The property must be located within Truckee’s town limits and must not have been rented long term in the past 12 months. This is defined as having had full-time tenants who paid rent to use the property as their primary residence, even if they were on a month-to-month lease.
All tenants must work at least 20 hours per week for an employer based in the region and must not earn, on average, over 150% of the AMI ($118,125). See the Truckee Lease to Locals guidelines for a comprehensive explanation of how to qualify tenants and what documentation is needed.
Property Owners must sign either a seasonal (5+ months) or long-term (12+ months) lease with a qualifying tenant. See below for the grant amounts for property owners. The max rent that can be charged is $3,500/month and the property can not be rented to immediate family members.
Placemate will provide property owners a full application which needs to be completed before the incentive can be dispersed. The funds will be paid in two equal installments — one at the beginning of the lease, and one at the end of the lease (within 60 days of each).
The applicant must comply with midway and final lease checks to ensure they are in compliance. If they are found out of compliance, they may be disqualified from receiving additional incentive payments.
| Lease Length |
1 Qualifying Tenant* |
2 Qualifying Tenants |
3 Qualifying Tenants |
4 Qualifying Tenants |
|---|---|---|---|---|
|
Seasonal (5-11 months) |
$2,000 |
$4,000 |
$6,000 |
$8,000 |
|
Long term (12+ month) |
$4,500 |
$9,000 |
$13,500 |
$18,000 |
Any residential property in Truckee that is currently sitting empty or rented short-term qualifies. If you are already renting your property long-term (even on a month-to-month lease), or have rented it long-term in the past 12 months, the property would not qualify for the grant.
At least 50% of the adults over 18 in the household must work at least 20 hours per week (averaged throughout the year), for an employer located in the geographic boundaries of the Truckee Tahoe Unified School District (TTUSD).
A tenant’s gross annual Income can not exceed 150% of the area median income ($118,125). For households you can take the average of your gross income, which cannot exceed $118,125 per person per year.
Examples:
2 locally employed unrelated adults making $60k/each = Qualified
1 locally employed adult making $130k/year = Not qualified
The Town of Truckee has a goal of funding innovative programs that unlock existing housing stock for local employees. This program is funded by taxpayer dollars through the General Fund.
The grant is dispersed to homeowners in two installments — the first payment is dispersed once the lease has begun and tenants have moved in, and the second payment is dispersed when the lease has ended. Payments are made by the Town of Truckee and are usually sent within 60 days of the start and end of the lease.
