Homegrown Housing (formerly Deed Restriction for New Housing Development) is a program that supports new workforce housing units within the Truckee town limits. The program will pay a developer up to $110,000 per newly constructed housing unit to “deed restrict” the unit for long-term use as workforce housing. The program is operated by Sierra Business Council.
The Program Guidelines (PDF) lay out explicit project criteria for funding and allow for the program operator to approve projects that meet the criteria, streamlining the process for developers.
Program Requirements:
- Developer receives 16% of the unit's appraised fair market value up to $110,000 per unit upon certificate of occupancy
- Project must be in the Gateway or Downtown neighborhoods in Truckee
- Funds may only be used for studio, one bedroom, and two bedroom units
- Each unit must have at least one dedicated parking space
- Units must be rented to or sold to a qualified household who works within the boundaries of the Tahoe Truckee Unified School District and the household income must be below 180% of area median income (Click here to view the current AMI levels). Unit must be occupied full time
- If the unit is sold to a qualified household, the maximum initial sales price cannot exceed $687,500
- The program caps the maximum rent based on unit size. See Program Guidelines (PDF) for more details.
Truckee Town Council has committed $2,200,000 to fund deed restriction payments for the new program. If you are a developer interested in learning more about Homegrown Housing, contact Sierra Business Council at info@sierrabusiness.org or 530-582-4800.
Fair Housing