SOUTH LAKE TAHOE, Calif. – After renting a home on Osborne Avenue for 11 years, a tenant recently became the homeowner instead of the tenant through the Saint Joseph Community Land Trust (SJCLT) TAHOE Program. This was the first transaction completed under the TAHOE (Tahoe Affordable Home Ownership Enabling) Program.
SJCLT contributed $100,000 toward the down payment and rehabilitation, and will retain land ownership under a 99-year ground lease—preserving permanent affordability while allowing buyers to build equity.
When the longtime owner decided to sell the home they were renting out, Compass Real Estate agents Jill Teakell and Rhonda Keen connected with Jean Diaz, Executive Director at SJCLT and Christine Doolittle of Newrez Home Loans. Doolittle structured a mortgage package specifically designed for community land trust buyers, enabling the tenants to qualify for financing.
“We were worried we’d lose our home after renting for 11 years,” said the new homeowners. “Thanks to Saint Joseph’s TAHOE Program, we can now make repairs, build equity, and ensure the home remains affordable for future generations.”
“I’m delighted my tenants of 11 years can buy this property and achieve homeownership,” added the seller.
Teakell added, “I’m also honored to work alongside Saint Joseph Community Land Trust, an organization that creates lasting models for permanently affordable housing, including homeownership opportunities for moderate-income households. The TAHOE program has the potential to reach even more first-time buyers by helping them purchase and improve existing housing stock.”
SJCLT extends sincere thanks to Compass Real Estate, Newrez Home Mortgage, the law firms of Alling & Jillson and Holmes Christian, Sierra Certified Home Inspections, Old Republic Title Company, Affordable Construction Services, El Dorado Community Foundation, and Artic Electricians for making this milestone possible.
Individuals and organizations interested in supporting permanently affordable homeownership are encouraged to contact SJCLT at 760-579-3020 or jeandiaz@saintjosephclt.org. Donations and property referrals are welcome.
For more information on SJCLT, visit https://www.saintjosephclt.org/.