Spring Creek developer adds to affordable housing help
August 24, 2007
The developer of the Spring Creek project in northeast Truckee has increased the amount of financial assistance offered to buyers of its affordable housing.
Combing $20,000 more of his own money to existing subsidies from the Town of Truckee and the state, the developer will now offer a maximum of $72,000 in down payment assistance for the affordable housing units at Spring Creek.
Spring Creek previously offered up to $52,000 as an incentive.
Located adjacent to Alder Creek Middle School near the Pioneer Commerce center, Spring Creek includes market-rate and affordable townhomes and single-family homes.
“Ciro [Mancuso, developer] just wants to move these units to affordable buyers,” said David Griffith, housing and redevelopment coordinator for the Town of Truckee. “It seems he really does have the interest at heart to get affordable housing in the right hands.”
Griffith said the affordable units initially met slow sales as the result of the slumping price of market-rate housing making it more competitive with affordable-housing prices.
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But, the additional assistance should make the townhomes more enticing.
Mancuso recently added $20,000 to existing assistance of $30,000 from the state, $10,000 from the town, $6,000 from the town’s redevelopment agency, and $6,000 from the developer’s initial offer.
Depending on what size mortgage the buyer qualifies for, he or she can receive anywhere up to the maximum $72,000 total, Griffith said.
The town’s $10,000 contribution comes from a fund created when an affordable housing unit in town does not sell after a certain period and is sold at market rate instead, Griffith said.
While Mancuso could wait for that time to expire, he has added more funding to get the units sold at affordable levels, not market rate.
Griffith said the down payment offer will expire on June 30, 2008.
Karl Saimre with Truckee River Associates says three affordable housing units are currently available at Spring Creek from the newest phase of construction, and another two already sold.