Riverside Avenue Affordable Homes Sale Process Ongoing Now – Apply By April 15 | South Lake Tahoe

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SOUTH LAKE TAHOE, Calif. – Three homes will be built on Riverside Avenue in South Lake Tahoe at a price affordable for households earning no more than 120 percent of the El Dorado County area’s median income. The City of South Lake Tahoe donated the vacant lots to the Saint Joseph Land Trust (SJCLT) for the project.

The sales process for the two 2 bedroom, 2 bath homes and one 3 bedroom, 2 bath home is now underway and applications will be accepted by 5pm on April 15. Bedroom is approximately 1,501 square feet. All houses have an attached garage and are within walking distance to shops, public transport and the lake.

In order to bid to purchase these homes, households must:

• Income Requirement: Households may not earn more than 120 percent of the median income for the El Dorado County area based on family size. Current HUD/HCD income limits (updated April or May) for El Dorado County are:

Household size (number of people) and average income maximum (up to 120%)
1 – $76,500
2 – $87,450
3 – $98,350
4 – $109,300
4 – $118,050
5 – $126,800
7 – $135,550

• Composition of the household: must correspond to the size of the apartments available:

2-bedroom – 3 (or single parents with child) to 5 people
3 bedroom – 4 to 7 people

The homes are being sold subject to a 99-year renewable heritable lease with the Saint Joseph Community Land Trust. With the Community Land Trust model, the houses remain permanently affordable and must be used as a primary residence.

The building permits were issued and construction financing agreed. Under the terms of the home loan, construction will begin as soon as the houses are under contract.

If you are interested in these homes, read the South Lake Tahoe For Sale Homes Available flyer and the included floor plans and elevations. The flyer summarizes availability and steps to follow (see photo attached above) or can be found at 312 Dorla Ct., Suite 205, Zephyr Cove, Nev.

Steps to follow:

1. Contact Jim Meiers, Program and Stewardship Manager ([email protected]) to obtain:
A. A copy of the Saint Joseph Community Land Trust land lease
B. The Condominium Application

2. Register for the Framework Homebuyer Education Course. The $75 registration fee will be reimbursed to SJCLT members ($25 basic membership fee) interested in potential home ownership.

3. Submit completed home ownership application to Saint Joseph Community Land Trust (312 Dorla Ct, Ste 205, PO Box 12032, Zephyr Cove 89448) to determine income qualification. Income-qualified applications are referred to Caliber Home Loans for pre-approval of the mortgage.

4. Once the eligibility criteria are met, ask your real estate agent to send your offer to Jill Teakell ([email protected]). Offers will be accepted and timestamped until April 15, 2022 at 5:00 p.m
receive.

Contact SJCLT with questions at 775-580-7514 or saintjosephclt.org/contact.


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