(Jackson, Wyo.) - The lottery for the purchase of units in The Grove Phase 2 is coming up at the beginning of March. According to the Teton County Housing Authority, the lottery will officially begin on Wednesday, March 9 and run for two weeks making the deadline to submit information by Tuesday, March 22 at 4 p.m. Phase 2 of The Grove includes six buildings with four condominium ownership units in each building. There are 12 2-bedroom units and 12 3-bedroom units in phase 2. The project is scheduled to be completed by August of 2016. According to Stacy Stoker, executive director at the TCHA, at this point there will be category 1, 2, and 3 as well as some employment-based units for purchase. Are you interested in putting in for the lottery for one of these units? Here are the steps you need to take: *1. Make sure you are within the income limit:* To purchase an affordable or attainable home, you need to make sure that you are within the income limit and determine which category that you are in. The limit depends on the amount of money you make annually, but also how many people are in your household and the sum of your assets. See the full worksheet here to see which category you are in.
*2. Have that down payment ready:* The TCHA requires a minimum of a 3.5%
*3. Take the Homebuyer Education Course:* The TCHA requires that all first
time homebuyers take an online education course
before they can enter
the lottery. TCHA states that the course takes approximately five hours to
"If they have owned a home in the last three years, they need to provide us
proof of that, and they will not be required to take the homebuyer
education course," said Stoker.
*4. Talk to a bank:* Before you enter the lottery, the TCHA requires that
you speak to a lender to determine what you can afford. The lender will
need to complete the Lender's Qualification Worksheet
and attach a
credit report for your lottery entry.
*5. Complete all the paperwork:* Here is a checklist of what you need for
to enter the lottery for affordable housing:
1. Proof of the completion of the online education course
2. Lender's Qualification Worksheet
3. Current credit report
4. Tax returns and W2s from the past 2 years. If you are self employed,
then they need W2s/1099s from the past 3 years.
5. Lottery Entry Form
All chosen in the lottery will then need to fill out the application forms
Get more information on The Grove Phase 2 here.
*Feature Photo: The Grove Phase 2. Pitchengine Communities*