Town launches Truckee Home Access Program
TRUCKEE, Calif. — The Town of Truckee announced the launch of its newest housing program, the Truckee Home Access Program. In alignment with the Town Council’s priority to address the need for workforce housing, THAP was created to address the affordable housing issues faced by the local workforce.
According to a press release, it is a challenge for local buyers to find and finance a home for sale because Truckee’s housing costs are high, funding assistance is limited, and over 50% of Truckee’s housing units are utilized as second homes. The THAP is one solution of many to preserve and protect housing for the Truckee area workforce. This new program broadens the scope of Town housing programs by being the first Town program that offers a pathway to home ownership while also expanding to include a higher area median income limit.
To qualify for the THAP a household must have at least one member who is currently employed 30 or more hours per week, meets full-time employment equivalency with employer verification, or has a written offer for full-time employment at an employment site within the Tahoe Truckee Unified School District. THAP works in three different ways:
- Financial assistance to buyers who work full-time in the region, don’t earn more than the program’s maximum income limits ($241,080 for a household of 4), and agree to sell to another THAP qualified buyer at resale. Buyers can use the financial assistance for a down payment, home renovations, or other expenses; or
- Offers homeowners and incentive to sell their property to a household that qualifies for the program. While the seller does not need to meet the program qualifications relating to income, employment or residency, they do need to sell their home to a buyer that meets those qualifications; or
- Offers local businesses and developers compensation to create new rental or ownership housing opportunities for the Truckee workforce.
The program offers payments up to $150,000 to local buyers, sellers, businesses, and developers in exchange for making for-sale or for-rent homes available to the local workforce through a long-term deed restriction. The participation of these different stakeholders will help move Truckee’s market towards one that is more balanced and supportive of local employees achieving their dreams of homeownership while utilizing both new and existing housing stock.
“Actively supporting the development of workforce housing is a priority for our Truckee Town Council. We recognize that we cannot simply build our way out of the housing crisis,” said Mayor Courtney Henderson in a press release. “The Truckee Home Access Program is one of many of our innovative initiatives to create housing opportunities for our local workforce. This program is unique in that it offers local families an opportunity for stability and homeownership in our town. By design, it ensures that we are both investing in the futures of our workforce and their families and creating a balanced, sustainable community.”
The Town of Truckee has partnered with Housing INC, a local affordable housing program consulting firm, to provide administrative support for the THAP program. Together, they will host a series of informative workshops designed to help educate local realtors, lenders, buyers and sellers on THAP. Those interested in learning more about the THAP are encouraged to visit http://www.townoftruckee.com/THAP to register for an upcoming workshop. For more questions about the program please contact THAP@townoftruckee.com.
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