Old Town location, new construction, for less than $300,000
Park City sets prices, income restrictions for Park Avenue houses
March 21, 2017
City Hall anticipates selling the houses it is building in Old Town for less than $300,000, officials said in a newly published document, figures that are well below the prices in the surrounding neighborhood.
The municipal government released a one-page document outlining the project, which is under development at 1450 Park Ave. and 1460 Park Ave. The prices are included in the document. City Hall says prices are projected to start at $195,000 and climb to $285,000. The price will depend on the square footage of the house and a buyer's income.
The project entails eight houses. Two of the units will be one-bedrooms of 750 square feet, five will be two-bedrooms of 1,120 square feet and one will be a three-bedroom of 1,350 square feet.
The project is part of City Hall's aggressive housing program and will be the first housing built by the municipal government itself since the Snow Creek Cottages were completed in 2010. Officials see the project on the 1400 block of Park Avenue as one of several possible municipal housing developments along the lower Park Avenue corridor.
The document also provides detailed information about qualifications of potential buyers, including the restriction on incomes. Based on the area median income in 2016, a household income must have ranged between $47,221 and $78,720 to qualify as a buyer. The range will be updated shortly as the federal Department of Housing and Urban Development releases median incomes for 2017. The income range is set through a formula based on the median income in Summit County. The median income typically does not change dramatically on a year-over-year basis.
Park City leaders are pursuing a program involving work force or otherwise restricted housing, such as units for senior citizens, identifying housing as one of the priorities of the City Hall work plan. Much of the work force has been priced out of Park City's resort-driven real estate market. Leaders have long said the availability of housing for rank-and-file workers has wide-ranging benefits like ensuring socioeconomic diversity inside the Park City limits and reducing commuter traffic.
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"They recognized the need . . . People at those income levels really have no choice," said Scott Loomis, the executive director of Mountainlands Community Housing Trust.
The not-for-profit organization is not involved in the City Hall project but has developed work force or other sorts of restricted housing in Park City and Summit County. Loomis said the project on Park Avenue will likely attract "multiple applicants" for each of the units.
"I think they've created space that really works," Loomis said, anticipating longtime members of the work force will submit paperwork as potential buyers.
The project has been seen as desirable since the early concepts were publicized. The supporters see the location as one of the top draws. It is within easy walking distance to City Park, the Park City Library and Main Street. It is also located along a bus route. The land is set in a heavily developed neighborhood, a location that likely influenced an approval process that was not as difficult as it would have been in other places. House sales in Old Town regularly soar above $1 million.
The document outlining the project, meanwhile, provides other qualifications that will be important to potential buyers. At least one person in a household needs to work in the boundaries of the Park City School District. If the household is made of retirees, they must be longtime members of the community, it says. The owner of the house must live there, a restriction that is meant to ensure the residence is not put into the rental pool. City Hall will cap resales at 3 percent annually. The municipal government will also have the first right of refusal when a unit is put on the market.
City Hall, meanwhile, says it will give preference to municipal workers and people described as "essential" members of the work force. Workers deemed essential include emergency responders, teachers and people in the medical field, according to the document. People seeking to buy a unit will be ranked by their tenure working within the boundaries of the School District.
Officials anticipate publishing applications in the early summer followed by selections late in the summer. The document says sales are expected to close by the middle of the fall, allowing people to move in at that time.
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