PLACER COUNTY, Calif. — North Lake Tahoe property owners could get $24,000 by renting their properties to local workers through a new program.
Lease to Locals offers a cash incentive to property owners who convert their properties into seasonal or long-term rentals. The program launched in August and is funded through July 31, 2023.
Emily Setzer is a Principal Planner with Placer County's community development resource agency. She said a lot of people have moved to Reno, Carson City, or even towards Colfax and Auburn.
"Our restaurants, our businesses, our visitor services, the tourism economy, everybody is feeling it right now," Setzer said. "It's not uncommon to try to go out to lunch and you know your favorite lunch spot will just be randomly closed on a Saturday because they are having a really hard time filling those positions with employees and it's usually coming down to a lack of employee housing for our region."
Chase Janvrin is the General Manager for the Tahoe region for Landing Locals. He said unlike other programs in Truckee or South Lake Tahoe, Placer County's program doesn't include an income cap.
"East Placer County came out, you know, really aggressive. They really wanted to make an impact as quickly as possible, so they have one of the probably the most flexible programs in the Tahoe Basin with the most aggressive incentive amounts," Janvrin said.
Some residents are already showing interest about a month into the program.
"There have been over 140 homeowners that have reached out and considering that it's early in the program, people are still learning," Janvrin said. "You know, they're curious about the program and reaching out to educate themselves on the options, but so far out of those 140-plus homeowners that have reached out, 14 of them are at a various stage of progressing with the program."
What are the requirements for tenants?
Tenants must work at least 20 hours a week for an employer in the area. They can create a rental profile with Lending Locals.
Setzer said historically a lot of programs -- across jurisdictions -- have income caps, but that's not the case with this program.
"What we're finding up here is that we have so many people who need housing at all incomes. You could make a six-figure salary up here and still not be able to afford to buy a home here so it's really a challenge," Setzer said.
What are the requirements for homeowners?
The property must be located in east Placer County and cannot already be a long-term rental. The maximum rent that can be charged is $3,500 per month and the property can not be rented to immediate family members.
"We do not want to take the control out of the homeowner's hands. Ultimately it's their home, it's their property. We just want to help you, again, unlock these homes and create some additional inventory for our local workforce," Janvrin said.
He said Lease to Locals is not a property management company.
"We'll basically make the introductions to the homeowner and one thing to keep in mind is we never select the tenants," Janvrin said. "Ultimately, it's up to the homeowner to select the tenants that they want. We're really a facilitator, the administrator of the program. So you know we keep as much flexibility in the program as possible."
How can homeowners get $24k?
To get the $24,000 incentive, a homeowner would need a long-term lease, which is 12 months or more, and four qualifying tenants.
For a seasonal, five-month lease with one qualifying tenant, homeowners could get $2,500. Find a breakdown of the incentives HERE.
Tenants and homeowners can learn more about the program and, if approved, fill out online applications by going to the Landing Locals website.
"I'm on the phone all day long with homeowners talking to them about their unique perspective and situation," Janvrin said. "You know, no tenant group is the same. No homeowner is the same. Everybody has a unique situation to them."
The incentive, which may vary depending on the lease length, will be paid in two equal installments — one at the beginning of the lease, and one at the end of the lease (within 60 days of each).
To learn more about the program in North Lake Tahoe, click HERE. Find out more about other programs in South Lake Tahoe and Truckee.
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