More affordable housing now available in Truckee
Spring Creek opened its doors Saturday to show off its new batch of affordable housing in Truckee.
As many as 60 people came to check out the factory-built modular homes at Spring Creek, located behind Alder Creek Middle School near the Pioneer Commerce Center, said Karl Saimre of Truckee River Associates.
Upon completion, Spring Creek will include a total of 30 affordable housing units and 36 market-rate housing units. Saimre said seven of the 14 constructed affordable units currently in place are reserved for qualified purchasers, with three more units reserved that will be built next fall. The selling price for the 1,300-square-foot duplex units is $305,000, he said.
The profile of interested buyers was “across the board” for Saturday’s open house, Saimre said, but most were Truckee locals who live in the area full-time. Families, two young single professionals and a school teacher were some of the people who inquired about the homes, he said.
Spring Creek’s residential housing is geared toward people making 120 percent or less of Nevada County’s median income. For example, for a family of four the maximum income in 2006 is $77,000.
The Town of Truckee applied for and received state funding for the BEGIN program to assist first-time homebuyers with down payment loans. The program is available for all 30 affordable housing units and offers a $30,000 maximum loan per eligible household, with up to an additional $10,000 per household potentially available in a loan from the town.
Nine out of 10 prospective buyers are participating in the BEGIN program, Saimre said. He said the program is a great opportunity for people looking to purchase their first home and the payments and interest is deferred until the house is sold, the house is no longer the primary residence, or for 30 years.
Many people also showed interest in the market-rate homes. Saimre said a model market-rate unit is scheduled to be constructed by March 2007. The market-rate units will also be modulars, offering more upgrades and 2,000 square feet of space.
They will be priced from$550,00 to $575,000. There are also a few units that will be priced at $450,000 and downsized to 1,400 square feet.
Truckee River Associates will hold office hours this month from 1 to 6 p.m. Tuesdays through Saturdays, Saimre said.
Meanwhile, just a few miles away, construction of the 92 affordable rental units at Gray’s Crossing is slated for completion by next summer. For-sale affordable cottage units are still in the planning process, said Rick McConn, Gray’s Crossing project manager.
Owned by East West Partners, the Gray’s Crossing development is located on both sides of Highway 89 north at Prosser Dam Road.
“The design is still in flux,” McConn said. “We just revised the land plan.”
The housing plan will likely be approved by the Town of Truckee in 2007, McConn said. The Gray’s Crossing cottages will include a total of 89 units. Of those 59 will be affordable and the other 30 will be priced at market-rate, McConn said. The cottage units will be single-family homes with two or three bedrooms and will be roughly 1,000 to 1,400 square feet, he said.
Similar to the Spring Creek homes, the Gray’s Crossing affordable units will be priced based on the county’s median income level, McConn said, from $300,000 to $400,000.
A resale restriction agreement is in place for Spring Creek and Gray’s Crossing in order to prevent buyers from taking advantage of the affordable housing prices and turning around and selling them at market-rate prices, said John McLaughlin, Town of Truckee community development director.
“Right now the (housing) market’s not jumping,” McLaughlin said. The agreement “ensures the house will be affordable to future buyers” in Truckee.
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