Teton County, WY Affordable Housing

Teton County, WY, US

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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.