One key to any healthy community is its diversity – in people, backgrounds, incomes, options and more. A second-home heavy community such as the Truckee/Tahoe area needs full time citizens who can afford to live here. They are the lifeblood as our teachers, nurses, police, etc. Thankfully, a number of area entities have come together to address this issue in the Tahoe region and provide alternatives for the workers our community simply can’t do without.
The Town of Truckee has two affordable housing programs for first time home buyer, the BEGIN Reuse Program, and the CAL HOME Program. Both have strict, but realistic qualifying guidelines, such as the residence must be within town limits, and a primary home. But the rewards those who qualify are great:
- The interest rate on the Town loan is 3% annual (simple) interest.
- All interest and payments are deferred until the first of three things occurs: 1) 30 years pass; 2) the home purchased changes title; or 3) the home purchased is no longer the buyer’s primary residence.
There is also affordable housing for rent in the area in developments such as Frishman Hollow, and Henness Flats. Low Income Housing properties generally reserve 20% of their units for families making less than 50% of the Area Median Income (AMI) and 40% for families making less than 60% of the AMI.
Mortgage subordination programs are available also for refinancing a first mortgage as a way of lowering household costs.
Placer Co. has a number of programs applicable to our area, as well. The First-Time Home Buyer Assistance Program and the Martis Fund, to name just two. And of course there are State and Federal programs, as well.
Affordable housing increases spending and employment in the area, sustains revenue streams for local governments, and reduces the likelihood of foreclosures and their associated costs. Without a sufficient supply of affordable housing, employers ”” and entire regional economy ”” can be at a competitive disadvantage because of not being able to attract and retain workers. These workers keep the wheels of our local economy churning and without them, our economy would simply grind to a halt.
The first step is to meet with a qualified local lender who can examine the ins and outs of the programs and then determine which one might be the right fit for you. Once you know your parameters, we can help you find the right home to meet the program’s guidelines and assist you through the rest of the home buying process.