Homeownership Opportunities

Note on Application Process:

The application form is now available for several upcoming affordable housing projects in the Park City area. Mountainlands Community Housing Trust (MCHT) and Park City Municipal (PCMC) have created a single, combined application for persons interested in owning a deed restricted affordable unit in any of four new housing projects now underway. Details on each of the developments is below. Applications will be accepted beginning on June 5th through June 30th at Mountainlands’ office at 1960 Sidewinder Drive, Suite 107 during regular business hours 8am-5pm.

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Silver Creek Village Townhomes

Silver Creek Village is a new community of over 1,200 residential units location to the southeast of the intersection of I80 and US40. Approximately one-third of total units will be restricted for affordable workforce housing. The first phase of development will include up to 22 affordable townhomes available to the workforce.

Affordable Units

  • 22 townhomes in Phase 1 (up to 103 total between 2017 - 2020)
  • 3 bedroom units are 1,400 square feet
  • 4 bedroom units are 1,480 square feet
  • 2-car tandem garage
  • 4 stories

Eligibility

  • Annual household income below 80% of Area Median Income, with certain units reserved for incomes below 60% 
  • Preference for local workforce
  • Must qualify for financing through a local lender

Employment Qualification

Full time (30 hours of employment per week) employees of agencies, organizations or businesses located within Summit County.

Timing

Phase 1 construction expected to commence by Fall 2017 with units ready for move-in by Spring 2018

Anticipated Pricing

$250,000 to $310,000 based on unit type, size and location within the development.

Restrictions

Owner Occupied (no rentals)

Resale price appreciation capped at 3% per year

Community Land Trust (CLT): These units are built on donated land which is how the price is made affordable. MCHT will retain ownership of the ground and the unit owner will purchase the townhouse improvements only (not the land), and pay a nominal monthly land-lease fee. Click here for more information on CLT.


HOA Dues and CLT Lease Fees

Estimated at $200 per month

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Discovery

Discovery is a new residential neighborhood located west of Kimball Jct near the Weilenmann School of Discovery. The development will consist of 97 total residential units, with 30 of the those unit being deed restricted as affordable housing  for the local workforce.

Affordable Units

  • 25 townhomes, 4 duplex units, 1 single family home
  • 3 bedroom townhomes are 1,470 square feet
  • 4 bedroom townhomes are 1,530 square feet
  • 2-car  garage

Eligibility

  • Annual household income below 80% of Area Median Income
  • Preference for local workforce
  • Must qualify for financing through a local lender


Timing

Estimated Completion Spring 2018 (Note: Discovery also includes 67 market rate townhomes and houses)

Anticipated Pricing

$320,000 to $420,000 based on unit type, size and location within the development.

Restrictions

Owner Occupied (no rentals)

Resale price appreciation capped at 3% per year

Click here for more information about Deed Restrictions

HOA Fees

Estimated $250-$300 per month

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1450-1460 Park Avenue (PCMC project)

1450-1460 Park Avenue is a new residential neighborhood located near City Park in Old Town Park City. The development will consist of 8 detached residential units, with 2 one bedroom homes, 5 two bedroom homes and 1 three bedroom. These units will be deed restricted as affordable housing  for the local workforce.

Affordable Units

  • 8 homes; two 1 bedroom, five 2 bedrooms, one 3 bedrooms
  • 1 bedroom homes are 750 square feet
  • 2 bedroom homes are 1,120 square feet
  • 3 bedroom home is 1,350 square feet
  • Surface parking

Eligibility

  • Annual household income below 80% Area Median Income 
  • Preference for local workforce working within the Park City School District
  • Must qualify for financing through a local lender
  • Applicant may not maintain ownership of any other land or improved property

Timing

Estimated time of completion is fall 2017.

Anticipated Pricing

Estimated price is $185,000-$300,000 

Restrictions

Owner Occupied (no rentals)

Resale price appreciation capped at 3% per year

City has right of first refusal

Click here for more information about Deed Restrictions

HOA Fees

Estimated HOA fees are $200 per month

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Central Park Condos (PCMC project)

The Central Park Condos is a new residential building located in the Prospector Square area at 1893 Prospector Ave., along the Rail Trail. The development will consist of 11 total condo units, with one studio and ten 2 bedroom units. These units will be deed restricted as affordable housing  for the local workforce.

Affordable Units

  • 11 condos; one studio and ten 2 bedroom units
  • Studio unit is 500 square feet
  • 2 bedroom and 1.5 bath are 855 square feet
  • 2 bedroom and 2 bath are 1,050 square feet
  • Surface parking beneath building

Eligibility

  • Annual household income below 80% Area Median Income
  • Preference for local workforce working within the Park City School District
  • Must qualify for financing through a local lender
  • Applicant may not maintain ownership of any other land or improved property

Timing

Estimation completion is fall 2017

Anticipated Pricing

Estimated pricing is $160,000- $360,000

Restrictions

Owner Occupied (no rentals)

Resale price appreciation capped at 3% per year

City has right of first refusal

Click here for more information about Deed Restrictions

HOA Fees

Estimated HOA fees are $200 per month

DOWNLOAD FLOOR PLANS

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