Ground breaking event in South Tahoe for construction of ‘affordable’ homes
SOUTH LAKE TAHOE, Calif. — The Saint Joseph Community Land Trust will break ground next month on three new homes that will be permanently “affordable,” said a joint press release with the city of South Lake Tahoe
There will be a ground breaking ceremony at 10 a.m., Thursday, June 2, at Alameda Avenue and Riverside Avenue.
The two 2-bedroom and one 3-bedroom homes are being built on three parcels acquired from the City for $1 in exchange for St. Joseph’s commitment to deed-restrict the homes for households earning no more than 120% of El Dorado County Area Median Income (currently $122,639 for a family of four).
According to a press release, the City Council felt it was important to make this land available to St. Joseph as one more way to address the affordable housing crisis.
Through the community land trust model, St. Joseph will retain ownership of the land. The homes will be sold subject to a 99-year ground lease from St. Joseph. The ground lease requires that the home be the full-time, primary residence and includes resale restrictions to ensure that the home will be permanently affordable for several generations of households.
Rural Communities Assistance Corporation is providing the construction financing for the project and requires that the homes be sold prior to financing the loan. Marketing efforts for eligible homeowners were targeted through local employers and local real estate brokers. The homes are currently under contract with three families that are looking forward to becoming homeowners.
According to Lyn Barnett, President of St. Joseph, the predevelopment expenses were provided by St. Joseph and grants from the American Century Championship, Tahoe Women’s Community Fund, the Catholic Campaign for Human Development, and many community-minded individuals. This project was developed in close cooperation with the City of South Lake Tahoe, Tahoe Regional Planning Agency, South Tahoe Public Utility District, among others. We are so thankful for all who have helped make the project possible.
“Owning a home and having a stable living environment in the place we love is all we could really ask for in life. All of this was a distant dream without St. Joseph’s Community Land Trust and the Riverside Homes program … To be able to raise a family in the Tahoe Basin is truly a dream come true,” one buyer said.
Another buyer said, “A house big enough for our family has always been out of our price range. This opportunity from Saint Joseph Community Land Trust is literally a dream come true for us! We are so grateful.”
“Access to housing that is affordable to local residents is increasingly difficult to find in the city of South Lake Tahoe,” said Mayor Devin Middlebrook. “This is why the city is excited to be a participant in this project as part of the overarching strategy to address the housing crisis facing the community. This project isn’t just about creating more rental units, it will promote ownership and upward mobility within our community.”
Support Local Journalism
Support Local Journalism
Readers around the Lake Tahoe Basin and beyond make the Tahoe Tribune's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Your donation will help us continue to cover COVID-19 and our other vital local news.