Affordable homes are intended to serve households who earn between 0 - 120% of the Median Family Income. We define "Affordable" to mean that a household spends no more than 30% of its income on housing. The Affordable Housing Program has both rental and ownership units.
- One person in the household must work full-time in Teton County, Wyoming (1,560 hours per year - an average of 30 hours/week)
- Household gross income and assets for ownership units must fit into the income range that the home is intended for. This will be specified in the listing for the unit. Affordable income ranges are split into three categories based on Median Family Income (MFI):
- 0 - 50% MFI
- 50 - 80% MFI
- 80 - 120% MFI
- For households selected through the Housing Department's weighted drawing process, one person in the household must work full-time in Teton County for a minimum of one-year.
- The household may not own residential real estate within 150 miles of Teton County
- Must be a U.S. Citizen or Lawful Permanent Resident (Green Card) Ownership only
Occupancy and 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
- No guests are allowed for more than 30 cumulative days in a calendar year
- Must occupy the home for 80% of the lease term Rentals only
- Units must not be owner occupied Rentals only
- Units may not remain vacant for more than 60 days Rentals only
- Must keep the home insured for full replacement cost Ownership only
- Must occupy the home 10 months out of each calendar year Ownership only
- Tenants for Housing Authority owned rentals are identified through the Housing Department's Weighted Drawing process
- Tenants for privately owned Affordable rentals are identified by the owner - the Housing Department is not involved
- Rental rates are calculated using the low end of the income range for the specific unit, multiplying by 30% and dividing by 12. If the rental unit is listed for households in the 0 - 50% MFI range, we use 30% of the MFI instead of 0%.
- All new leases for rental units must be a term of at least 6 months
- Owners must keep records to verify tenants are qualified. The Housing Department must qualify the household, and requalify the household annually
- Buyers of Affordable units are identified through the Weighted Drawing process
- The Housing Department must qualify the household, and requalify the household annually for all homes built or sold after June 4, 2018
- Pricing is based on the income range for the specific unit. Please click here for more details.
- Appreciation is limited after the initial sale (CPI capped at 3% for all future sales)
- The Housing Department must qualify the household, and requalify the household annually
Housing Authority Developed Affordable Homes
The Housing Authority previously developed several Affordable housing neighborhoods. Currently, the Housing Authority purchases land and partners with private developers to develop Affordable Housing.
When the Housing Authority developed the Grove, 20 Affordable rental homes were built. Tenants were selected via the Housing Department's weighted drawing. These are the only Affordable rental units whose households are selected via our weighted drawing process. For other Affordable rental resources, please click here.
The Housing Authority developed and sold 64 Affordable ownership homes, all located in housing developments that were built using public funds. If any current owners in these Affordable homes decide to sell, a qualified buyer will be selected through the Housing Department's weighted drawing process.
Workforce Homes Provided by Independent Developers
Most of the Affordable homes in our community are developer provided due to Teton County Land Development Regulations (LDRs) that require and/or provide incentives for developers to provide a portion of deed restricted units when building a market development. Buyers of Affordable homes that become available are selected through our weighted drawing process. Tenants for privately owned Affordable rentals are selected by the owner - the Housing Department is not involved. The Housing Department is responsible for managing compliance of all households to ensure that the tenants and/or owners meet the requirements of the recorded restriction.