Feb. 2025 | Vol. 19 Iss. 1
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By Mimi Darley Dutton | m.dutton@mycityjournals.com
T
hanks to the combined efforts of Draper City and Ivory Homes, city and school district employees may be able to realize the dream of home ownership, even in a city as expensive as Draper. The Clark and Christine Ivory Foundation (CCIF) has made seven housing units available for sale at cost and Draper City is contributing $100,000 per unit to buy down the prices using Community Reinvestment Agency (CRA) funds. “This is an amazing contribution by the Ivorys,” Mayor Troy Walker said. Qualified applicants must be full-time employees in good standing and having completed their employment probationary period. Combined annual income for buyers
City or school district employees who meet employment and income standards may be able to purchase a townhome like this under very favorable terms in Draper’s Big Willow Subdivision. The median home price in Draper is $780,000 according to Redfin, but seven homes will be offered for less than $500,000 to qualifying employees because of a special arrangement by the Ivory Foundation and Draper City. (Courtesy Draper City)
FIRST NEIGHBORHOOD OF ITS KIND IN UTAH
is capped at 80-120% of the Salt Lake County household median and takes into consideration the number of family members and size of the housing unit. For example, a four-person family would have an average income of $96,000-$144,000 to qualify for a three-bedroom unit according to Housing and Urban Development (HUD) standards. “I think we’ll have some interest, and I think we have a good number of employees that might fall within that income range,” said Assistant City Manager Kellie Challburg. The city’s CRA funds come from developers and are managed by the city for the purpose of affordable housing. The program has several stipulations to ensure the homes are bought and sold as intended. The homes are restricted to 4% appreciation per year, so if the buyer sells in three years, their profit is limited to 12%. “Someone can’t just sell it and make a huge windfall,” Challburg said. No agent commissions are allowed and the homes are deed restricted for 50 years meaning they’ll Continued page 8
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