Rhoda Stauffer, Park City Municipal Corporation

1. Affordable Housing in
A Resort Community
ULI Housing Opportunity 2014
Denver, CO

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

4. Affordable Housing in Park City

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

8. Rhoda Stauffer
Affordable Housing
Park City Municipal
Affordable Housing in Park City
Rhoda.stauffer@parkcity.org
435-615-5152