Sale page. Available homes are posted on Wednesdays so if you check the website every Wednesday, you will be sure not to miss out on applying for an available home. You are also welcome to call our office at 307-732-0867.
You can apply for a home in one easy step. When you see a home available on our website, in the newspaper, or by email, complete and submit a Lottery Entry Form (PDF), you can also pick the form up at our office. You can fax it, mail it, or drop it off at our office. Just make sure you get it in by the deadline! You will also need to submit a Lender's Qualification Worksheet (PDF) with a full credit report attached (not just credit scores), and a Homebuyer's Education completion certificate with the Lottery Entry Sheet. Your lender should be able to provide you with a full credit report. We will keep your Lender's Qualification on file for one year. After one year, you will need an updated one. The Homebuyer's Education certificate is good indefinitely, and we will keep that on file as well.
If you are chosen in the lottery to have the first option to purchase the home, you will need to submit a complete application.
There are different levels of preference groups in the lottery. In order to get in the top preference group (those in this group will have the best chance of being chosen), the following criteria must be met:
If you meet both of the above criteria, then you will be placed in the top preference category in the lottery. If you do not meet the above criteria, you can still apply for the home, however, you will be placed in a lower preference group and there is a smaller chance that you will get the home.
Once all lottery entrants have been listed on the lottery sheet according to their preference group, the lottery sheet is sent to outside counsel who then assigns each person a number. The numbers assigned to the top preference group are placed in a pool and drawn out one by one and are marked down in order on the lottery sheet. Next, the second preference group numbers are placed in a pool, drawn out, and marked down. This goes on until everyone’s number has been drawn out of the pool. The first person drawn will get the first option to purchase the unit. If they decide to decline the unit, then the unit will be offered to the second person drawn and so forth until someone decides to purchase the unit.
If you are chosen, we will call to notify you. You will have five business days from the day we notify you to submit a complete application, view the home, and sign a contract to purchase the home. Once you sign a contract to purchase the home, you will have a minimum of 30 days to close on the home. During this time, your lender will order an appraisal and title work done as well as process your loan. We and your lender will be in contact with you if we need you to do anything. You will also have a chance to do a final walk through of the home before closing. Closing day is the day you will sign the paperwork, the home will become yours, and you can move in.