Question 1

Does Teton Habitat offer rental housing?

Accepted Answer

Teton Habitat does not offer short-term housing, rental housing, or immediate occupancy.

Question 2

Can we rent rooms?

Accepted Answer

No. Rental of any rooms or space is not permitted and is considered a violation of our Ground Lease and/or Deed Restrictions.

Question 3

What is the pet policy?

Accepted Answer

Each Unit shall be entitled to maximum of one (1) dog and one (1) other Household Pet (a Household Pet refers to generally recognized household pets other than a dog, such as cats, fish, birds, rodents, and non-poisonous reptiles), so long as such pets are not kept for any commercial purpose, and do not cause an unreasonable amount of noise, odor, or otherwise become a nuisance to other Owners.

Question 4

Is there extra storage outside the units?

Accepted Answer

No. The following items are prohibited from being attached, stored, and/or erected in any manner by an Owner on or within the Common Elements: sunshades, bicycles or any recreational device (including kayaks, ski equipment, playground equipment, and toys), trash containers or any similar items, paint, highly flammable materials, food products, and any items that attracts vermin or produces odor. Bikes are permitted for storage solely within Common Elements Bike Racks.

Question 5

What happens if our income increases outside of the 80% limit while we are building our house or after we buy it? Do we get kicked out?

Accepted Answer

Income verification for eligibility is only considered at time of application. However, a negative change in household income, prior to closing on the home, could disqualify participants from the program.

Question 6

Can non-married applicants apply?

Accepted Answer

In short, yes. Both incomes will be considered for qualification. You will need to decide between the two whether to place both names on the note and whether one income could afford the mortgage.

Question 7

Can siblings or unrelated individuals co-purchase the home?

Accepted Answer

In short, yes. Both incomes will be considered for qualification. You will need to decide between the two whether to place both names on the note and whether one income could afford the mortgage.

Question 8

What happens if we want to sell one day?

Accepted Answer

Habitat shall have the right to exercise its Right of First Purchase of the Improvements. The “Sale Price” shall be derived from the “Base Price” of the Improvements on the Property. The “Base Price” is equal to the purchase price paid by you at the time of closing.

Question 9

If my children are younger than 16, can they help toward earning the sweat equity?

Accepted Answer

Children under the age of sixteen may not contribute hours toward sweat equity. However, they are encouraged to help with meal prep for the build site, as well as hanging flyers or other marketing materials.

Question 10

Do I have to earn all the of sweat equity myself?

Accepted Answer

Single Applicant:
150 out of the 300 hours by themselves and 150 by friends and family

Dual Applicant:
200 out of the 300 hours by themselves and 100 by friends and family

Question 11

Will my mortgage be affordable?

Accepted Answer

Yes, our mission is to ensure that our homeowners obtain an affordable mortgage. We calculate mortgage amounts using a third party appraiser to determine the home sale price and by calculating 30% of the household’s income. If 30% of the household’s income is not enough to pay the full sale price of the home, then a second mortgage will be assigned at 0% interest and payable in full only in the event of sale, default under the first mortgage, transfer of title, maturity of the mortgage note, or refinancing of the first mortgage by a third-party lender.

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