Frequently Asked Questions
about purchasing and qualifying for an Affordable home
How do I know if I qualify for an Affordable home?
Affordable homes are classified under categories. Jackson Teton County Affordable Housing has category 1 through 5 homes. Each category has a different income and asset limit. In order to qualify for a home in a specific category, you are not allowed to make more per year than the income limit for that category. You are also not allowed to have more in net assets than the category asset limit. Please see the Affordable Housing Income Chart
to see the income and asset limits for each category.
How do I calculate my income?
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.
How do I calculate my net assets?
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.
Do I count my retirement accounts as 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, this amount will be included in your assets.
How do I find out about homes that are available?
The best way to find out when we have homes available is to check our website or look in the Jackson Hole News and Guide. You can also complete an Information Contact Sheet and submit it to our office. We will add you to our e-mail list. We send e-mails out to everyone on our list every time a home is available. Keep in mind that we cannot guarantee that you will receive e-mails. In the past, some e-mails 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 www.tetonwyo.org/house . 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.
How do I apply for an Affordable home?
Affordable and Employment-based homes are sold using a lottery process. Homes are advertised on the JTCAH Website and in the Jackson Hole News and Guide weekly paper. Lotteries are open for two week periods. When you see a home you are interested in, you will need to enter a lottery. Please click here to learn about the lottery process.
If you are chosen first in the lottery, you will be given the first option to purchase the home. After seeing the home and deciding you would like to move forward with purchasing, you will need to submit a complete application to JTCAH. Please click here to for the Application Checklist.
If a lottery is completed, and nobody purchases the home, it will be posted as First Come First Serve. If you are interested in one of these homes, you need to be the first to submit a complete application and if you qualify, you can purchase the home.
What happens if I am selected in the lottery to purchase a home?
If you are chosen, you will be contacted and shown the home. This is when you will decide whether to move forward with purchasing. Please click here to learn about next steps once you are given the option to purchase.
What does a complete application consist of?
There are many parts to submitting a complete application. Please click here for the Application Checklist.
What should I do to get prepared in case I am chosen?
There are many things you can do to prepare for purchasing a home. Please click here to learn more.