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Truckee Home Access Program (THAP) Workshop
January 5, 2023 @ 1:00 pm - 2:30 pm
The Town of Truckee has an upcoming information workshop for their new Truckee Home Access Program (THAP). In alignment with the Town Council’s priority to address the need for workforce housing, THAP was created to address the affordable housing issues faced by the local workforce. It is a challenge for local buyers to find and finance a home for sale because Truckee’s housing costs are high, funding assistance is limited, and more than 50% of Truckee’s housing units are utilized as second homes. The THAP is one solution of many to preserve and protect housing for the Truckee area workforce. This new program broadens the scope of Town housing programs by being the first Town program that offers a pathway to home ownership while also expanding to include a higher area median income limit. THAP works in three different ways:
- Financial assistance to buyers who work full-time in the region, don’t earn more than the program’s maximum income limits ($241,080 for a household of 4), and agree to sell to another THAP qualified buyer at resale. Buyers can use the financial assistance for a down payment, home renovations, or other expenses; or
- Offers homeowners an incentive to sell their property to a household that qualifies for the program. While the seller does not need to meet the program qualifications relating to income, employment or residency, they do need to sell their home to a buyer that meets those qualifications; or
- Offers local businesses and developers compensation to create new rental or ownership housing opportunities for the Truckee workforce.
The program offers payments up to $150,000 to local buyers, sellers, businesses, and developers in exchange for making for-sale or for-rent homes available to the local workforce through a long-term deed restriction. The participation of these different stakeholders will help move Truckee’s market toward one that is more balanced and supportive of local employees achieving their dreams of homeownership while utilizing both new and existing housing stock.
To learn more about the program, click here to register for an upcoming workshop.