Housing Authority OKs updated deed restriction for 909 Sandcherry Way

The Jackson/Teton County Housing Authority voted March 11 to approve an amended-and-restated deed restriction for the deed-restricted condo at 909 Sandcherry Way, replacing the property’s 2010 “Category 1” affordable-housing designation (0–80% income range) with the Housing Department’s current 50–80% affordable-ownership income band. See Item 7 in the Housing Authority Meeting Agenda Packet.

In its staff report, the Housing Department said the program’s current rules generally require newer template restrictions to be recorded when units are sold after June 4, 2018, and that ownership units are no longer allowed in the 0–50% income range because HOA dues can be difficult to sustain at lower incomes. The updated restriction keeps core eligibility and compliance requirements, including at least one household member employed full-time by a local business in Teton County, a prohibition on owning other residential property within 75 miles of Jackson, annual verification of eligibility/occupancy/insurance, and a household net-asset cap (listed by staff as $226,400). Housing Authority Meeting Agenda Packet

The deed restriction document included in the packet also states it “amends, restates, supersedes, and replaces” the property’s 2010 recorded restriction for the Jackson Hole Golf and Tennis Condominiums affordable units, and it ties future sales to the program’s rules-and-regulations process, including maximum sale price calculations and resale procedures. Housing Authority Meeting Agenda Packet