763 W Wind River Lane #12

IMPORTANT:

This home has a known issue with the roof system that is in need of repair. The Homeowner's Association is currently working on an assessment to the owners to cover the cost to replace the roofs. The repairs are estimated to take place during spring/summer/fall of 2020. The owners will be required to move out of the unit during the time of the repairs, which are estimated to take 3 to 4 months. Based on two bids from contractors, the cost of the repairs plus the costs for the owners to relocate is approximately $160,000. This amount will be held from the seller's proceeds in escrow by the Housing Department to pay for costs to repair the roofs and owner relocation. Any costs that exceed $160,000 will be the responsibility of the new owner. This amount is already included in the price of the home.

All households who wish to enter the drawing for this unit must submit a NEW Lender's Qualification Worksheet. The lender must make a statement on the Lender's Qualification that they are aware of the roof replacement project. If you entered the drawing for 791 W Windriver Lane and submitted a new Lender's Qualification Worksheet, this does not apply

763 W Wind River Lane, Unit #12: 2-bedroom, 2-bathroom, Loft, 1 car garage, 1,392 square feet, range, refrigerator, dishwasher, washer and dryer, 2 pets allowed

Home Price: $366,519

Income Range: Workforce ownership unit - see eligibility requirements, below.

Minimum Occupancy Requirement: No minimum Occupancy Requirement. Any size household may apply. However, If your household is two (2) or more persons, you will receive one extra point (entry) in the weighted drawing.

Deadline to Apply: Tuesday, November 5, 2019 by 4:00 p.m. No late or incomplete entries will be accepted. If selected first for this unit you will be notified by phone. All others will be sent an email notice.

Draft Complete Amendment and Restatement Restriction for Workforce Ownership Housing

CCR’s (please read):

CCR’S

CCR’S First Amendment

CCR’S Second Amendment

Example cost breakdown for a purchase price of $366,519

It is recommended that you speak to a local lender about all your financing options.

Eligibility Requirements:

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

Weighted Drawing Entry Eligibility Highlights:

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).

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.

There are no income or asset limits for this home.

Must have a completed Lenders Qualification Worksheet, including a statement from the lender that they are aware of the needed roof repairs and potential HOA assessment, 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.

Homebuyer Education Link

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.

75% of the Household’s combined income must be earned working for a business located in Teton County.

Household must live in the home 10 months out of each year.

Household may not own any residential real estate within 150 miles of Teton County.

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

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.

Self-Employment Income Calculation Policy 

Gross income is used minus cost of goods sold (not cost of goods in inventory – that is an exempt asset).

Equipment, vehicles, furniture, fixtures, etc. are already exempt from being counted as assets so they are not allowed to also be deducted from income.

Businesses that do not have 2 full prior years of income: 

1. Use the tax returns to get gross income earned in the first year of business minus cost of goods sold (if taxes have not been paid, use the Profit and Loss for that year to get gross income minus cost of goods sold). Divide by the number of months the business was operating during that year. Multiply by 12 to get one year of income for the first year.

2. If the business has a full year of income in the second year of operation, use the tax returns to get gross income minus cost of goods sold. This will be the income for the second year.

3. If there is no income for the current year. Average the first and second years.

4. If there is income for the current year, use the Year to Date (YTD) Profit and Loss to get gross income minus cost of goods sold. Divide by the number of months to date in the current year. Multiply by 12 to get one year of income for the current year.

5. Average the current year with the past year(s).

6.    If there is only the current year, use the current year number.

Businesses that have 2 full prior years of income: 

1. Use tax returns for each of the 2 prior years.

2. Take the gross income minus cost of goods sold for each year.

3. Use the YTD Profit and Loss for the current year. Take the gross income minus cost of goods sold. Divide by the number of months to date in the current year. Multiply by 12 to get one year of income for the current year.

4. Average the current year with the 2 prior years.

5. If there is no income for the current year, do number 1 for 3 prior years and average the 3 prior years.

6. If the third prior year is the first year the business was operating, use the tax returns to get gross income minus cost of goods sold. Divide by the number of months the business was operating in that year. Multiply by 12 to get one full year for the first year in business.

Seasonal Businesses: 

1. Use the steps above to get average monthly income.  Multiply by 12 to get one full ear of income.

Deadline to Apply: Tuesday, November 5, 2019 by 4:00 p.m. No late or incomplete entries will be accepted. If selected first for this unit you will be notified by phone. All others will be sent an email notice.

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

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.