As defined by the Blaine County Housing Authority (BCHA), the Category L criteria pose “No Income Limit but must be a full-time resident of Blaine County."
“Category L” housing- or, housing for "locals only"- is important for providing housing for local workers earning middle and upper middle income, 100-120% of the area median income (AMI). Preliminary data from the City’s Housing Needs Assessment shows that the rate of home ownership in these categories is disproportionately low. Of the people in these income groups, indicating outpricing perhaps from competition with buyers looking for a second home or earning wages from a remote job. In other words, Category L housing can help provide housing for the “missing middle”: people who work locally and earn too much to qualify for income restricted housing yet too little to purchase a home in Hailey. This category of deed restriction can be considered a “lite” deed restriction, as it does not limit the sales price of the unit; it does however limit that the unit must be sold to a "local." All the same, the value of Category L housing units is mitigated by the eligibility criteria of the locals only deed restriction; "locals only" will drive the prices of units in the sub-Category L market.
The Hailey City Council is currently considering a program that would dedicate City funds to "buy down" deed restrictions. Learn more here.