574 East Kelly Unit 1
**Important! To apply for this home, you must have completed the Online Intake Form prior to March 23, 2022. Please do not make any changes to your essential data during the weighted drawing period or you will not be eligible to apply.**
574 East Kelly Avenue Unit 1 - below grade unit
Home for sale:
- 1-bedroom, 1-bathroom, additional living space (currently used as an office) 2 parking spaces, outside enclosed storage area
- 784 square feet
- Range, refrigerator, dishwasher, microwave, washer, dryer
- Home price - $139,062
- Household income must be between 0% to 50% of the median family income (details below)
- Household size: one (1) or more people.
- 2 pets allowed
- Housing Department Rules & Regulations, Section 4: Weighted Drawing.
- Deadline to Apply: Tuesday April 5th by 4:00 p.m. No late or incomplete entries will be allowed, no exceptions. If selected first for this unit you will be notified by phone. All others will be sent an email notice.
- All forms needed to enter this weighted drawing are here, under "Ownership - Weighted Drawing Entry Forms". These include a completed Lender's Qualification Worksheet, a current credit report, completed Home Buyer Education Class certificate, Weighted Drawing Entry sheet, and current and past work affidavits.
Weighted Drawing Entry Eligibility Highlights:
- At least one adult in the household must be employed full-time in Teton County for a minimum of one year. The Housing Department defines full-time employment as working a minimum of 1,560 hours per year (30 hours/week average).
- You may receive one additional entry into the drawing for every year of verified full-time employment (minimum of 1,560 hours) in Teton County with a maximum of 10 years/entries.
- You must have a completed Lenders Qualification Worksheet, with an up-to-date Credit Report (provided by a local lender, AnnualCreditReport.com, or CreditKarma.com), and a completed Home Buyer Education Class Certificate all must be attached to the Weighted Drawing Entry Sheet or on file with the Housing Department. The Housing Department will keep your Lender's Qualification on file for one year. The Home Buyer Education Certificate is good indefinitely. Homebuyer Education Link
- The loan amount on your Lender's Qualification worksheet is for at least the purchase price minus your down payment of the home for which you are applying. You must be able to prove your ability to secure financing.
- Household must live in the home 10 months out of each year.
- Household may not own any residential real estate within 150 miles of Teton County.
- Please click here for information for Critical Service Providers (CSPs).
To be eligible to enter the drawing for this home, your household’s gross income (before taxes) must fit into the range listed below, and your household’s net assets must not exceed the asset limit below:
One Person Household
$0 to $40,460
Two Person Household
$0 to $46,240
Three Person Household
$0 to $52,020
Four Person Household
$0 to $57,800
Five Person Household
$0 to $62,424
Net Asset Limit
Calculation of Income
Household income is based on the current income earned by all intended adult occupants of the Restricted Housing Unit at time of weighted drawing entry using the current household income to estimate an annual (12 month) income basis. Households must use their current income and may not make changes or adjustments during a drawing period.
Self-Employment Income Calculation Policy:
- Gross income is used minus cost of goods sold (not cost of goods in inventory – that is an exempt asset).
- Equipment, vehicles, furniture, fixtures, etc. are already exempt from being counted as assets so they are not allowed to also be deducted from income.
Businesses that do not have 2 full prior years of income:
- Use the tax returns to get gross income earned in the first year of business minus cost of goods sold (if taxes have not been paid, use the Profit and Loss for that year to get gross income minus cost of goods sold). Divide by the number of months the business was operating during that year. Multiply by 12 to get one year of income for the first year.
- If the business has a full year of income in the second year of operation, use the tax returns to get gross income minus cost of goods sold. This will be the income for the second year.
- If there is no income for the current year. Average the first and second years.
- If there is income for the current year, use the Year to Date (YTD) Profit and Loss to get gross income minus cost of goods sold. Divide by the number of months to date in the current year. Multiply by 12 to get one year of income for the current year.
- Average the current year with the past year(s).
- If there is only the current year, use the current year number.
Businesses that have 2 full prior years of income:
- Use tax returns for each of the 2 prior years.
- Take the gross income minus cost of goods sold for each year.
- Use the YTD Profit and Loss for the current year. Take the gross income minus cost of goods sold. Divide by the number of months to date in the current year. Multiply by 12 to get one year of income for the current year.
- Average the current year with the 2 prior years.
- If there is no income for the current year, do number 1 for 3 prior years and average the 3 prior years.
- If the third prior year is the first year the business was operating, use the tax returns to get gross income minus cost of goods sold. Divide by the number of months the business was operating in that year. Multiply by 12 to get one full year for the first year in business.
- Use the steps above to get average monthly income.
- Multiply by 12 to get one full ear of income.
We understand that our applications to enter into the weighted drawing take time and effort, and we do not want to disqualify you due to an oversight or misunderstanding about our process. Please bring your applications in prior to the due date so that we have time to work with you, make corrections, and give feedback if anything is wrong.
Example cost break down for a purchase price of $139,062:
3.5% down payment (required)
Monthly Principal & Interest Payment (estimated 5%)
Monthly Property Tax (estimate)
Monthly Insurance (estimate)
Monthly HOA dues (estimate)
Total Estimated Monthly Payment
"It is recommended that you speak to a local lender about all your financing options. Please be aware that due to demand, most lenders need at a minimum 48 hours to provide a completed Lenders Qualification sheet."