The Truckee City Council is increasing the in-lieu housing fee for developers. KUNR contributor Kaleb Roedel of the Northern Nevada Business View has the details.
In an effort to continue combating the lack of affordable housing in Truckee, the town has increased the in-lieu housing amount. Developers are required to pay the fee if their project does not provide affordable housing units.
The fee is expected to be updated annually.
In 2017, the in-lieu fee was approved by the council based off a study done by BAE Urban Economics, by calculating 20 percent of the average cost of construction of one unit. A total of $87,718.
Using today's average home value from the Tahoe Sierra Board of Realtor’s database, construction costs from both the Engineering News Record and Nevada County income limits, determined that the fee could increase to $93,783.
For more information, visit the Northern Nevada Business View