In an effort to help the local workforce find affordable housing, there are two grant programs that can greatly reduces costs for homebuyers. The Martis Fund Homebuyer Assistance Program provides down payment assistance for income-qualified working families in Placer County and Truckee. Placer County too, has just reintroduced a grant program that can provide up to $150,000 toward the purchase of a home.
Martis Fund Homebuyer Assistance Program
To qualify for downpayment assistance, the buyer’s household income may not exceed than 180% of the Placer County median income. Currently, this is roughly $205,020 for a family of four. This program can help place buyers into better loan programs by having access to more down payment funds, which can prevent the need to pay mortgage insurance.
Loan amounts can be up to $75,000. To reduce the costs of homeownership, all principal and interest payments on the down payment assistance loans are deferred until the time a home is sold. A borrower may choose between paying deferred interest at either 3 percent compounded annually or based on a share of the home’s appreciation at the time of sale.
The Sierra Business Council is currently working with local mortgage brokers and realtors to relaunch the program. Loans will be made on a first-come-first-served basis. For more information, click here.
Placer County Homebuyer Grants
Placer County also provides grants of up to $150,000 for local workers who would like to purchase a home in the North Lake Tahoe region. The Workforce Housing Preservation Program also seeks to help the local workforce to find affordable housing. In Placer County, this program is limited to homes in the Lake Tahoe basin.
This program provides 16% or up to $150,000 of the home’s list price for purchase and does not need to be paid back. However, the home will need to be deed restricted for 55 years to qualified local workers as occupants of the residence in the near future. With each subsequent sale, the deed restriction period will restart.
Unlike the downpayment assistance program, there are no income qualifications. This grant can greatly reduce one’s monthly payment for a mortgage by as much as $1,000 per month.
Homebuyer and occupant eligibility:
Grant recipients must have one household member, 18 years of age or older who works 30 or more hours per week or meets fulltime employment equivalency at a location within the Tahoe Truckee Unified School District (TTUSD) geographical boundary.
Workers who work remotely within the TTUSD boundaries must also work for an employer whose principal place of business is within the TTUSD boundaries.
Rental Restrictions:
Property may be rented on a short-term basis for no more than 30 days each calendar year. However, the property can be leased to a qualified occupant who meets local employment criteria.
Future Home Sales:
If the house is sold in the future, it must be sold to a household that has at least one household member who meets the local worker criteria. Homeowner may rent house to a household that has at least one household member who meets the local worker criteria
For more information, contact Housing@placer.ca.gov
The downpayment assistance program is available to the local workforce in both Truckee and Placer County. The homebuyer grant is only available for homes purchased in Placer County. This is the area south of Truckee extending along highways 89 and 267 to the Nevada border and Tahoma on the west shore.
Contact me today for more information about the local grant programs for homebuyers in Lake Tahoe. Additionally, there are programs that can help in constructing accessory dwelling units.
Leave a Reply