Saint Joseph Community Land Trust Breaks Ground on June 2 on Riverside Avenue Project
Project adds 3 new permanently affordable, ownership homes
for full-time Tahoe Basin employees and residents
South Lake Tahoe, CA, May 24, 2022—The Saint Joseph Community Land Trust will break ground on June 2 at 10am during a public ceremony on three new homes that will be permanently affordable. The groundbreaking ceremony will take place off Alameda Ave. and Riverside Ave. The two 2-bedroom and one 3-bedroom homes are being built on three parcels acquired from the City of South Lake Tahoe for $1 in exchange for St. Joseph’s commitment to deed-restrict the homes for households earning no more than 120% of El Dorado County Area Median Income (currently $122,639 for a family of 4). The City Council felt it was important to make this land available to St. Joseph as one more way to address the affordable housing crisis.
Through the community land trust model, St. Joseph will retain ownership of the land. The homes will be sold subject to a 99-year ground lease from St. Joseph. The ground lease requires that the home be the full-time, primary residence and includes resale restrictions to ensure that the home will be permanently affordable for several generations of households.
Rural Communities Assistance Corporation (RCAC) is providing the construction financing for the project and requires that the homes be sold prior to financing the loan. Marketing efforts for eligible homeowners were targeted through local employers and local real estate brokers. The homes are currently under contract with three families that are looking forward to becoming homeowners.
According to Lyn Barnett, President of St. Joseph, the predevelopment expenses were provided by St. Joseph and grants from the American Century Championship, Tahoe Women’s Community Fund, the Catholic Campaign for Human Development, and many community-minded individuals. This project was developed in close cooperation with the City of South Lake Tahoe, Tahoe Regional Planning Agency, South Tahoe Public Utility District, among others. We are so thankful for all who have helped make the project possible.
And from one of the buyers: “Owning a home and having a stable living environment in the place we love is all we could really ask for in life. All of this was a distant dream without St. Joseph’s Community Land Trust and the Riverside Homes program…To be able to raise a family in the Tahoe Basin is truly a dream come true.” Another buyer said “A house big enough for our family has always been out of our price range. This opportunity from Saint Joseph Community Land Trust is literally a dream come true for us! We are so grateful.”
“Access to housing that is affordable to local residents is increasingly difficult to find in the City of South Lake Tahoe. This is why the City is excited to be a participant in this project as part of the overarching strategy to address the housing crisis facing the community,” stated Mayor Middlebrook. "This project isn't just about creating more rental units, it will promote ownership and upward mobility within our community."
Questions may be directed to:
Jean Diaz, Executive Director
Phone: (530) 307-1256
About Saint Joseph Community Land Trust
Saint Joseph Community Land Trust is a 501c3 non-profit membership organization founded in 2002 to preserve and expand permanently affordable housing for Tahoe Basin’s low and moderate-income employees and residents. In 2022 Saint Joseph Community Land Trust will be celebrating its 20th year of providing service to the Tahoe Basin.
About the 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.