SOUTH LAKE TAHOE, Calif. (KRON) – As the city of South Lake Tahoe continues to suffer from a housing shortage, a new grant aims to fund hundreds of much-needed affordable housing.
Over the past year, the city has been able to raise $2.4 million in local funds to secure $65 million from state and federal funding sources for the creation of a 248-unit affordable housing development called Sugar Pine. Town.
In partnership with Related California and Saint Joseph Community Land Trust, the city announced Friday that the Sugar Pine Village project has received $19.6 million from the Multifamily Housing Program (MHP) of the Department of Housing and Community Development (HCD). from California.
The housing project is authorized by the Veterans and Affordable Housing Bond Act 2018, which aims to assist in the construction, rehabilitation and preservation of permanent and transitional rental housing for low-income households.
“With this latest funding announcement, it is likely that we will be able to launch this innovative project as early as this year,” said South Lake Tahoe Mayor Devin Middlebrook.
“The diligent work that has gone into the public-private partnership has allowed an otherwise slow process in the government sector to move quickly in the face of a crisis, and that is something I hope other communities can consider it a best practice to alleviate the housing crisis not just here in Tahoe, but statewide,” the mayor continued.
Over the past year, housing prices have risen dramatically, with South Lake Tahoe home values increasing by 31.2%.
According to the 2020 census, the median home price has risen to $950,000 over the past decade.
The Sugar Pine Project is the result of Governor Gavin Newsom’s executive order directing the California Department of General Services (DGS), California Tahoe Conservancy (CTC), and HCD to build profitable housing projects on surplus state-owned sites. .
The city is making efforts to solve its housing crisis by building more housing, freeing up the existing housing supply and ensuring quality housing for all residents.
“We are thrilled that Sugar Pine Village has received MHP funding from the California Department of Housing and Community Development,” said Ann Silverberg, CEO of the NorCal Affordable and Northwest Divisions of Related California.
“Thank you to HCD for providing vital funding to help deliver urgently needed multi-family housing to the South Lake Tahoe community – and to the City of South Lake Tahoe and Saint Joseph Community Land Trust for your partnership. “
The mixed-use affordable housing development is expected to be built on two parcels of California Tahoe Conservancy surplus land in the Tahoe Valley area.
The project aims to provide affordable, much-needed labor housing for residents earning 30-60% of the area median income (AMI) and is the largest multi-family housing project in the South Lake Tahoe pipeline.
“The recent South Shore Housing Needs and Opportunity Study documented the severe housing shortage and the resulting detrimental effects on the quality of life for Tahoe Basin residents and employers,” said Jean Diaz. , Executive Director of the Saint Joseph Community Land Trust.
“Saint Joseph Community Land Trust is extremely pleased to be the non-profit developer partner of the Sugar Pine Village project, which will bring 248 units of studios, 1, 2 and 3 bedroom apartments, as well as a child care center and community services in the Tahoe Basin. ”
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