Affordable housing: Additional units for sale in Martis Valley near Truckee
March 25, 2010
MARTIS VALLEY, Calif. and#8212; New affordable housing is ready for purchase in the Martis Valley.
Hopkins Village, the employee housing component of Martis Camp, has six new three-bedroom duplex townhomes built and ready to go on Schaffer Mill Road.
The units cost between $119,000 and $400,000. According to Hopkinsand#8217; website, purchase prices are set by Placer County and are based on the Placer County Area Median Income, which is currently $72,800 for a 4-person household.
This first release of six Hopkins homes is available to and#8220;eligible purchasersand#8221; at a range of prices starting at $118,774. Maximum combined annual income for qualified regional employees ranges from $36,400 (50 percent of AMI) up to $101,920 (140 percent of AMI).
Like many other affordable housing projects in the region, the depressed real estate market has market-rate homes bumping into the high end of that range, said Keith Franke of DMB Highlands, Hopkinsand#8217; developer
and#8220;Weand#8217;re getting a fair amount of interest at the lower end of the spectrum, and weand#8217;ve found homes for those folks,and#8221; Franke said. and#8220;But at 140 percent weand#8217;re probably starting to compete with market-rate units.and#8221;
Recommended Stories For You
Market rate homes have the advantage of not being deed-restricted as affordable, but the Hopkins Village units offer amenities like a one-car garage, off-street parking and Energy Star ratings that could save on utility bills, he said.
and#8220;We tried to make them a little more affordable in terms of utilities and to create a healthy living space,and#8221; Franke said.
DMB Highlands has to build affordable units for half the employees its Martis Camp project generates, so the next batch of affordable homes will likely be triggered when the Martis Camp Lodge is completed, likely in 2011, Franke said.
Each three-bedroom unit counts for four full-time employees, he said.
and#8220;We have infrastructure for 50 units in Hopkins Village, but thereand#8217;s no telling how many will be constructed when,and#8221; he said.