Addressing the shortage of housing for local workers
Tahoe City, Calif. – More than half a million dollars in additional funding has been made available to homebuyers in eastern Placer County to address a shortage of housing for local workers.
Through a unanimous vote, the Placer County Board of Supervisors recently approved $600,000 in transit occupancy tax dollars withheld to increase funding for the county’s incentive-based homebuyer assistance program, Work’s strengthh hBuilding preservation programme. WHPP is designed to address the rising cost of home buying, specifically in eastern Placer County, by assisting local workers with grant funding to help them buy homes near where they work.
Up to 16 percent of the purchase price
The program pays homebuyers up to 16% of the purchase price and the money can be used to make a down payment (depending on available financing) in exchange for a deed restricting their homes so that they can only be occupied by local workers. The contract restriction with the land is valid for 55 years and is automatically renewed with every sale or transaction of the property.
Program objective
“The goal of the program is to restrict as many homes as possible to create a secondary market for local workers looking for housing in East Placer,” he said. Placer County Community Development Resource Agency Tahoe Deputy Principal Crystal Jacobsen. “Together with other housing programs and projects the county is working on, we hope this will help fill the critical need for affordable housing in our area.”
The Board of Supervisors originally approved this new program in February 2021, and authorized the expenditure of $500,000 in public funds and coaches’ dollars to provide assistance. During the first round of financing, a total of $390,000 was allocated to help purchase three homes in the Tahoe area. Each of these homes is now bound by a Local Workers Occupancy Deed.
An additional 33 applicants have qualified for future funding through this program. Grant grant may also be used to complete renewals and does not have to be repaid.
“I think what’s very important about this program is clearly providing people with necessary housing, but more importantly, it’s a way to give young people hope that they can stay and build a career and build a family in our community,” said the District 5 superintendent. Cindy Gustafson.
To find out more about this program and eligibility requirements, or to apply online, click here.
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