New owners to complete Aspen Leaf housing project
Construction on the Aspen Leaf housing project will continue with new owners after the previous owners filed for bankruptcy.
In 2016 the Truckee Planning Commission approved the project consisting of four three-bedroom units at 10352 Palisades Drive. The previous owner walked away from the project in 2018.
“The new owners would like to finish out the project as previously approved,” said Yumie Dahn, associate planner for Truckee.
Western Highland Mortgage, which lent money to the original project, reclaimed the property.
“We were not the original developer. We took it back in foreclosure from the previous owner,” said Kelly Krolicki, manager of Western Highland Mortgage. Out of thousands of loans they’ve granted Krolicki said this is only the fourth project that they’ve had to take back.
“Typically somebody will show up to the sale,” she said. “And it’s usually low enough that someone is able to make some money off the project.”
It began the foreclosure process in February 2018 and took back the property in March this year.
Western Highland Mortgage has already paid a $23,000 in-lieu fee that was required as part of the previous approval, in accordance with the town’s inclusionary housing ordinance.
Dahn said the owners hope to complete the project within the next year.
Hannah Jones is a reporter for the Sierra Sun. She can be reached at 530-550-2652 or firstname.lastname@example.org.