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The original item was published from 1/3/2022 2:29:45 PM to 1/15/2022 12:00:01 AM.

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Posted on: January 3, 2022

[ARCHIVED] Lease to Locals Housing Incentive Program Launches in South Lake Tahoe

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Lease to Locals Housing Incentive Program Launches in South Lake Tahoe

Property owners in South Lake Tahoe can earn up to $10,000 by converting their properties into a long-term rental

 

SOUTH LAKE TAHOE, CA, January 3, 2022 –  The City of South Lake Tahoe today announced a pilot incentive program to create new rental-housing opportunities by providing property owners a one-time cash incentive for converting their properties into long-term rentals.

 

The program, called Lease to Locals, will be administered by Landing Locals, a Truckee, Calif.-based startup specializing in mountain-community workforce housing.

 

The goal of the Lease to Locals pilot program is to convert some of the existing vacant housing stock to longer-term rentals for the local workforce to help address the critical shortage in workforce housing.

 

City Manager Joe Irvin stated, “the housing crisis in South Lake Tahoe is at a critical juncture. We have been evaluating all options and working with our partners to create new, innovative programs to ensure we can provide sustainable and long-term housing to our local.”

 

Program details

To qualify for the Lease to Locals incentive program, the property or room must be located in the city limits of the City of South Lake Tahoe and must be converting into a new long-term (12+ month) lease with households averaging less than 125% of the area median income ($79,688).

 

Property owners will need to sign a lease with qualifying tenants, and undergo lease checks to ensure they are in compliance. For each tenant or child placed into a rental, property owners can earn up to $2,000 with a maximum grant of $10,000 per property. To ensure affordability, there is a cap on the monthly rent that property owners can charge, which varies based on the size of the unit. See chart below for full details

 

 

Monthly Rent 

Not to Exceed 

Maximum Number of Grants Per Unit

Maximum Total Grant Amount per Unit

Room or Studio

N/A

1

$2,000

1 bedroom

$2,000

2

$4,000

2 bedroom

$2,500

3

$6,000

3 bedroom

$2,800

4

$8,000

4 bedroom +

$3,100

5

$10,000

 

To learn more about the Lease to Locals program or to apply for an incentive payment, visit www.LandingLocals.com/SouthLakeTahoe or call (530) 539-1600.

 

Press Contact:  

Colin Frolich

hello@landinglocals.com 

(530) 539-1600

 

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Landing Locals

Landing Locals was founded in March 2019 in Truckee, Calif. with a mission to unlock new rentals for local employees in resort towns. They work with property owners who have underutilized vacation homes or short-term rentals and connect them with tenants in need of housing through their trusted platform. In late 2020, they expanded their business to build and administer incentive programs to further bolster housing access for locals, partnering with local governments in California and Colorado.

 

City of South Lake Tahoe

The City of South Lake Tahoe is a general law city in El Dorado County, CA, that was founded on November 30, 1965. Located 190 miles northeast of San Francisco, CA and 60 miles southwest of Reno, NV in the Sierra Nevada Mountains, South Lake Tahoe boasts one of the most unique settings in the world, at the edge of an alpine lake of great natural beauty and environmental value. The city limits encompass an area of approximately 16 square miles with an average elevation of 6,200 feet above sea level and a population of 22,525.

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