AUBURN, CA (MPG)  -- New funding will soon be available to spur the development of workforce housing projects in the North Lake Tahoe region. The Placer County Board of Supervisors Tuesday approved the Launchpad program and authorized $1,000,000 in transient occupancy tax funding from the general fund and TOT reserves. The board also approved the new program’s descriptions and guidelines. 

The Launchpad program features funding incentives from the county for interested applicants in exchange for deed-restricting new housing units for the local workforce. The program is designed to support new construction of workforce housing units locally as well as the conversion of existing commercial and residential space that may not be code compliant but can be renovated to meet building standards. By supporting both new construction and the renovation of existing spaces, the program expands the range of housing options and opportunities for local community members as Placer works to address a critical housing shortfall in the region.

Over the past two decades, the construction of multifamily and workforce housing in eastern Placer County has been limited, with only four multifamily developments completed. A July 2023 housing needs assessment published by the Mountain Housing Council highlighted a critical shortage of 8,200 housing units in the Tahoe Truckee Unified School District area.

“We’re continuously working to see what we can do to unlock existing housing, but this program will help fill a need without creating huge new developments,” said District 5 Supervisor Cindy Gustafson. “By incentivizing smaller projects, we’re able to respond to exactly what the community has been asking for to help solve the housing issues, and I’m excited to see it.”

The initial $1 million funding will allow Placer County to release a Notice of Funding Availability and begin accepting applications. Staff will then identify which projects qualify for the funding and agree to the property’s deed restriction. Following that initial funding, staff will determine a long-term funding strategy for the board to consider at a later date.

“We’re already seeing significant interest in the program within the development community with many projects looking to move forward as soon as they can,” said Placer County’s Tahoe Housing Specialist Tim Cussen. 

The program will offer three categories of funding based on the type of units being created: New townhomes, condos and multi-family dwellings would be eligible for $200,000 per unit; Accessory dwelling units could receive $125,000; Single-room occupancy, similar to dormitories, could receive $50,000 per unit. 

This program is open to non-profits, contractors, individuals and other interested entities. Eligible participants and their staff or contractors must have sufficient experience, capacity and training in housing development. Project entitlements must also be in place for eligible participants.

All construction must be located in unincorporated eastern Placer County and housing must be restricted to households with at least one full-time employee (or the equivalent) working within the TTUSD geographical boundaries. There are no income limits associated with this program.

Regional development projects with required affordable and employee housing obligations may not utilize subsidies from this program. Staff have committed to a review of funding and program guidelines upon distribution of this initial funding to ensure the program adapts to community feedback. 

Learn more about the Launchpad program on the county’s webpage here: https://www.placer.ca.gov/10115/Launchpad.