Teton County, WY Affordable Housing: Difference between revisions

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The fees collected are designated exclusively for the production of affordable ownership and rental housing and can only be released upon approval of the county Commission.
The fees collected are designated exclusively for the production of affordable ownership and rental housing and can only be released upon approval of the county Commission.


[[Category:Affordable Housing]]
[[Category:County Governments]]
[[Category:County Governments]]
[[Category:Housing]]
[[Category:Ordinances]]
[[Category:Ordinances]]
[[Category:Wyoming]]
[[Category:Wyoming]]

Revision as of 05:01, 12 June 2008

Type: Ordinance

Status: Adopted on 2/21/95

Source File: (Missing)

Description:

On February 21, 1995, The Teton County Commissioners passed an affordable housing regulation to the Teton County Comprehensive Plan. A lengthy study of the County`s housing problem has showed that like many highly desirable resort areas throughout the country, Teton County`s crisis in affordable housing is due to outside demand for second homes, seasonal homes, and investment in high-end homes and property. The result has been the exclusion of a significant segment of the resident working population from affordable housing opportunities--housing opportunities essential to a diverse and healthy community and economy.

The regulations require different levels of contributions from different levels of development. Essentially they are:

• Developers of new subdivisions or multi-lot developments are required to make 15% of their housing production available to the affordable housing market.

• Lots or small parcels (where the total contribution would be less than one lot) created after February 21, 1995 are assessed a "payment-in-lieu" equal to a cash payment equivalent to the part of a unit.

• Lots or parcels in existence prior to February 21, 1995 are assessed a "payment-in-lieu" at the time that a building permit is issued for the principal residential structure. The fee is $2,240.

The fees collected are designated exclusively for the production of affordable ownership and rental housing and can only be released upon approval of the county Commission.