THAP Resales

Buying a THAP Unit with an Existing Deed Restriction 

Qualified Buyers can purchase a home with an existing THAP deed restriction as a participant in Truckee’s secondary housing market that is affordable for income-qualified local workers. The transaction does not include financial assistance from the Town of Truckee because there is already a deed restriction recorded on the property.

Subsequent THAP buyers (those purchasing after the initial buyer signs a restriction in exchange for financial assistance) must meet the same eligibility requirements as initial buyers, however, there is not a price limit. 

THAP Subsequent Buyer Eligibility Requirements

• Must have at least one household member who works or is self-employed full-time in the Tahoe Truckee Unified School District geographical boundary.
• Annual gross household income, including the income of all household members 18 years of age and older, must not exceed 245% AMI for existing homes (Area Median Income Limits for Nevada County).
• Must be able to obtain primary mortgage financing and
• Must be purchasing a residential home property without code violations or unpermitted construction that is within the Town of Truckee limits. 

Selling a THAP Unit – Resales by Existing Owners

As a seller of a THAP home, it’s important to keep in mind that the 55-year deed restriction remains in place—even at resale. This means your buyer must meet specific income and employment qualifications and agree to assume the deed restriction, without receiving any THAP funding. Because of these limitations, the pool of eligible buyers is smaller, and many will not be able to afford a full market-rate price. While there’s no formal cap on your resale price, homes with deed restrictions often sell below market value to remain accessible to qualified buyers. Economic analysis has shown that the “value” of the deed restriction for future buyers is 16% of sales price, which is why that is the amount initially paid in exchange for signing the deed restriction. In reality, most buyers are unlikely to pay market price for a home that comes with long-term restrictions on its use and future resale.

When you purchase a home with THAP assistance, you receive financial support in exchange for permanently deed restricting the home to local workers, and these funds do not need to be repaid. However, sellers should anticipate that a THAP Unit may sell at less than market value because the qualified buyer must meet income and employment qualifications and agree to sign the deed restriction without the benefit of receiving THAP funds.

At resale, sellers might find that the financial assistance they received through THAP gives them added flexibility when setting a competitive resale price—especially when marketing the home to buyers who will be purchasing with the deed restriction but without additional THAP support. This approach helps maintain affordability, supports continued local ownership, and contributes to a sustainable inventory of homes for our workforce community.

When you are ready to sell your THAP home, please refer to the resale requirements in the Program Guidelines (PDF) and reach out to the THAP Administrator.