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Kings Beach Affordable Housing Project Breaks Ground

October 20, 2010

On Monday, October 18, County and regional officials and community members celebrated the construction of the first affordable housing in Kings Beach, on the north shore of Lake Tahoe. The Kings Beach Housing NOW! project consists of 77 units on five separate sites, and is a collaboration between the Placer County Redevelopment Agency and Domus Development.

 

A groundbreaking ceremony in Kings Beach marked a ceremonial start to construction
of the Kings Beach Housing Now! affordable housing project. Participating in the
ceremony are (left to right) Placer County Supervisor Kirk Uhler, Meea Kang from
Domus Development, Sup. Jim Holmes, Alana Kang, Sup Robert Weygandt,
Sup. Jennifer Montgomery, Placer County CEO Tom Miller and TRPA Executive
Director Joanna Marchetta.
Speakers at the celebration included Placer County Supervisor Jennifer Montgomery; Tahoe Regional Planning Agency Executive Director Joanne Marchetta, Eugene Lee with the California Department of Housing and Community Development; Meea Kang, President of Domus Development, Dave Ferrari of the Crown Motel in Kings Beach, and Emilio Vaca, Director of the Family Resource Center.

 

“This is a true success story for Lake Tahoe’s people and economy, and a real testament to what can happen when local government works hand in hand with an innovative developer like Domus,” said Placer County Supervisor Jennifer Montgomery, whose 5th District encompasses the County’s portion of Lake Tahoe. “This project creates badly needed affordable housing for the year-round resort workers who help make this economy tick. It will help revitalize Kings Beach, a neighborhood that’s struggled with overcrowding and unsafe housing for years.”

 

The project will have significant benefits to the overall community and environment. Placer County will upgrade infrastructure by installing new sidewalks, curbs, and water and sewage lines. Additionally, the buildings will have environmental design features and be built to LEED certification standards. At the Chipmunk site, the building construction will include a drainage basin that will capture and filter out an estimated seven tons of sediment a year that now enters the lake.

 

“There’s a huge need for affordable, up to date housing right now in Kings Beach, and the Housing NOW project is aimed at fixing that,” said Dave Ferrari, owner of Ferrari’s Crown Resort in Kings Beach. “It is a big improvement over the properties they are replacing, which were run down, unsafe and too small for families. Most of them were originally meant to be exclusively summer, motel-type housing and didn’t have the proper infrastructure to support more than two people living there year round.”

 

The Scattered Sites Project will be the first affordable housing to be built in the Placer County portion of the Lake Tahoe Basin. The project, which has been more than three years in the approval process, is occurring through a development agreement between Kings Beach Housing Associates, LP, through their managing partner Domus Development, LLC, and the Redevelopment Agency.

 

The $34 million project will construct 77 units on five sites in Kings Beach. The project has been a main focus of the Redevelopment Agency, which has spent about $8 million acquiring the five properties as well as assisting the engineering, design and construction. In addition the partnership of the County, RDA and developer have obtained two grants totaling approximately $5.4 million from the California Department of Housing and Community Development and approximately $22 million worth of Low Income Housing Tax Credits from the California Tax Credit Allocation Committee which is being purchased by an Alliant Capital affiliate. Additional financing was provided by Wells Fargo Bank and California Community Reinvestment Corporation.

 

The scattered sites include:

 

  • 2 units on Brook Avenue;
  • 5 units on Trout Avenue;
  • 12 units on Fox Street;
  • 18 units on Deer Avenue; and
  • 40 units on Chipmunk Street.

In all, 75 of the units will be deed restricted for low-income residents who earn between 30 percent and 60 percent of the area median income. The remaining two units will be for on-site managers.

 

“By revitalizing an existing neighborhood, and creating affordable housing that didn’t exist before, this development will actually be taking cars off the road,” said Steve Frisch of the Sierra Business Council, which honored the project with a Vision 2020 Award last year. “Instead of driving in from Reno, people will now be able to live closer and walk to work.”

 

The project construction began in August after a completed environmental review process, approval of all necessary agencies and regulatory entities, and a completed financing plan.

 

In addition to the Domus Project, Redevelopment has been intricately involved in numerous North Lake Tahoe and West Shore projects. They include:

 

· The Kings Beach Commercial Core Improvement Project, a revitalization of a 1.1-mile section of State Route 28 through Kings Beach;

  • Construction of three gateway signs in Kings Beach and Tahoe City;
  • Acquisition and remediation of two abandoned gas stations at the eastern end of Kings Beach;
  • Construction of four off-street parking lots;
  • Working with the Tahoe City Public Utility District on the Tahoe Vista Recreation Area Park improvement project; and
  • Providing pre-development funding for Community Enhancement Projects.

 

 

Domus Development is a California-based development company that specializes in transforming blighted areas into attractive neighborhoods that build strong communities and help more families meet their housing needs. For more information go to the Domus website: Affordable Housing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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