January 16, 2024
Deed Restricted Housing
Homes with eligibility requirements (usually income and work-related) and parameters around how and the price at which the home can be resold. This ensures the home is purchased by a member of the local workforce at a price they can afford and that it will be resold in the same manner.
Housing units that are deed-restricted or provided at a lower-than-market rate for the local workforce due to rent buy-down from the Town. Winter Park also uses the terms ‘workforce housing,’ ‘community housing,’ or ‘attainable housing’ to mean the same thing.
Area Median Income (AMI)
The Town uses the Area Median Income in Grand County to determine affordability for workforce housing. For example, rental prices in Fireside Creek Apartments vary depending on whether the applicant makes 80% versus 120% of the AMI. An applicant who makes 80% of the AMI will have a lower rental price than someone who makes 120%.
Accessory Dwelling Unit (ADU)
Any dwelling unit is defined as a space with an area for sleeping, a kitchen, and bathing. An accessory dwelling unit has all of those things but is secondary to the primary residence on that lot. It can be attached to the primary residence or detached.
Winter Park residents are qualified to live in affordable housing units if they are a full-time member of the workforce (at least 32 hours a week or 1,200 hours a year in Grand County) and meet the income requirements (usually making 80-120% of the AMI)
Read the full All About Housing publication at wpgov.com/wholescoop.