Truckee Artist Lofts

9848 Donner Pass Road, Truckee, CA

Developer: CFY Development
Property Management: CFY Development
Website: Truckee Artist Lofts

Description

Truckee Artist Lofts (TAL) is a mixed-use, affordable housing community for artists and local workforce, located at the Truckee Railyard Project (Holliday Development) 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

This project secured a 9% California Tax Credit allocation. To qualify for this tax credit, soft finance funding for this project came from various local partners. Martis Fund committed $1.4 M for post-construction soft-financing The Town of Truckee gave a $1.65M below market loan and The Tahoe Truckee Community Foundation brought together $250K in impact investing funds alongside an additional $500K in philanthropic capital.