King housing plans questioned
Developers aim to have a King Street housing project underway by spring, but they must first figure out whether the current plans for the property are legal.
When town officials granted the project to the Jackson Hole Community Housing Trust in September, one condition of their agreement was that the town would retain ownership over the property. But it’s unclear whether Wyoming law allows that.
More specifically, the plan was for the Housing Trust to develop the condos and sell them under a long-term ground lease while the town remained the owner of the property.
That would allow officials to redevelop in the future and to ensure the deed restrictions — which will designate the units for local workers — remain intact.
But a complication arose when the Housing Trust realized it may not be legal in Wyoming to sell condos under a ground lease, as opposed to giving buyers absolute ownership of the property.
Now, before they proceed, housing officials and the Housing Trust must investigate further to determine whether they can secure financing for the project as it stands. They are consulting Fannie Mae — the Federal National Mortgage Association — as well as local banks and title companies.