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 children that will reside in a restricted home. Children 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 (an average of 30 hours per week or 1560 hours per year) in Teton County working for a local business (can be self employed).
For Affordable homes at least one person per household must demonstrate that the are full-time employed or will be by the time of signing a lease or closing on the home.
For Employment-based homes, at least one person in the household must have worked full-time for a full two years immediately prior to applying.
To be eligible to apply, at least one person in your household must be 18 years of age. For Employment-based homes the age is 21.
U.S. Citizen or Lawful Permanent Resident
To be eligible to apply for a restricted 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).
A full-time resident of Teton County, Wyoming who is at least 59 ½ years old (62 for Employment-based) and has been employed in Teton County at least two years immediately prior to reaching retirement age is eligible to apply.
Disabled individuals are eligible to apply.
To be eligible to apply for ownership units, at least one member of the household must take the e Home America Homebuyer Education class. If you have owned a home within the last three years, this is not currently required. 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 categories.
To qualify for Affordable rentals, households must earn less than 120% of the median income (category 3) for Teton County, Wyoming.
To qualify for Affordable ownership homes, households must qualify within categories 1, 2, 3, 4 or 5. The majority of Affordable homes are designated as category 1, 2, and 3. Households must qualify between the minimum and maximum incomes in the specific category. For example, if a household is a category 1 income, they will not qualify for a category 2 or 3 home. There are a few Affordable homes that are designated as category 4 or 5. Households must only earn less than the maximum income for categories 4 and 5. There is no minimum.
Attainable homes are designated as Category 2, 3, and 4. 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 category. There is no minimum. For example, if a household qualifies for Category 3, their income will also qualify income wise for all Attainable categories.
Employment-based homes to 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.
Check the chart to see if your household income qualifies for Affordable or Attainable homes.
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. Business assets are included as part of household assets. The chart above shows the net asset limits for Affordable homes. Attainable net asset limits are defined in their deed restrictions.
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 or an Attainable home are never required to re-qualify. Households who purchase an Employment-based 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 used for the lottery process for Affordable rentals, Affordable and Employment-based homes. It does not pertain to Attainable Homes.
Years of Employment
Households who have worked continuously for four years in Teton County immediately prior to applying will receive preference in lotteries for homes. Employment-based lotteries get a point for each year up to five years. (Link) Information about lotteries and how the preference works
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 first preference in a lottery if they do not have four years employment, but if they do already have four years, they are entered in the lottery an extra time. This is different for Employment-based units. For additional information on Employment-based units click here.
To be a qualified CSP, the organization you work for and your position must be approved by the Housing Department, Town Council, and Board of County Commissioners. 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 lottery. The Joint Council and Commissioners (JIM) meet 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 lottery 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 a family member may qualify as work for meeting the four-year preference in a lottery.
The time someone spends in the U.S. Armed Services may count as employment to gain the four-year preference in the lottery, as long as the person met employment criteria in Teton County for at least two years or was a student in Teton County immediately prior to joining the military.
The time spent attending primary education can count as employment to gain the four-year preference if the primary education was located in Teton County, Wyoming. The time spent attending secondary education can count as employment to gain the four-year preference in the lottery, as long as other employment criteria are met for at least two years immediately prior to seeking education.
An owner of a restricted home will have top preference in the lottery for a restricted home located in the same neighborhood (development) if they qualify for the home. This preference will be above the four-year preference.
Accessible units are designed with components specifically for the benefit of those with mobility and/or hearing impairments. Households who have at least one person with mobility or hearing impairments will have top preference for Accessible homes.
For rental units preference will be given in the lottery based on at least one person in the household per bedroom. For example, a two person or more household will receive preference for a 2-bedroom unit.
For ownership units 1 or more person households will receive preference in a 1 or 2-bedroom unit. In units with more bedrooms, the preference is based on at least one person per bedroom.
All adults and children who will be residing in the home will be counted when determining household size. Children 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.
Number of Times in Lotteries
For ownership units, once a household has entered a lottery and are in the top preference three times without being selected for a home will begin to be entered in the lottery an extra time for each subsequent lottery. For example, a household who has entered five lotteries will be entered four times in the sixth lottery.
Households do not receive extra entries in rental lotteries.