County Staff Introduce Launchpad Program to Fund Development of Workforce Housing in North Lake Tahoe
Placer County is developing the Launchpad program to offer low-interest loans for building workforce housing in North Lake Tahoe, addressing a significant housing shortfall identified in a recent assessment. The program aims to provide financial incentives for constructing deed-restricted and workforce housing, with funding and details still in development.
According to the County of Placer, incentives from Placer County to build or establish new workforce housing in the North Lake Tahoe region may soon be available. Following a presentation from county staff, the Placer County Board of Supervisors Monday directed the county to move forward and develop the Launchpad program to support the need for new housing.
A 2023 housing needs assessment from the Mountain Housing Council revealed that 8,200 households in the Tahoe Truckee Unified School District are inadequately housed and use a disproportionate share of their income on housing. Placer County is working to address this critical shortfall.
This new financial incentive program would feature low-interest loan funding from the county for interested applicants to put towards the construction of workforce housing units locally.
These loans will feature fixed 3% rates at 5-year terms geared to replace a higher-interest construction loan. Loans would be calculated at 50% of property value with a max of $1.5 million and can be used for property acquisition or construction costs.
“I’d like to commend staff for working on this as it continues to develop,” said District 5 Supervisor Cindy Gustafson. “We want to give people hope for a better future. Living in the Tahoe Basin without any assistance has become too great a challenge for our local workforce. Our prices have been driven up because there’s limited supply and a lot of demand to live in Tahoe. I appreciate our staff working to find unique solutions through a combination of programs.”
This proposed program would be open to non-profits, contractors, individuals or other interested entities. Eligible participants and their staff or contractors must have sufficient experience, capacity and training in housing development.
Developed housing units must fall under three umbrellas: deed-restricted housing for low-income individuals or families, moderate-income housing and local workforce housing. All construction must be located in unincorporated eastern Placer County.
Funding for this program has not yet been considered by the board. County staff anticipates a request for Transient Occupancy Tax funding from the TOT-TBID Dollars at Work program.
Program participants could also be eligible for a deed restriction disbursement in exchange for a 55-year recorded deed restriction to the property to be occupied by local workers. Staff continue to develop disbursement amounts and deed restriction occupancy requirements.
