522 East Kelly #1

Closed: 11/16/2020 Sale Price $165,896

This is a below grade unit (basement)

Home for sale: This is the second drawing for this home, so household size requirements have been removed. 

• 2-bedroom, 1-bathroom, 864 square feet
• 2 dedicated parking spaces
• Range, refrigerator, microwave, dishwasher, washer, dryer
• Home price - $165,896
• Household income must be between 50% to 80% of the median family income (details below)
• 2 household pets, of which no more than 1 may be a dog
• Household size: This is the second drawing for this home, so minimum household size requirements have been removed. 
• Deadline to apply: Tuesday, August 11, 2020 by 4pm

Draft Restated Special Restriction

CCR’S

Eligibility Requirements:

Please note the policies in effect to enter any weighted drawing: Housing Department Rules & Regulations

Weighted Drawing Entry Eligibility Highlights:

The Housing Department Online Intake Form must be filled out and submitted to enter this or any drawing. If you have not submitted an Intake form prior to the beginning of this drawing (July 29th) you will not be eligible to apply.

At least one adult in the household must be employed full-time in Teton County for a minimum of one year. The Housing Department defines full-time employment as working a minimum of 1560 hours per year (30 hours/week average)

Applicants must have a completed Lender’s 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. Both the Lender’s Qualification and Home Buyer Education Class certificate 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.

The loan amount on your Lender’s Qualification worksheet must be 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.

To be eligible to enter the drawing for these homes, your household’s gross income (before taxes) must fit into the range listed below, and your households net assets must not exceed the asset limit below:

Calculation of income:

Household income is 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.

Deadline to Apply: Tuesday August 11, 2020 by 4:00 p.m. No late or incomplete entries will be allowed, no exceptions.

All forms needed to enter into this weighted drawing are here, under "Ownership - Weighted Drawing Entry Forms".

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.

Please click here for information for Critical Service Providers (CSPs).

We understand that our applications to enter into the weighted drawing take 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.

Example cost break down for a purchase price of $165,896:

Please talk to a local lender about closing costs, interest rates, and available loan programs to suit your financing needs. We recommend you choose a local lender.