Housing Preservation Program - Down Payment Assistance

Housing Preservation Program - Down Payment Assistance is a shared-appreciation loan for homebuyers in Jackson, Wyoming. Up to $200,000 (or 20% of purchase price) in down payment assistance for qualified Teton County workforce households purchasing market-rate homes, in exchange for a permanent Workforce Ownership deed restriction with a 3% annual appreciation cap. Strict local-employment and residency requirements; no first-time-homebuyer requirement. The Housing Preservation Program preserves market-rate homes for the local Teton County workforce by providing substantial down payment assistance in exchange for a permanent Workforce Ownership deed restriction. Qualified workforce households may receive up to $200,000 (or up to 20% of the purchase price, whichever is less) toward purchasing a market home in Teton County. The recorded deed restriction caps annual price appreciation at 3% per year, ensuring the home remains attainable for future workforce buyers. The program is one of the most generous DPA programs in the United States, reflecting Teton County's status as the highest-priced housing market in the Mountain West (median sale prices regularly exceed $3,000,000 in 2025-2026). Funding comes from Local and Other.

Housing Preservation Program - Down Payment Assistance provides assistance worth 20% of the purchase price, as set by the program. Homebuyer contribution: Borrower contribution determined by first-mortgage lender; the Preservation Program DPA may cover up to 20% of purchase price, allowing some borrowers to close with minimal personal funds. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Housing Preservation Program - Down Payment Assistance is a shared-appreciation loan and is repaid under the terms set by the administering agency. Repayment is triggered by DPA balance is functionally repaid through the deed-restricted resale-price formula (3% annual appreciation cap) when the household sells the home. Triggers include sale, transfer of title, end of owner-occupancy, or violation of the workforce-occupancy covenant. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Housing Preservation Program - Down Payment Assistance is open to homebuyers who will live in the home as their primary residence. On credit, the program states: No program-mandated minimum FICO; credit qualifying determined by the first-mortgage lender (typically 620+ for conventional, 580+ for FHA). A homebuyer education course is required, through Teton County Housing Authority requires a homebuyer counseling/education session and a Preservation Program orientation before closing. The Housing Department conducts orientations directly; private counseling is also accepted from Wyoming Housing Network and HUD-approved national online providers. Residency requirement: Property must be located in Teton County, Wyoming and serve as the household's principal residence. Citizenship or immigration status: U.S. citizen, permanent resident alien, or qualifying non-permanent resident alien per first-mortgage product overlays. Strict workforce eligibility: (1) at least one household member must work a minimum of 1,560 hours per year (~30 hrs/wk) for a Local Business operating physically in Teton County; (2) the household must earn at least 75% of its total income from local sources; (3) NO household member may own other residential real estate within 150 miles of Teton County; (4) the home must be occupied as the household's principal residence; (5) the household must record a permanent Workforce Ownership deed restriction at closing capping resale appreciation at 3% per year. The seed-listed income range $186,340-$351,384 represents the program's typical 160%-200% AMI workforce target band (Teton County 2025 HUD AMI for 4-person household is approximately $175,800; 200% AMI ~ $351,384). Per the Housing Department: 'There is NOT an income or asset limit for Workforce homes,' but underwriting and program-pool prioritization use these AMI bands.

Housing Preservation Program - Down Payment Assistance limits household income to 200% of the area median income, which varies by county and household size. There is NOT a hard income or asset limit for Workforce-deed-restricted homes under the Preservation Program. The seed range $186,340-$351,384 reflects the typical 160%-200% AMI band the program targets in Teton County (HUD 2025 4-person AMI ~$175,800). Updated income limits are published annually on tetoncountywy.gov/1456/Income-Asset-Limit-Chart and reflected the 6.31% AMI increase HUD announced for Teton County in the 2025 update. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Housing Preservation Program - Down Payment Assistance caps the purchase price as follows: No formal program purchase-price cap; in practice, properties priced above $3M-$5M may exceed conventional/jumbo qualifying for typical workforce incomes. Median Teton County sale prices were ~$3,000,000+ in 2025. Eligible property types include Single-family detached, condominium, townhouse, PUD within Teton County, Wyoming. Must be a market-rate home (NOT already deed-restricted under another program). New construction is eligible. Manufactured homes are not eligible.

Housing Preservation Program - Down Payment Assistance serves homebuyers purchasing in Jackson, Wyoming.

Applications for Housing Preservation Program - Down Payment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Direct application to the Jackson/Teton County Affordable Housing Department; applicants enter the Preservation Program pre-approval queue. Once pre-approved, applicants have a defined window to identify and place under contract a qualifying market home. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.