This document discusses affordable housing needs in Park City, Utah. It provides data on the population, income levels, and housing costs. The population increases significantly during high season for tourism, which drives 67% of local jobs, though 25% of these pay below average wages. The area median income is $98,000 but the average workforce wage is much lower at $52,826. A wide range of households from very low to moderately high incomes are in need of affordable housing options. The city uses various resources like land donations, developer partnerships, and regulatory relief to facilitate affordable housing construction and homebuyer programs. An example project called Snow Creek Cottages utilizes energy efficient and sustainable design and sells homes at 55% of market value

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