More affordable housing set to open in Truckee
October 18, 2006
A new batch of affordable housing in Truckee will be move-in ready by the end of November.
Fourteen factory-built modular homes were set in place recently at Spring Creek located behind Alder Creek Middle School near the Pioneer Commerce Center.
Now construction crews are working on the final touches in preparation for an open house in a couple of weeks, said Karl Saimre of Truckee River Associates.
This summer more than 140 people expressed interest in the three-bedroom, two-and-a-half-bath duplex units.
Upon completion, Spring Creek will include a total of 30 affordable housing units and 36 market-rate housing units. Saimre said 11 of the 14 affordable units currently in place are reserved, and three of them are for sale. The selling price for the 1,300-square-foot duplex units is $305,000, he said.
Spring Creek’s residential housing is geared toward people making 120 percent of Nevada County’s median income or less. For example, for a family of four the maximum income is $77,000 a year, Saimre said.
Recommended Stories For You
The housing application and mortgage loan pre-approval process weeded out a number of those interested, and because “people change their minds,” they’re not sure of the current number of interested and eligible applicants, he said.
The Spring Creek development will provide another housing option for those looking to buy an affordable new home in Truckee and not have to commute home to Reno or Verdi, Saimre said.
“It’s meant to keep the local people local,” he said.
The common thread that ties the potential Spring Creek homeowners together is that they don’t want to leave town because of high real estate prices, he said.
The Town of Truckee applied for and received state funding for the BEGIN program to assist first-time home buyers with down payment loans, and is available for all 30 affordable housing units. The program 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.
Saimre said the program is a great opportunity for people looking to purchase their first homes and the payments and interest is deferred until the house is sold, the house is no longer the primary residence, or for 30 years.
The BEGIN program gives homeowners a chance to build equity, said Rachelle Pellissier, of the Workforce Housing Association of Truckee Tahoe.
“It’s a great deal,” Pellissier said. “It’s almost like free money.”
The remaining affordable housing units will be finished by next July, Saimre said. The market-rate units will also be modulars, offering more upgrades and 2,000 square feet of space, costing $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.