Homebuyer Grants Placer County
Placer County is providing grants of up to $150,000 for local workers who want to buy a home in the North Lake Tahoe region. The Board of Supervisors again approved funds for the Workforce Housing Preservation Program to ensure the local workforce can find affordable housing.
As one of the fastest growing counties in California, Placer County includes communities tucked within the beautiful hills and mountains of Northern California. This includes Tahoe City, Alpine Meadows, Palisades Tahoe, Tahoe Park and other west shore communities. Placer County routinely ranks as one of the healthiest and best counties for quality of life and includes Rocklin and Granite Bay near Sacramento.
The program provides 16% or up to $150,000 of the home’s list price for purchase and does not need to be paid back. The only caveat is that the home will be deed restricted for 55 years so that only qualified local workers can occupy the residence in the near future. The deed restriction period will restart with each subsequent sale.
There are no income qualification or caps, and the grant can greatly reduce one’s monthly payment for a mortgage. As an example, obtaining the maximum distribution of $150,000 can reduce the mortgage payment by $1,000 per month. This grant can make the difference of whether or not a local worker can buy a home.
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.
Home eligibility:
The house must be in eastern Placer County, which means homes in in the Lake Tahoe basin.
Property may be rented on a short-term basis for no more than 30 days each calendar year.
Property may be leased to a qualified occupant who meets local employment criteria.
Downpayment Assistance:
The Martis Fund Homebuyer Assistance Program may be available to help qualified buyers secure downpayment funds. Additional questions can be directed to Gina Jones at [email protected].
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, visit the Workforce Housing Preservation Program website or contact [email protected].
This is a great time to find your perfect home in Lake Tahoe and Truckee. Contact me today for more information about grant programs that can help you purchase a home or build an accessory dwelling unit on your property.