One home opens up in Riverside Avenue affordable housing project in South Lake Tahoe

SOUTH LAKE TAHOE, Calif. - One home has become available in the Saint Joseph Community Land Trust (SJCLT) affordable home project in South Lake Tahoe on Riverside/San Jose Avenue.

A groundbreaking ceremony was held in June on three parcels of land that the City of South Lake Tahoe sold to SJCLT for $1 in order to give locals that meet specific income levels a chance to get into the housing market.

One family that was selected to purchase one of the three homes decided not to continue the process, opening up space for another local.

SJCLT owns the land, and the homes are on a 99-year land lease so future owners will have to fall into the same income guidelines which is a maximum of 120 percent of the Area Median Income.

The three-bedroom house that was placed back on the market is $510,000. SJCLT started accepting offers on October 13 for the home that is expected to be finished in February.

The first step in the process for those interested is to be income qualified under the land trust guidelines. A list of the steps to follow is at the end of this story. So far there has been some interest in this house, but no applications have been received.

The current interest rates actually brought the price of the home down to the current $510,000. The final home loan through conventional financing is not issued until the house is finished being built.

If interested, 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 the SJCLT agent, Jill Teakell at Compass (jill.teakell@compass.com).

Parties interested in the 3-bedroom home should have their real estate agent, if they have one, contact Teakell, or if they don't have an agent, contact her directly.

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