Park City Old Town worker housing: Is your income or net worth too high to qualify?
Park City has set limits on income and on net worth as it readies to select buyers for the first phase of Woodside Park workforce or otherwise affordable housing in Old Town.
The limits differ between two categories of units in the project, those designated as affordable and those that are attainable, and are based on the area median income as well as the household size. The limits are critical to people considering submitting the paperwork needed to start the selection process for buyers.
People who are interested in a unit that is categorized as affordable cannot earn more than 80 percent of the area median income. The income limit on a one-person household is $61,488 while the limit on a two-person household is $70,272. The limits increase as the household size becomes larger.
Those seeking a unit that is designated as attainable cannot earn more than 150 percent of the area median income. The figure is $115,290 for a one-person household and $131,760 for a two-person household. The attainable limits also increase with household size.
The municipal government, meanwhile, also put restrictions on the net worth of buyers.
A one-person household at 80 percent of the area median income cannot have a net worth topping $307,440 while a two-person household cannot top $351,360. The figures rise alongside household size.
The net-worth restrictions for a household at 150 percent of the area median income reach $538,020 for a one-person household and $614,880 for a two-person household. The numbers rise with the size of the household.
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