Lotto will determine affordable home buyers | SierraSun.com

Lotto will determine affordable home buyers

David BunkerSierra Sun
Ryan Salm/Sierra SunStoneRidge, an affordable housing project in Truckee is under construction and has a waiting list.
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Because of overwhelming interest and limited supply, buyers for some Truckee affordable housing units will be decided by a lottery. More than 140 people have expressed interest in the 30, three-bedroom, two-bathroom duplex units at Spring Creek, going up this summer near the Pioneer Commerce Center, said Karl Saimre of Truckee River Associates. The units are expected to be priced near $300,000 and be sold to families making 120 percent of Nevada Countys median income or less.The owners are scheduled to be chosen by a lottery on July 7.Having affordable housing at this level assists local professionals that are finding themselves priced out of the Truckee market, said Saimre, in a written statement. Truckee needs these professionals to live right here in the Truckee area.Eleven affordable condominiums at StoneRidge Townhomes have also generated a buzz, with 50 people signing an interest list for the two-bedroom, one-bathroom units expected to be priced at $188,000.Three condos will be built this year, and the remaining eight will be completed next year, according to developer Fitch & Cook Communities.At StoneRidge, interested people who have signed up first will get the first chance to buy the units, said Bob Cook, a principal with Fitch & Cook Communities.Will people still have a chance? Of course they will, said Cook. I think the qualification process will be more difficult than people think.Prospective affordable home buyers at StoneRidge must make 80 percent of the median county income or less, which is approximately $51,000 a year for a family of four, and qualify for appropriate loans.The strong interest for affordable housing in Truckee does not surprise Rachelle Pellissier, executive director of the Workforce Housing Association of Truckee Tahoe. The nonprofit recently moved from an affordable housing advocacy group, to a hands-on affordable housing group when it signed a contract with the Town of Truckee to process and screen affordable housing candidates.I would think that any of the [affordable homes] that go up for sale in the near future will go to a lottery, said Pellissier.Spring Creek, whose affordable duplexes will go for around $300,000, is an ideal new project since it is geared toward families and includes a mix of 30 affordable homes and 36 market-rate homes, she said.I think its exciting for our area because it is the first three-bedroom, two-bathroom affordable project coming online, Pellissier said.And for StoneRidge Townhomes, you rarely get a chance to have homes for people making 80 percent of the median income or less, she said.




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