Residents can find out if they qualify for deed restriction program at upcoming Live Park City open houses

City Hall in Park City, Utah. Photo: TownLift // Bailey Edelstein

PARK CITY, Utah – Park City Municipal Corporation (PCMC) is working hard to promote full-time residency in our community and recently implemented a ‘lite deed restriction program,’ which will allocate $1 million of funding from PCMC to be used to purchase deed restrictions for existing and future homeowners.

The deed restriction program, named Live Park City, hopes to “keep full-time residents in their homes, provide down payment assistance for buyers who find market units to be just out of reach, and create an option for current homeowners to reserve their home for long-term Park City residents.”

The Live Park City program places deed restrictions on existing homes in exchange for cash compensation. The program is modeled after similar programs in Vail and Breckenridge.

The program would pay homeowners who consent to a deed restriction mandating that their home must either be occupied by:

a) the owner who lives in Park City full-time (for at least 10 months out of the year), or

b) a long-term renter (who leases the premises for at least six months). The deed limitations will always apply to the property.

Payments for the deed restrictions will vary based on how the property meets the City’s goals. Typical payments will range between 10%-20% of the appraised value of the home at the time of the application.

The online application for the Live Park City program can be found on PCMC’s housing website. Once an application is received, Housing Staff will obtain an appraisal and evaluate the appraised value in combination with the program criteria.

Park City Municipal is also hosting two open house sessions to answer any questions the public may have. Browne Sebright, the City’s Housing Program Manager, will be hosting both meetings.