The city of South Lake Tahoe is trying to bring $5 million into the local economy through the U.S. Housing and Urban Development Neighbor-hood Stabilization Program.

The program would give the city funds to stabilize housing markets by purchasing foreclosed homes and making improvements such as installing energy-efficient appliances and equipment. Then the homes would be sold or rented to low- and moderate-income people or families.

“The City Council and city management are committed to helping people find and own quality, affordable housing and helping stimulate the local economy,” City Manager David Jinkens said in a statement.

“The City Council’s recently adopted and state government-approved housing element is an action document, and this program is one of several to help deliver quality workforce and affordable housing to the community,” he added.

To obtain the funding, South Lake Tahoe must demonstrate a community commitment to the program, according to the city statement. Grant applications must provide evidence of the business community’s support through its contributions.

Some examples of support include businesses donating or providing discounts for services such as loan and real estate fees, energy audits, materials, supplies, labor and marketing costs. Cash donations are also considered community support.

Businesses owners or other community members who are interested in showing their support can submit a letter of commitment to the city. Letters are due June 19.

The City Council is also holding a public hearing at its June 16 meeting to gather comments on the grant.

More information is available at http://www.cityofslt.us/redevelopment/stimulus.html

Or contact Nancy Kerry at (530) 542-6043 or nkerry@cityofslt.us.