{"id":4074,"date":"2024-05-24T07:07:54","date_gmt":"2024-05-24T11:07:54","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=4074"},"modified":"2024-06-16T10:07:36","modified_gmt":"2024-06-16T14:07:36","slug":"deed-restrictions-as-affordability-tools","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/deed-restrictions-as-affordability-tools\/","title":{"rendered":"Deed Restrictions as Affordability Tools"},"content":{"rendered":"\n
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Vacation Town Residents Get Paid to Live in Their Homes<\/em> <\/h2>\n\n\n\n

Park City, Utah is a tourist mecca. It\u2019s known for the Sundance Resort, with its famous Sundance Film Festival. Need we say it\u2019s a town full of vacation rentals?<\/p>\n\n\n\n

Two-thirds of Park City\u2019s homes have no one living in them. The supply of homes for sale is extremely low, and the town\u2019s workforce can hardly buy into the market. But this town has discovered a way to turn empty vacation homes<\/a> into full houses. It\u2019s called Live Park City.<\/p>\n\n\n\n

Currently in testing mode, Live Park City is funded by $1 million. With that money, the Park City Municipal Corporation pays deed holders to put restrictions on their deeds.<\/p>\n\n\n\n

Park City is spreading the word, encouraging current or hopeful full-time residents to participate. City managers recently announced that they have $600K still left to distribute.<\/p>\n\n\n\n\n\n\n\n

Accept a \u201cPark City Lite Deed Restriction,\u201d Get Your Down Payment Covered.<\/h2>\n\n\n\n
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This initiative helps working residents live in the town. And for new buyers, this is an opportunity to have the local government cover the down payment and live in a desirable town where investor-owners have long hoarded supply.<\/p>\n\n\n\n

Typical payments are between 10% and 20% of the home\u2019s appraised value \u2014 an amount that most any buyer would be delighted to have ready for a down payment.   <\/p>\n\n\n\n

The buyer, by signing the deed restriction, keeps the home out of the investor pool for good.<\/p>\n\n\n\n

And it\u2019s OK for investors to apply. There are no income caps. So, the plan can bring in investors who will help ensure the property is rented out to Park City residents \u2014 not just film festival goers.   <\/p>\n\n\n\n

This could be a long-term game changer for Park City. And it isn\u2019t a fleeting or novel idea. Paying cash to people who put deed restrictions on existing homes has already been spearheaded by other resort towns, including Breckenridge (Summit County), Colorado<\/a>.<\/p>\n\n\n\n

Then there\u2019s Jackson, Wyoming, the hugely popular ski resort town. The Jackson \/ Teton County housing managers have established workforce deed restrictions<\/a> to support local residents.<\/p>\n\n\n\n

Too many investment and vacation properties languish in markets where people need homes to live in. In a housing affordability crisis, towns like these are forcing change.<\/p>\n\n\n\n

How to Buy Into Live Park City? Fill in the Blanks.<\/h2>\n\n\n\n

As a deed holder or potential buyer, you can enter into a Notice of Deed Restriction Purchase agreement with Park City. Simply fill in the application form<\/a> and submit it.<\/p>\n\n\n\n

Be ready to state your name, location, phone number and email address, along with the details about the property you hope to add to the Live Park City plan. Fill in the form with details about the property:<\/p>\n\n\n\n