Location

555 Deer Valley Drive, Park City, Utah

Overview

Located at the entrance corridor of Deer Valley Resort, The Line Condominiums provides 10 one-bedroom and 10 two-bedroom units and the renovation of 2 historical homes.

All the units were pre-sold to Summit County residents who consist of essential city and sector workers, targeting 50% to 80% of Summit County’s area median income, which is $83,400 for a family of four.

The applicants received the HomeStart savings grant program for first time homebuyers through the Federal Home Loan Bank of Seattle. The grant monies covered their down payment and closing costs. Zions Bank assisted with HomeStart and provided financing for all purchases.

Project Description

Completion in 2006
10 one-bedroom, 10 two-bedroom, and 2 historic one bedroom homes
All units sold to Summit County residents
Qualified applicants income target 50% to 80% of area median income
One-bedroom approximately 600 square feet, and two-bedroom approximately 1,000 square feet

Financial Support

Zions Bank construction financing and purchase mortgages
Park City Municipal Corporation - fee wavers totaling approximately $15,000 and construction loan assistance
Loan interest mortgages from Mountainlands Community Housing Trust $270,000 and direct subsidy of approximately $400,000

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