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Truckee Home Access Program Buyers & Sellers
The Truckee Home Access Program has specific goals to help address the lack of workforce housing in Truckee:
- Increase the percentage of the total housing stock that is deed restricted to 10% of the Town’s housing inventory in the next 10 years;
- Expand Truckee’s deed restriction program to include higher income levels (up to 245% AMI) to preserve housing stock at a range of income levels and reflect current conditions in the for-sale market;
- Expand the deed restriction program to include more for-sale product;
- Create a secondary, for-sale housing market that only income qualified, locally employed buyers have access to.
Note: THAP compensation is only available for the first buyer who signs a deed restriction in exchange for THAP funding. THAP compensation is not available if there is already a deed restriction recorded on the property.
Buyers purchasing a home without a current THAP or other similar deed restriction can apply for compensation up to $150,000 for a maximum $937,500 home purchase price. Payment can be used for down payment assistance, renovations, or other expenses. Through the THAP program, homes are kept affordable not just for one buyer, but also for future buyers. When a home is purchased with THAP assistance , it comes with a 55-year deed restriction, which means the home can only be resold to another buyer who meets the program’s eligibility requirements. THAP compensation is not available if there is an existing THAP restriction.
THAP Buyer Eligibility Requirements
- Must have at least one household member who works or is self-employed full-time in the Tahoe Truckee Unified School District geographical boundary.
- Annual gross household income, including the income of all household members 18 years of age and older, must not exceed 245% AMI for existing homes (Area Median Income Limits for Nevada County).
- Must be able to obtain primary mortgage financing and
- Must be purchasing a residential home property without code violations that are within the Town of Truckee limits with a value of $937,500 or less. (There are no purchase limit for resales).
Future Home Sales
During the term of the 55-year deed restriction, the home may only be re-sold to a program-eligible buyer.
THAP funding is only available at the initial point of sale, supporting the first buyer or seller who agrees to place the home under this long-term restriction. These initial participants receive 16% of the purchase price or appraised value of the home as payment for signing the deed restriction, which they don’t have to repay. Economic analysis has shown that the “value” of the deed restriction for future buyers is 16% of sales price, which is why that is the amount initially paid in exchange for signing the deed restriction.
When the home is later resold, the next buyer must also meet income and employment qualifications and agree to the same deed restriction. While there’s no cap on appreciation or resale price, THAP homes often sell below market value because the buyer pool is limited to those who qualify and will want to buy a home with an income qualified local worker deed restriction —and because no additional funding is available at resale. For this reason, sellers are encouraged to price their homes thoughtfully, keeping in mind that the deed restriction can make buyers more sensitive to price.
By offering this upfront support, THAP helps create a ripple effect of opportunity, building a lasting secondary market of affordable homes for Truckee local workers.
Example Compensation Scenarios - Buyers
| Examples | Purchase Price | THAP Payment to Buyer Used as/for... | Buyer's % Down | Buyer's First Mortgage |
|---|---|---|---|---|
| Example 1 | $937,500 | Down Payment Assistance $150,000 | 4% Down $37,500 | $750,000 |
| Example 2 | $650,000 | Down Payment Assistance $104,000 | 4% Down $26,000 | $520,000 |
| Example 3 | $500,000 | Renovations $80,000 | 20% Down $100,000 | $400,000 |
THAP Quick Application Guide for Buyers
- Step 1: Attend a Mandatory THAP Orientation Workshop. Register to attend a "live" online workshop to access the online THAP Application. A recording of the workshop is now available for interested applicants who are unable to attend the virtual workshops. Fill out a short registration form to receive a link to the recorded workshop.
- Step 2: Submit an online THAP Buyer Application with supporting documents - including a mortgage pre-approval letter and verification of local worker status and household income and size. Households must apply to the program with a pre-qualification letter from a lender who has pre-approved the program documents. For more information, view the Truckee Home Access Program Lenders & Realtors page.
- Shop for a home upon receiving THAP Conditional Program Approval - not a guarantee or funding.
- Step 3: Submit a THAP Property Application within 3 days of executing a purchase contract to apply for Final Program Approval.
- Step 4: Meet with THAP for a 1 on 1 Meeting to review Final Program Approval and coordinate compensation payment.
Sellers can sell at a reduced price and apply for compensation to make up the difference between the reduced price and the appraised value.
