Employers interested in helping their employees secure housing through homeownership may provide financial assistance for down payments through the Workforce Housing Preservation Program. Instead of an employee competing for Countywide funds, an employer would pay an agreed-upon deed restriction amount into a Placer County fund that would be held in trust until a qualified employee of theirs meets all the standard approval requirements of the Program and is able to secure an eligible property. At that time, the County will release the funds to the qualified applicant and employee. The Employee and the County will then enter into a standard Use Restriction Agreement of the Workforce Housing Preservation Program and a lien to secure the funds will be recorded with the County.
The funds paid by the employer and being held by Placer County will remain held in trust until either a qualified employee enters into a Use Restriction Agreement or the funds have been inactive for 12 months. At that time, the employer may request that the funds be returned or may renew the Employer Funds Agreement with Placer County.
To review the Workforce Housing Preservation Program eligibility requirements and for more program information, visit the Program main page here.
Contact Emily Setzer at email@example.com or the Community Development Resource Agency office in Tahoe City or Auburn.