Frequently Asked Questions
It is a program designed to secure our existing housing inventory for the local workforce. The Workforce Housing Preservation Program (WHPP) pays homebuyers and new housing developers 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.
East Placer Program Eligibility Requirements:
- Gross annual household income doesn’t exceed the Tahoe Basin Regional Planning Agency Achievable Income limit of 245% of the area median income for Placer County for single-family (detached) dwellings or 220% for multifamily (attached) dwellings at the time of purchase or rental.
- Must have at least one household member who is currently employed 30 or more hours per week at an employment site within the Tahoe Truckee Unified School District geographical boundary.
- 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.
- You are allowed to rent the property to a qualified occupant who meets the local employment and income criteria.
- You are allowed to rent the property on a short-term basis for less than or equal to 30 days per calendar year.
The deed restriction is passed with the property to the future owners and the 55-year deed restriction term is automatically renewed with a transfer of property.
Yes, you are allowed to rent the property on a short-term basis for less than or equal to 30 days per calendar year.
There are no tax implications specific to the WHPP. All tax implications of property ownership apply.
In order to qualify for the WHPP, you are required to put a minimum of 5% of the purchase price of the property down at the time of purchase as a down payment.
Qualified buyers can receive up to around $100,000, however the amount you receive depends on your financial need, how the property meets program criteria, and the availability of funds.
The Application Review Committee may use the following to determine fair market value of the deed restriction:
- County Assessor recent sale price (within last 3 months, if possible) of similar properties.
- Appraisal completed by a certified Member Appraisal Institute (MAI) or qualified real estate appraiser approved in advance by the County.
- Mutual agreement of Fair Market Value of the Property between Program Participant and the County in lieu of an appraisal.
The Application Review Committee is a Placer County committee that meets and reviews applications every two weeks.
Once your Property Application is approved, we will contact you to complete the Use Deed Restriction. A lien to secure the funds will be recorded by the County. The deed restriction on the property will be recorded with Placer County and the funds will be transferred prior to closing so they can be used for the down payment.