Eligibility, Qualifying, Preference
Households will be required to meet all of the following Eligibility Criteria to be eligible to purchase, rent and/or occupy a restricted housing unit.
Includes all adults and dependents that will reside in a restricted home. Dependents are only counted if they are eligible to be claimed on taxes. For the purposes of calculating income, a household includes all annual income for adults in the home, including retirement income, and excluding income from adult children who attend college.
To be eligible to apply for restricted housing, at least one person in a household must be employed full-time in Teton County working for a local business (also can be self employed). The Housing Department defines full-time employment as working an average of 30 hours per week or 1560 hours per calendar year.
For Affordable and Workforce housing homes at least one person per household must demonstrate that they are full-time employed or will be by the time of signing a lease in the case of a rental unit or closing on a home in the case of purchasing a home. The Housing Department defines full-time employment as working 30 hours per week or 1560 hours per calendar year.
To be eligible to apply, at least one person in your household must be 18 years of age.
U.S. Citizen or Lawful Permanent Resident
To be eligible to apply for an ownership Workforce or Affordable home at least one person in the household must be a U.S. Citizen or a foreign national who has been granted the right to reside permanently in the United States and holds a Green Card (Lawful Permanent Resident).
For Rental Units, no proof of documentation is required.
If you are retired, you are not eligible to purchase or rent an Affordable or Workforce unit.
Disabled individuals are eligible to apply. They must have one full year of residency in Teton County, Wyoming.
To be eligible to apply for ownership units, at least one member of the household must take the Wyoming Housing Network Homebuyer Education course. This is an online course that takes approximately five hours, and can be taken at your convenience. This is not required for rental units.
Gross income means total household income before taxes. Households applying for Affordable rentals, Affordable ownership, and Attainable ownership homes are required to qualify under income ranges.
To qualify for Affordable rentals, households must earn less than 120% of the median income for Teton County, Wyoming.
To qualify for Affordable ownership homes, households must qualify within income and asset ranges. Households must qualify between the minimum and maximum incomes in the specific range. Click here to see the income range chart
Attainable homes are a legacy program that also have income ranges. These are not the same as the Affordable categories. To qualify for an Attainable home, a household's income must be less than the maximum income for each range. There is no minimum. For example, if a household qualifies for the lowest income range, their income will also qualify income wise for all Attainable ranges.
Workforce housing homes do not have a limit to how much income a household may earn, however, the household must continually earn at least 75% of its income from a local business or businesses.
To qualify for Affordable ownership homes, and Attainable homes, households must qualify under a net asset limit. There is not an asset limit for Affordable rentals other than no member of the household may have any interest or ownership in residential property within 150 miles of Teton County, Wyoming. Net assets means total value of household assets minus any debt the household may have. Assets include: gift money; vehicles, RVs, boats, etc.; personal items valued greater than $500; bank accounts; investment accounts; trust funds; vested life insurance; commercial properties; and residential property. Retirement accounts are not included unless money is withdrawn for down payment or other expenses. Liquid Business assets are included as part of household assets. This means assets that can be converted to cash in a short time with little or no loss in value such as accounts receivable, demand and time deposits, bonds, securities or precious metals such as gold or silver. Property owned by businesses will only be counted as an asset if not material to the operation of the business. The income and asset chart shows the asset limit. You can find it here.
Debt to Income Ratio
To qualify for all types of restricted housing, a household's total debt to income ratio cannot exceed 45%. Debt to income ratio is the percentage of your income that goes toward total debt payments each month. This includes a mortgage payment.
Households in Affordable rental units will be required to re-qualify annually when they renew their lease. Households who purchase an Affordable home will be required to prove full-time employment each year and that they are occupying the home at least 10 months per year (Affordable homes built or sold after July 4, 2018). Owners of Attainable home are never required to re-qualify. Households who purchase a workforce housing unit will be required to re-qualify annually. They must continue to earn at least 75% of their income from a local business and have at least one member of the household who is full-time employed at a local business.
Readiness to Purchase
To qualify for all types of restricted ownership units, households must demonstrate readiness to purchase by verifying that they are able to obtain financing for the home, and that they are legally capable to enter into a contract.
Preference is given to mobility impaired individuals for ADA units.
Years of Employment
Households will receive one point for each full year of full-time employment in Teton County in the Weighted Drawing for a home. One point equals one entry in the drawing. Employment must be verifiable. (Link) Information about the weighted drawing
Critical Services Provider (CSP)
CSPs are workers who are on call 24 hours a day for public safety emergencies in a Housing Department approved, community-based organization. Qualified CSPs receive one point in the weighted drawing up to two per household
To be a qualified CSP, the organization you work for and your position must be approved by the Housing Department, and Housing Authority Board. This is done by the organization completing the Critical Services Provider Organization Application (PDF) and submitting it to the Housing Department. The organization must be approved prior to the CSP entering any weighted drawing. The Housing Authority Board meets once a month so this could take some time. Once the organization and position is approved, the CSP must have a supervisor complete the CSP Verification Form and submit it with their drawing entry. All certifications must be completed before you will be eligible.
The time someone spends as a stay-at-home parent or someone who cares for an immediate family member may qualify as work for points in a drawing or eligibility to purchase.
The time someone spends in the U.S. Armed Services may count as employment to gain the points in the lottery, as long as the person met employment criteria in Teton County for at least two years prior to the drawing.
Household Size - Minimum Occupancy
To be eligible to enter a drawing for a home the household size must be as follows:
Studio or one bedroom - one or two persons
Two bedroom - one or two adults with at least one dependent.
Three bedroom - one or two adults with at least two dependents.
All adults and children who will be residing in the home will be counted when determining household size. Dependents will be counted when they are eligible to be claimed as dependents on federal tax returns. Household size is determined at the time of entering a lottery.