Only two applications have been funded for the program that will pay cash to those willing to preserve their home for the local workforce.
Housing Program Manager Browne Sebright says the Park City Council started the program in 2022, borrowing elements from similar programs in Vail, Breckenridge and Truckee.
“It was a bit of a learning experiment to see how this program would work in this community,” Sebright said. “We had $1 million to work with, we had to figure out what parameters would be appropriate. So, we kind of took our best guess based on the data that we had and learned a lot from this initial pilot program.”
The city received 19 applications that were run through a community advisory committee. Housing Program Manager Rhoda Stauffer says four applications were approved, but only two homeowners accepted the city’s offer. One of the grants was paid to a resident who used the money for a downpayment on a home that was being purchased. The other grant went to an Old Town historic property owner for upgrades on their property, ensuring they could continue to live there.
According to Stauffer, 67% of the homes in Park City limits are vacant. Most of those are nightly rentals and the rest are second homes. The lite deed program restricts the homeowner’s ability to rent the home short term, even if the home is resold. However, the property, she says, will continue to appreciate.
“There are no income limits, there are no limits on the value of the property. And it is not an income-based program like the rest of our deed-restricted properties. It will always be a market unit. And so, the city has the right to purchase. The first right of purchase if the owner wants to sell and it has to be at market value.”
Residents can learn more at office hours with Stauffer Friday, April 5, from 9 a.m. to 11 a.m. and again April 9 from 4 p.m. to 6 p.m. at Lucky Ones.
Click here for more information and to apply for the Live Park City Lite-Deed program.
