The Jackson/Teton County Housing Department is looking for feedback on a pilot program that helps locals buy homes — in exchange for limiting resale of the property to other local workers.
“We want to hear from the public to find out what they like and don’t like about the program, reasons why they might use it or reasons why they would not use it," Housing Director April Norton said in a press release Thursday. "How can we help more members of our community through this program? That’s what we hope to find out from this survey.”
The initiative, dubbed the Preservation Program, offers up to $150,000 in downpayment assistance for Teton County workers who are looking to buy a home and are willing to trade that cash for a "workforce" deed restriction on the property when the sale close. The "workforce" deed restriction is the legal tool that limits resale, setting the home aside for local workers.
The program also offers the same sum of money to existing homeowners who choose to record a "workforce" restriction on their property.
In a nutshell, those restrictions require a household to make 75% of its income from Teton County businesses, prohibits the household from owning residential real estate within 150 miles of Jackson Hole, and caps appreciation on the property to 3% annually, in an effort to keep the unit affordable.
The Preservation Program was funded with $1 million in specific purpose excise tax, or SPET, funds specifically earmarked for housing. It was approved by the Jackson Town Council and Teton County Board of County Commissioners in January and launched in February.
Those interested in participating in the survey can do so by visiting this link.
Teton County's website with information about the Preservation Program can be found here.