The property must be located in the city limits of South Lake Tahoe and must not already be a long-term rental. This is defined as having had full-time tenants in the past 12 months, even if they were on a month-to-month lease.
All tenants must complete an employment verification form and work at least 20 hours per week for an employer based in the South Shore. The average annual income of all adult residents of a household can be no more than 125% of the area median income ($79,688)
Property Owners must sign a long-term (12+ months) lease with a qualifying tenant. The max rent that can be charged is $3,500/month and the property can not be rented to immediate family members.
Placemate will provide property owners a full application which needs to be completed before the incentive can be dispersed. The funds 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).
The applicant must comply with midway and final lease checks to ensure they are in compliance. If they are found out of compliance, they may be disqualified from receiving additional incentive payments.
| 1 Qualifying Tenant | 2 Qualifying Tenants | 3 Qualifying Tenants | 4 Qualifying Tenants | 5 Qualifying Tenants | |
|---|---|---|---|---|---|
|
Long Term
(12+ month lease) |
$2,000.00
|
$4,000.00
|
$6,000.00
|
$8,000.00
|
$10,000.00
|
The City of South Lake has a goal of funding innovative programs that unlock existing housing stock for local employees. This program is funded by ARPA dollars and administered by Placemate.
Any single-family home, townhome, or privately-owned condo in The City of South Lake Tahoe that is currently not being rented long-term qualifies. Multi-family homes, hotels, and motels don’t qualify. If you are already renting your property long-term (even on a month-to-month lease) it does not qualify for the grant. Properties must be rented to a qualifying household and rent must not exceed $3,500/month.
50% of the adults in the household must be qualified tenants and household income must not average over $79,688. For related or unrelated adults over 18, you can take the average of your household income. A child or children can count as one additional household member for household income calculations.
A qualified tenant must work at least 20 hours a week for an employer based in the South Shore, must not earn more than $79,688 per year, and must not be related to the property owner. A child or children can count as one additional qualified tenant.
To qualify for the grant, you must own the property or be able to sign on behalf of the ownership of the property. You must also complete a w9 as the grant income will be issued a 1099.
The grant is dispersed to homeowners in two installments — the first payment is dispersed upon lease signing, and the second payment is dispersed at the when the lease has ended. Payments are made by the City of South Lake Tahoe and are usually sent within 30 days of the start and end of the lease.
You can learn more about the specifics of the Lease to Locals program by viewing the program guidelines on the City of South Lake Tahoe’s housing page.
