City Hall ready to snap up Park Avenue condo
City Hall is preparing to purchase and then resell a condominium that is designated as a work force housing unit, deciding that buying the place is the best way to ensure it remains in the pool of housing set aside for people who qualify through their incomes.
The condominium is in an eight-unit building at 1465 Park Ave. Rhoda Stauffer, who manages City Hall’s housing programs, said the owner of the unit is in default on the loan. The lending bank contacted City Hall with the information. The bank had started foreclosure proceedings against the owner, according to a report Stauffer recently submitted to Mayor Dana Williams and the Park City Council.
The municipal government holds the right of first refusal on the unit and City Hall has notified the bank that it will exercise the right, Stauffer said. She said the most the unit could cost City Hall is $229,500, which is the maximum resale figure allowed under the work force housing restrictions as of February. Stauffer was unsure when closing will occur. The place is rented and appears to be in good condition, she said.
Stauffer said City Hall plans to sell the condominium at a work force rate. It will be offered to people who have qualified to purchase a work force unit through their incomes.
She said the names of potential buyers will be culled from a list kept by Mountainlands Community Housing Trust, which is a not-for-profit group, and from the list of people who did not win the right to purchase one of the work force Snow Creek Cottages during a recent housing lottery.
City Hall is a longtime supporter of work force housing inside Park City, building the Snow Creek Cottages and financially assisting other developments.
Leaders say the housing assists people live locally who would otherwise be priced out of Park City’s resort-driven real estate market, the most expensive in the state. They also say doing so ensures economic diversity inside the city and reduces commuter traffic.
The pending purchase of the Park Avenue condominium comes six months after City Hall bought another work force unit after the owner defaulted on a loan. In that case, city officials paid $133,089 in an auction for a unit in the Line Condominiums on Deer Valley Drive.
There was a chance the Line unit could have been sold on the open market, and officials wanted to keep the place within the stock of work force housing.
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