The current status quo:
- Buyers of affordable and attainable units qualify at the purchase of the home and are not required to requalify thereafter.
- Buyers of employment-based units are required to requalify annually. The Housing Department verifies that homeowners are still employed full-time at a local business, the household is collectively earning at least 75% of its income locally, and that the household does not own any property within 150 miles of Teton County, Wyoming.
- For rental units, tenants must re-qualify annually. The income limit is 120% of area median income (“Category 3”).
6.A. The status quo.
6.B. Incluedes 6.A plus standardize requalification requirements for ARU, Employee, and Employment-based (rental and ownership) in the Rules and Regulations and refer to the Rules and Regulations in the deed restriction.
6.C. Includes 6.A, except requalify Affordable ownership households every two years. Use an income threshold that is higher than the original qualification. For example, a Category 2 unit will requalify using Category 4 or 5 criteria.
6.D. B plus C.
Rental units should qualify at the time of their lease renewal. Employment-based units should continue to provide employment and income verification annually. Annual check-in with households in ownership affordable units to verify employment and occupancy. Standardize annual qualifications for ARU, Employee and Employment-based units (Alternative 6.D with changes).