Landlords in a town near Lake Tahoe, who rent homes to local workers for at least three years, will be able to receive up to $26,000 in public subsidies.
The $1.25M program, known as "Rooted Renters," is designed to make more efficient use of the housing stock in Truckee, CA—much of which consists of vacation homes that are vacant for off-season portions of the year—while providing affordable housing to local workers who are priced out of the resort community.
The program locks in rents for three years while the landlords receive between $9K and $26K, depending on the size of the home. To qualify for the subsidies, landlords must rent to households earning less than 150% of the area's median income, the San Francisco Chronicle reported.
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