Tahoe City moving forward with 14-unit affordable housing project | nnbusinessview.com

Tahoe City moving forward with 14-unit affordable housing project

Hannah Jones

Sierra Sun

Photo: Shutterstock

TAHOE CITY, Calif. — A 14-unit affordable housing project is moving forward in Tahoe City with developers beginning the planning process with Placer County.

The 11.4-acre property at 3205 and 3225 North Lake Blvd. in the Dollar Hill area,  will be developed by Related-Pacific Companies, a hybrid team of development companies.

“The overarching goal of the potential project is to create achievable local housing for a range of income levels and lifestyle needs,” said Jennifer 
Merchant of the deputy county executive office of Lake Tahoe.

A current concept of the project includes single-family homes with the possibility of adding additional dwelling units on the property, apartment units, community building, a village green and children’s playground area, picnic and community gathering, and a vegetable garden.

The property also sits on a Tahoe Truckee Area Regional Transit route, with easy access to the Dollar Creek Trail.

According to Merchant, Related-Pacific Companies, composed of Related California, The Pacific Companies and Dinsmore Sierra, all have experience building affordable housing in the Tahoe area. The Pacific Companies, for example, was responsible for development of Frishman Hollow and Henness Flats, affordable housing projects in Truckee, as well as The Aspens in South Lake Tahoe.

“Related California was really founded on affordable housing,” she said, noting that they’ve constructed or are in the process of constructing 13,000 homes in the state.

Dinsmore Sierra, which Merchant said has been “very engaged in planning for the region,” will lead the effort at the 11.4-acre site to develop 14 single-family homes facing Village Road.

“Those would be affordable to working individuals and families in the community,” said Merchant.

FINDING FUNDING

In August, Placer County purchased the property from R.T. Nahas company for $3.6 million. To fund the purchase, Placer County reached out for community support, including to the Tahoe Truckee Airport District, which agreed to commit $500,000 toward the purchase. Other funding sources included over $1 million from the county’s housing trust fund and $1 million from Transient Occupancy Taxes.

“We’re getting close but we still have $1 million not yet identified,” said Merchant, who has been working with the Martis Fund and other partners to secure more funding for the project.

According to a staff report, the Nahas property “presents an excellent site for potential housing development,” as the property had already been approved for a similar project in 2003 and is designated 
by the county as a preferred affordable housing area.

“With the median home price in Placer County hovering around a half a million dollars,” said Merchant, “that means families of four fall short in their ability to purchase a home by more than $100,000.” For areas in the eastern part of the county, where the project is proposed, she said the median home price is even higher.




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