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.”
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.
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.