Truckee will sponsor Northstar workforce housing development
April 11, 2006
Truckee will be the government sponsor for Sawmill Heights, allowing the 96-unit employee housing complex at Northstar to pursue low-interest bond financing.
Sawmill Heights, an estimated $26 million project, will be developed by East West Partners and Polar Star Development as an affordable housing requirement for development at the Northstar-at-Tahoe ski resort.
Although it is in Placer County, Truckee officials said they sponsored the bonding for the development because of the value to the greater community.
“This is a real opportunity to provide workforce housing in short order,” said Tony Lashbrook, Truckee town manager.
The town will sponsor the bonds but will assume little financial risk in the transaction, Lashbrook said.
“We are not issuing the bonds, so we are not at any direct financial risk,” he said.
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Along with the sponsorship, the town will have the right to own the affordable housing once the bonds are paid off, although town officials said they would likely
have no interest in owning an affordable complex.
East West Partners officials said they plan to have one of the employee housing buildings completed and ready for occupancy by this fall. The 96 units will be a mix of studio, two-bedroom and four-bedroom apartments. Each unit will be fully furnished.
“Our commitment to employee and workforce housing in the area is continuous,” said Roger Lessman, managing partner of East West’s Tahoe operations.
Rachelle Pellissier, executive director of the Workforce Housing Association of Truckee Tahoe, praised the town for extending its commitment to affordable housing beyond its official boundaries.