STILL ACCEPTING APPLICATIONS FOR ATTAINABLE UNITS-100% FINANCING AND NO INCOME LIMITS


LOCATION

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There are nearly 350 ski trails on the Park City Mountain, and now one can be out your back yard.  Introducing King's Crown at Park City, the first on-mountain development in over 40 years.  Set in the signature maple forest on the slopes of Park City Resort, King's Crown is one of the most beautiful, and desirable areas in Park City. 


King's Crown Park City includes a unique opportunity to enjoy Old Town charm and history with all the modern amenities that make Park City one of the top resort destinations in the world. 


The development includes single-family lots, luxury townhomes, as well as beautifully crafted condos. The buildings are carefully designed to reflect the rich history of Park City’s mountain mining heritage. 

Qualifications

  1.  A person who does not own any other real estate property at the time of closing.​
  2. A household with an income that is 80% or less of the area median income for affordable units.   There are no income limits  on the attainable units.
  3. The combined net worth of the persons eighteen years of age and older in the household does not exceed an amount equal to five times the area median income.​ Numbers based of a 4-person household:  Affordable= $342,720, Attainable=
  4. A household which has a minimum of one adult who meets one of the following criteria: ​

  •  A full-time (aggregate of 30 hours of employment per week) employee of an entity or entities located within the Park City School District boundaries.​
  • An owner or owner’s representative of a business or entity with a primary place of business within the Park City School District boundaries.​
  • A full-time (aggregate of 30 hours of employment per week) worker who is self-employed or works out of their home must provide their list of clients/workload so that it can be verified that a minimum of 75% of their work/clients are based within the Park City School District boundaries.
  • A retired person who was a full-time employee of an entity located within the Park City School District boundaries for at least two continuous years immediately preceding his or her retirement.​
  • A person who is unable to work or does not have a work history required under subsections (a) through (d) due to a demonstrated disability (to be verified by the sole discretion of the seller. Must be a Park City resident for at least two continuous years preceding his or her application. 

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Area Median Income

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Unit Restrictions

  • Appreciation is limited to 3% per year, compounding.​
  • Units must be owner-occupied as the primary residence of the owner.
  • Units cannot be rented (neither long term nor short term), but you can rent a room. * subject to affordable/attainable housing regulations.​
  • Transfer of title is not allowed (nor incorporating into a trust).​
  • Owners cannot purchase other property while owning a deed restricted unit.

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Estimated Financial Breakdown

The HOA fees are estimated based on the square footage per unit. Water, sewer and Telecom are individually calculated and therefore not included. 

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Construction Timeline

Estimated Dates of Construction

Affordable Building Construction ​

Fall 2018-Winter 2020​

Condo Building Construction ​

3/1/2019-3/1/2021​

Townhome Construction ​

7/1/2019-​5/1/2021​

Disclaimer

Seller does not accept responsibility for construction timing.

Additional Information

Q: What if I currently own property? If I sell it can I still apply?

A: If the property is sold prior to closing and all other qualifications are met, applicant is still eligible. 


Q: Are pets allowed?

A: Yes, within reason determined by the HOA.


Q. What size are the storage units? 

A. 3 feet by 5 feet


Q. What color flooring will be in each unit?

A. The Yarrow (color grey) will be in units: 101, 102, 202, 203, 302, 304, 402, 404, 501, 502

Sprout (brown color) will be units: 201, 301, 303, 401, 403

Disclaimers

  • Kings Crown workforce housing is not a public project. The sellers retain the right to amend the process at any time of the sales and marketing of the units.
  • Please note that monthly HOA fees will apply. They are estimated at an average of $222 per month (based on square footage of unit).
  • Seller does not accept responsibility for construction timing.
  • Providing false information on an affordable housing application is considered fraud and may be subject to prosecution.