Regional Assistance Programs


1	Program	Homebuyer Eligibility	Income Eligibility	Amount	Grant or Loan	Property Eligibility	Future Home Sale / Rental Restrictions

2	MARTIS FUND HOMEBUYER ASSISTANCE PROGRAM Lead Agency / Funder: Martis Fund Administrator: Sierra Business Council	Participants cannot currently own a home or have been on title to real property or on title to a manufactured home unit within the last 12 months. At least 51% of household income must come from employment within the Tahoe Truckee Unified School District Boundaries.	180% Area Median Income Eligible households must earn at or below 180% of Placer County median income. Gross household income will be calculated using all income sources for all occupants. Income limits are adjusted based on household size.	Up to $75,000 Loans may be up to $75,000. To reduce the day-to-day costs of homeownership, all principal and interest payments on the down payment assistance loans are deferred until the time a home is sold. A borrower may choose between paying deferred interest at either 3 percent compounded annually or based on a share of the home’s appreciation at the time of sale.	Loan	The eligible area is described as follows: The Tahoe Truckee Unified School District (TTUSD) boundaries. Housing unit types eligible for the program are new or previously owned: single-family detached houses, half-plex, duplex, triplex or quadplex houses, condominiums, or manufactured homes on a single-family lot and placed on a permanent foundation.	N/A
3	TRUCKEE HOME ACCESS PROGRAM Lead Agency / Funder: Town of Truckee	Must have at least one household member who works or is self-employed fulltime in the Tahoe Truckee Unified School District geographical boundary. Must be able to obtain primary mortgage financing Home must be occupant’s principal residence 10 out of 12 months per year. Buyers' liquid assets must not exceed 30% of sales price of home.	245% Area Median Income Annual gross household income, including the income of all household members 18 years of age and older, must not exceed 245% AMI.	Up to $150,000 Buyers can apply for compensation up to $150,000 for a maximum $937,500 home purchase price. Payment can be used for down payment assistance, renovations, or other expenses.	Grant	Properties purchased with program funds must be within the Town limits of Truckee. Must be purchasing a residential home property without code violations that is within the Town of Truckee limits with a value of $937,500 or less.	During the term of the 55-year deed restriction, the home may only be re-sold to a program eligible buyer.
4	WORKFORCE HOUSING PRESERVATION PROGRAM Lead Agency / Funder: Placer County	Must have at least one household member who is currently employed full time 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.	No Area Median Income Requirements	Up to $150,000 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.	Grant	The house must be in 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	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