Description

Truckee Artist Lofts (TAL) is a mixed-use, affordable housing community for artists and local workforce, located at the Truckee Railyard Project in downtown Truckee. The community includes 76 income-restricted rental apartments, ranging from studios to three-bedroom units, and ground floor commercial/retail space. Factory OS manufactured the modular units for this project. The 77 units (76 affordable plus one manager’s unit) satisfy the Railyard Master Plan requirement to meet the Town of Truckee Inclusionary Housing Requirement that 15% of the units must be affordable. 

The Truckee Artist Lofts units are restricted to artist households earning no more than 80% of area median income. There are 19 units in the complex for residents with section 8 vouchers making less than 50% of the area median income. These vouchers were secured through a partnership with the Regional Housing Authority of Sutter and Nevada Counties.

Truckee Artist Lofts was envisioned and conceptualized by the late Ali Youssefi.

Financing Details

The project’s capitalization is structured as follows:

$21.8 million in tax credit equity, syndicated via a 9% California Tax Credit allocation; a $7 million senior loan from the California Community Reinvestment Corporation; and a $2.15 million residual receipt loan from the Tahoe Truckee Community Foundation Housing Solutions Fund. That loan comprises $1.4 million from the Martis Fund, $250,000 from Tahoe Truckee Community Foundation’s general fund, and $500,000 in additional funds raised by TTCF. Complementing these layers, the Town of Truckee provided a $1.65 million residual receipt loan, Truckee Development Associates, LLC contributed $681,000 in residual receipt financing, and a $685,000 developer fee was deferred.

Contact

For more information, visit Truckee Artist Lofts. You can contact TAL directly at info@truckeeartistlofts.com or (530) 563-5052.