Jackson, WY Affordable Housing Department Home Cost $500,000!

Jackson, WY Affordable Housing Department Home Cost $500,000!

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Jackson, WY Affordable Housing Department Home Cost $500,000!

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Jackson/Teton County Affordable Housing has a house to sell. The house, located at 4307 S. Sage Meadows Road, is 1,036 square feet and has 2-bedrooms and a bathroom. It would make for a wonderful home for a dedicated ski bum or a young family just starting out. So whats the catch? This “affordable house” is a half a million dollars.

This is just down right crazy. A half a million dollars for an “affordable” home? What are these people smoking. If you’re moving to Jackson Hole you better bring your trust fund.

See the listing below:

4307 S. SAGE MEADOWS ROAD

Sales Price: $500,000

Occupancy Requirement: one (1) or two (2) adults with one (1) or more dependents

Deadline to Enter the Weighted Drawing: Tuesday, March 19, 2019 by 4:00 p.m. No late or incomplete entries will be accepted.  Please scroll to the bottom of this listing for all forms needed to apply to enter the weighted drawing.

We understand that our applications to enter the weighted drawing takes time and effort, and we do not want to disqualify you due to an oversight or misunderstanding about our process. Please bring your applications in prior to the due date so that we have time to work with you, make corrections, and give feedback if anything is wrong.

Calculation of Income:

Household income is calculated based on the current income earned by all intended adult occupants of the Restricted Housing Unit at time of weighted drawing entry using the current household income to estimate an annual (12 month) income basis. Households must use their current income and may not make changes or adjustments during a drawing period.

Business income of a qualifying Household is calculated using an average of the last three (3) years of income on the business’ tax returns. A year to date profit and loss determination will also be used to calculate business income. If the business has not been operating for three (3) years, the Housing Department will average income over the time the business has been operating.

Proof of one-year full-time employment, a completed Lenders Qualification Worksheet with an up to date Credit Report (provided by a local lender, AnnualCreditReport.com, or CreditKarma.com), and a completed Home Buyer Education Class Certificate all must be attached to the Weighted Drawing Entry Sheet or on file with the Housing Department.

The Housing Department will keep your Lender’s Qualification on file for one year. The Home Buyer Education Certificate is good indefinitely.

Please make sure the loan amount on your Lender’s Qualification worksheet is for at least the purchase price minus your down payment of the home for which you are applying. You must be able to prove your ability to secure financing.

You may receive one additional entry into the drawing for every year of verified full-time employment (minimum of 1,560 hours) in Teton County with a maximum of 10 years/entries.

CSPs are an employee or volunteer of a Housing Authority approved community based institutional or non-profit organization on call 24 hours per day for public safety emergencies. Qualified CSPs may receive one additional entry with a maximum of two per household.

Eligibility Requirements: 

  1. 75% of the Households combined income must be earned in Teton County
  2. Household must live in the home 10 months out of each year
  3. Household may not own any residential real estate within 150 miles of Teton County
  4. At least one member of the Household must work a minimum of 30 hours per week (or a minimum of 1,560 hours per year) in Teton County for at least one year

Example cost break down for a purchase price of $500,000:

3.5% down payment (required) $17,500
Loan Amount $482,500
Principal & Interest Payment (estimated 5%) $2,928
Property Tax (estimate) $238
Insurance (estimate) $100
HOA Dues $132
Total Estimated Monthly Payment $3,398

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