2. Area Profile
Affordable Housing in Park City
Year Round population of 7,558 & influx during high season ≥ 35,000
67% of jobs in tourism sector – 25% below average wages
Area AMI for 2014 = $98,000 (88,200 – family of 3)
Current Park City Workforce Wage = $52,826
Households needing assistance range from very low-income to
those earning over 200% of WFW ($112k annually)
Rural -- Non-entitlement area – high cost area doesn’t match Federal
subsidy programs
3. Affordable Housing in Park City
0
100
200
300
400
500
600
700
800
Less than
$15K
$15K to
$35K
$35K to
$50K
$50K to
$75K
$75K to
$100K
$100K to
$150K
$150K and
more
#ofhouseholdsineachincomecategory
Income Distribution in ParkCity
2010
2000
1990
5. Affordable Housing in Park City
2012 Park City
Housing Affordability Analysis
% of
workforce
wage Annual Income
Monthly rent or
mortgage Purchase Price
60% $ 33,248 $ 720 $ 124,166
80% $ 44,571 $ 966 $ 174,974
100% $ 55,714 $ 1,207 $ 224,974
120% $ 66,857 $ 1,449 $ 274,991
150% $ 83,571 $ 1,811 $ 349,972
175% $ 97,500 $ 2,112 $ 412,474
200% $ 111,428 $ 2,414 $ 474,971
6. Use of City Resources
Affordable Housing in Park City
Gap financing, lines of credit
Employer-assisted housing
Donated land
Developer
Loan Guarantee
Regulatory relief
RDA
7. Snow Creek Cottages
Affordable Housing in Park City
Highly Energy Efficient
PV and solar thermal
Ground Source Heating/cooling
SIPs Panel construction
Recycled materials
Sold at 55% of market value