Do You Qualify for a Deed Restricted Home?

Ivory Homes is working closely with the city of Park City to offer local median income earners a chance to own a gorgeous new home at a reduced price.  The city mandates that every new development in Park City proper offer a certain percentage of deed restricted homes to meet the needs of the median earning Park City household. This will be a smaller percentage of the community and these attractive single family homes and town homes will be in high demand.  How do you know if you are eligible to purchase one?  What are the restrictions associated with owning a deed restricted home?  Please see current requirements from the city of Park City below regarding who is eligible to purchase.

Who Is Eligible to Purchase a Deed Restricted Home?

• Households who do not own property or land elsewhere.  You do not have to be a first-time homeowner, however any other improved property or land must be sold before closing escrow on Park City Heights home. 
•  Households with - at a minimum - one person working full time (30 hours of employment per week) at an entity, business, nonprofit, or government agency with offices located in Park City School District boundaries. 
• Ranking of qualified buyers:

a)   For up to 28 units, Intermountain Health Center employees will have first ranking
b)  The balance of equally qualified buyers shall be ranked in accordance with how long an applicant has been employed within the Park City School District boundaries.
c).  Length of time as an active Park City community member. 
c)  After all of the above rankings have been offered a home, if there is more than one household per a specific home - a lottery must be held. 

• You must be able to show that you financially qualify for the home at time of offering by providing a pre-approval letter or proof of cash per Ivory Homes. 
• The city may change these requirements at any time and without notice prior to buyer going under contract with Ivory Homes. 

What are the Restrictions Associated with Owning a Deed Restricted Home?

• The restrictions will be recorded at title and passed to a future buyer preserving affordability in Park City.
• The home must be your primary residence for at least nine months of the year.
• You must sign and notarize a compliance form annually. 
• Appreciation on the home is limited to 3% annually. 
• Approved capital improvements of up to 7% of the purchase price may be added to the base maximum resale value.
• Upon resale, City has first right of refusal. 
• Property may not be rented unless approved by the City for limited extenuating temporary circumstances such as military service or mission assignments. 

Ivory Homes works with a preferred lender to ensure a seamless closing process.  Through years of working together and thousands of customers utilizing their services, Veritas Funding is excellent at meeting your lending needs while ensuring that your loan will be ready when your home is.  This saves you money, stress and time. Financing with Veritas Funding is not a requirement to purchase an Ivory Home.  You may finance your home with the lender of your choosing.  To begin the loan pre-approval process with Veritas Funding, please contact:

Steve Carlson, Loan Officer NMLS #494873

Veritas Funding

Cell (801)209-1365

Office (801)747-7403 

scarlson@vfund.com