First Come, First Served. The first Qualified Household to submit a complete application will have the option to purchase.
Qualified Household:
- Income Range: Workforce Ownership unit - see eligibility requirements, below.
- Minimum Occupancy Requirement: No minimum Occupancy Requirement. Any size household may apply.
- Draft Workforce Ownership Deed Restriction Template
- Read the CCRS to learn more about the neighborhood's rules.
Workforce Housing Eligibility Requirements
- A least one adult in the household must be employed full-time in Teton County for a minimum of one year. The Housing Department defines full-time employment as working a minimum of 1560 hours per year (30 hours/week average).
- The household must earn a minimum of 75% of total household income from a Local Business.
- No member of the household may own any interest in other residential real estate within 75 miles of Jackson, Wyoming.
- The household is required to occupy the home for at least 10 months per year.
- Must have a completed Buyer's Application (see below for the Application Checklist)
- It is recommended that you speak to a local lender about all your financing options. Please be aware that due to demand, most lenders need at a minimum 48 hours to provide a completed Lenders Qualification sheet.
- Links to the application materials are below:
- If you have not already taken the Homebuyer Education course, you must complete it before applying.
Example cost breakdown for a purchase price of $791,113
| 3.5% down payment (required) | $27,689 |
| Loan Amount | $763,424 |
| Monthly Principal & Interest Payment (estimated 6.5% interest rate) | $4,825 |
| Monthly Property Tax (estimate) | $376 |
| Monthly Insurance (estimate) | $75 |
| Monthly HOA Dues (estimate) | $300 |
| Total Estimated Monthly Payment | $5,576 |
Calculation of Income
Household income is calculated based on the current income earned by all intended adult occupants of the Restricted Housing Unit at time of weighted drawing entry using the current household income to estimate an annual (12 month) income basis.
Self-Employment Income Calculation Policy
Business must be a Qualified Local Business for income to be counted as Local Income.
Gross business income is used minus cost of goods sold (not cost of goods in inventory – that is an exempt asset) and minus cash expenses only. Equipment, vehicles, furniture, fixtures, etc. are already exempt from being counted as assets so they are not allowed to also be deducted from income. Travel expenses will only be deducted in cases where travel is directly related to the business as determined by the Housing Department. Meals/Entertainment expenses will not be counted as a deduction. Depreciation is not an allowed deduction.
For questions, contact the Housing Department.