Riverside Avenue Homes--
Join Us for the Ceremonial Groundbreaking
Come join us on June 2nd at 10am for the ceremonial groundbreaking for the 3 permanently affordable ownership homes in South Lake Tahoe. These homes will provide ownership opportunities for families that will use these homes as their full-time residence and could not otherwise afford a home in the Basin. The site was transferred to SJCLT from the City of South Lake Tahoe for $1.
Construction financing is provided by the Rural Communities Assistance Corporation (RCAC). A condition of the loan is that homes had to be under contract prior to funding the loan. As a result, SJCLT implemented a sales process that focused on local employers and residents. Sales contracts have been entered into with three income-qualified households. Together these three households will provide an ownership home for 6 adults and 6 children.
Using the Community Land Trust model these familes will realize the benefits of homeownership including stable housing costs and wealth accumulation. Through the resale restrictions in the ground lease, the homes will remain permanently affordable for future generations of families.
We hope you can join us on June 2nd!