Riverside Avenue affordable home sales process now underway - Apply until April 15

SOUTH LAKE TAHOE, Calif. - Three homes are being built on Riverside Avenue in South Lake Tahoe that will be priced to be affordable to households earning no more than 120 percent of the El Dorado County Area Median Income. The City of South Lake Tahoe gave the empty 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 until 5:00 p.m. on April 15. The 2-bedroom homes are approximately 1,372 square feet and the 3 bedroom is approximately 1,501 square feet. All homes have an attached garage and are within walking distance to shopping, public transportation, and the lake.

To be eligible to submit an offer to purchase these homes, households must satisfy the following:

• Income Qualification: Households must earn no more than 120 percent of El Dorado County Area Median Income based on family size. Current HUD/HCD income limits (updated in April or May) for El Dorado County are:

Household Size (no. of persons) and Moderate 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

• Household Composition: Must be appropriate to the size of the available homes:

2-bedroom - 3 (or single parent w/child) to 5 persons
3-bedroom - 4 to 7 persons

The homes will be sold subject to a 99-year renewable, inheritable ground lease with Saint Joseph Community Land Trust. Using the Community Land Trust model, the homes will remain permanently affordable and must be used as a primary residence.

Building permits have been issued and construction financing has been arranged. Per the terms of the construction loan, construction will commence once the homes are under contract.

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

Steps to follow:

1. Contact Jim Meiers, Program and Stewardship Manager (jimmeiers@saintjosephclt.org), to obtain:
a. A copy of the Saint Joseph Community Land Trust ground lease
b. The Homeownership Application

2. Sign up for the Framework Homebuyer Education Course. The $75 registration fee will be reimbursed for SJCLT members ($25 basic membership fee) that are interested in potential homeownership.

3. Submit the completed Homeownership 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 will be forwarded to Caliber Home Loans for mortgage preapproval.

4. Once eligibility criteria have been satisfied, have your real estate agent submit your offer to Jill Teakell (jill.teakell@compass.com). Offers will be accepted until 5pm on April 15, 2022 and will be time-stamped when
received.

Contact SJCLT at 775-580-7514 or saintjosephclt.org/contact if you have any questions.