THAP Seller Eligibility Requirements
- The home must be a residential home property without code violations that is within the Town of Truckee limits with a value of $937,500 or less
- Must sell to a THAP Approved Buyer
- Must have at least one household member who works or is self-employed full-time in the Tahoe Truckee Unified School District geographical boundary.
- Annual gross household income, including the income of all household members 18 years of age and older, must not exceed 245% AMI for existing homes (Area Median Income Limits for Nevada County).
- Must be able to obtain primary mortgage financing.
Example Compensation Scenarios - Sellers
| Examples | Appraised Value | Sales Price | THAP Payment to Seller |
|---|---|---|---|
| Example 1 | $937,500 | $787,500 | $150,000 |
| Example 2 | $650,000 | $546,000 | $104,000 |
THAP Quick Application Guide for Sellers
- Step 1: Submit a THAP Seller Application with supporting documents- e.g., property tax bill, Fair Market Value appraisal, etc. Email the Truckee Home Access Program to receive the Seller Application
- Step 2: Submit a THAP Property Application with your Buyer (who will need THAP Approval) within 3 days of executing a purchase contract to apply for final Program approval. Email the Truckee Home Access Program to receive the Property Application.
- Step 3: Meet with THAP for a 1 on 1 Meeting to review final Program approval and coordinate compensation payment.
As a seller of a THAP home, it’s important to keep in mind that the 55-year deed restriction remains in place—even at resale. This means your buyer must meet specific income and employment qualifications and agree to assume the deed restriction, without receiving any THAP funding. Below is an overview of the THAP resale process. To learn more about THAP Resales, click here.
Resale Process
- Follow the Intent to Sell process outlined in the legal documents, which includes notifying the Town of your intent to sell through a certified letter.
- Price your home with your realtor:
- Consider the new buyer will need to qualify for the program and sign a 55-Year Deed Restriction without the benefit of THAP funds.
- Market the home with your relator and list on Multiple Listing Service (MLS):
- We suggest your realtor explain the program in the MLS Listing comments and include language such as: This home is part of Town of Truckee Home Access Program, local worker requirement, income limitations and a 55-Year deed restriction applies. Contact thap@townoftruckee.com immediately for more information.
- If requested, the Town can share your listing and/or flyer with THAP applicants and pre-approved THAP buyers.
- Identify a qualified buyer and share the THAP website and so they can sign up for a workshop or email thap@townoftruckee.com for a private workshop and application support.
- Anticipate a 30 – 45 day Close of Escrow process.
- Ensure the purchase contract is contingent upon the buyer receiving final THAP Approval.
Qualified Buyers
Sellers must identify a buyer for the THAP unit that meets the following requirements:
- Must have at least one household member who works or is self-employed full-time in the Tahoe Truckee Unified School District geographical boundary.
- Annual gross household income, including the income of all household members 18 years of age and older, must not exceed 245% AMI for existing homes (Area Median Income Limits for Nevada County).
- Agrees to sign a 55-year Deed restriction
- Home must be occupied by a qualified occupant (owner or qualified tenant household)
- No short-term rentals
- Transfer restrictions
- THAP funds are not available for resales
- THAP Lenders and Realtors
- THAP FAQs English; THAP preguntas frecuentes español (PDF)
- THAP Guidelines English (PDF); THAP Directrices del programa español (PDF) - coming soon
- Download the program documents:
- For any questions, email the Program Administrator.
THAP Refinance Request and Subordination Details
THAP Refinance Requests can take 3 – 4 weeks to process by the Town. Owners will be charged a refinance fee ($323 as of November 2025), as specified in the Town’s adopted fee schedule, to be paid to the Town of Truckee upon closing in order to cover a portion of the costs associated with eligibility screening and preparation of subordination documents. This refinance fee can be financed and paid at closing.
Details
- Owners are permitted to refinance up to 75% of the property’s current fair market value.
- The Deed Restrictions remain in first position with the first lender’s Deed of Trust in second position.
- Home equity lines of credit (HELOC), home equity loans, or reverse mortgages are not permitted.
- The Town has approved a limited Cash Out Refinance Policy allowing homeowners to consolidate debt or receive cash at closing.
Eligibility Requirements
- Current on HOA dues (if applicable)
- Current and in compliance with most recent annual monitoring of THAP program requirements
- Not in default on first mortgage and has no recorded Notice of Default (NOD) in the past 12 months
- Not otherwise in default under the Program requirements
Click here to access the Subordination Request Form