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- Workforce Housing Preservation Program
Workforce Housing Preservation Program
The Workforce Housing Preservation Program is a homebuyer assistance program designed to secure our existing housing inventory for the local workforce. The program pays homebuyers up to 16% of purchase price towards a down payment (based on available funding) in exchange for deed restricting their home so that it can only be occupied by local workers. The funding can help homebuyers with down payments or complete renovations. The financial assistance does not need to be paid back.
The Placer County Board of Supervisors approved this program on February 16, 2021 with a goal of acquiring 50 deed restricted homes throughout the County each year to create a marketplace of housing reserved for the local workforce. The deed restriction runs with the land for 55 years and auto-renews with each sale or transaction of the property. The goal is to create a secondary market of local worker housing.
Additional financing assistance may potentially be used in conjunction with the Workforce Housing Preservation Program. Financing assistance may be available through the Homebuyers Loan Program, WISH and IDEA First-Time Homebuyer Programs, and the First Time Homebuyer Assistance Program. In East Placer, the Martis Fund Homebuyer Assistance Program may be available to help qualified buyers secure down payment funds. Additional questions can be directed to Gina Jones at [email protected]
Eligibility Requirements for the Program
Homebuyer and occupant eligibility:
- Must have at least one household member who is currently employed fulltime at an employment site within the Tahoe Truckee Unified School District geographical boundary This can be demonstrated through paystubs of 30 or more hours per week or through employer verification.
- Homebuyers must have a minimum of 4% of the sale price available as a down payment.
- The program will contribute 16% of the purchase price, or up to $150,000, to the homebuyer to use as down payment in exchange for the deed restriction.
- The house must be in unincorporated eastern Placer County.*
- Property may be rented on a short-term basis for no more than 30 days each calendar year
- Property may be rented to a qualified occupant who meets local employment criteria
* Click here to view whether a property is located in unincorporated Placer CountyDefault. To navigate the map, type the parcel number or address of the property in the search box in the upper right hand corner. A widget will pop up on the left with the city listed. If the city is listed as "Unincorporated," the property is eligible.
Future Home Sales:
- If the house is sold in the future, it must be sold to a household that has at least one household member who meets the local worker criteria which may impact future sales price
- Homeowner may rent house to a household that has at least one household member who meets the local worker criteria
PLEASE NOTE: The countywide program is not currently funded. Please sign up for the interest list below to receive updates when it does get funding.
- Gross annual household income must be equal to or less than 120% of Placer County’s median income, adjusted for household size as set forth by the California Department of Housing and Community Development at the time of purchase
- Must have at least one household member who is currently employed 30 or more hours per week at an employment site in Placer County
- Must have at least one household member whose work site is less than or equal to 20 driving miles from the property (a 20% variance may be granted by the Program Administrator)
- Must not have owned a home in the last 12 months and must not have participated in this program for the last three years
Use of home:
- Property may not be rented on a short-term basis
- Property may be rented on a long-term basis to a qualified occupant who meets local employment and income criteria
How to Apply for the Workforce Housing Preservation Program
The application for the Workforce Housing Preservation Program can be filled out online, using the link below. If you would prefer to fill out an application in person, you may do so at the Community Development Resource Agency office in Tahoe City or Auburn.
Download the Workforce Housing Preservation Program Quick Application Guide PDF
Apply Online Here
Finding a Mortgage Lender
The Workforce Housing Preservation Program should be compatible with most home loans that are on the market. While we encourage you, as a potential buyer, to find the mortgage lender that is the best fit for you, it is important that you discuss your interest in using the Workforce Housing Preservation Program with whomever you chose. The following list of lenders have already approved the Program, making them great options.
Employer Assistance for Employees
Employers may pay into the Workforce Housing Preservation Program in order to guarantee that necessary funds are available for qualified employees looking to purchase a home. To learn more, visit the Employee Assistance for Employees page.