For-sale affordable housing heads to market
Eight new for-sale, workforce-housing condos are coming to the market in downtown Truckee by February.
Located on East Jibboom Street, StoneRidge will have a total of 11 affordable units, with three already constructed and sold. Priced at $190,632, the new 900-square foot condos feature two bedrooms, one bath, and a one-car, detached garage.
“The first three units sold very quickly this year,” said Town Planner Duane Hall. “We don’t expect any problem selling the next eight.”
The new condos will join a number of other affordable housing projects in the works, Hall said, creating a mix of rental and sale units in the workforce housing market.
“The [Gray’s Crossing Apartments] are filling, Frishman Hollow is set to start building next spring, Gray’s Crossing Cottages are set for construction in 2009,” Hall said. “Two-thousand-seven has been a very successful year for affordable housing.”
The Spring Creek for-sale units haven’t moved as fast, however, because of lending issues, said David Griffith, redevelopment and housing coordinator for the Town of Truckee.
Despite the difficulties, Griffith said that two of the five Spring Creek homes have sold, and buyers are in different stages of purchasing the remaining three.
Some considering the purchase of an affordable home have complained about deed restrictions designed to keep the housing affordable for future buyers, said board President Breeze Cross of the Workforce Housing Association of Truckee Tahoe board.
“It’s a dilemma,” Cross said. “One of the big tasks of our housing director is to educate the public on the value of their homes. They can’t get a big gain buying affordable housing and selling it at market rate, but they can gain equity, get credit established, and take advantage of the benefits of home ownership.”
Hall said an additional benefit of home ownership versus renting is that the interest on the home is tax-deductible.
But the deed restriction will keep low-cost housing affordable for future buyers, he said.
“We don’t want the town to make a major investment into making affordable housing available ” and then lose it …,” he said.
Deed-restricted units appreciate following a formula, Cross said, the price growing at the same rate as the county’s median income.
If an affordable residence doesn’t sell at the restricted level after a specified period of time, the homeowner could then sell the home at market rate, Cross said.
However, the town or the Workforce Housing Association of Truckee Tahoe could step in and buy the residence at the affordable rate to keep it in the area’s affordable-housing inventory.
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