Trust approves study to explore "Rooted Renters" preservation program modeled on Truckee and Ketchum

The Affordable Housing Trust voted July 15 to authorize staff to issue a scope of work to hire a consultant to study and design a preservation program called Rooted Renters, modeled on programs run in Truckee, Calif., and Ketchum, Idaho. Consultant Colin described Truckee—s program: a three-year, backloaded incentive tied to unit size, rent caps by unit size, and an eligibility requirement that at least half the household be locally employed. He said Truckee preserved 23 properties and housed 55 people in the first cohort and committed roughly $500,000 in incentives; town council later approved a second $500,000 for another cohort. Truckee—s model used backloaded payments to discourage owners from selling during the incentive period and applied rent caps tied to unit size. Colin said the program oversubscribed immediately when it launched in Truckee; the town later reserved roughly one-third of funding for existing Lease to Locals landlords and two-thirds for new entrants. Trust members discussed program design choices: whether to prioritize lowest-rent units, whether to permit existing Lease to Locals participants to join Rooted Renters, and whether tax-abatement or right-of-first-refusal tools could be paired with the preservation incentives. Tracy and others described landlord motivations including tax treatments and the potential value of rights of first refusal or tax relief. Colin recommended a long-term rental survey and tying Rooted Renters to a long-term rental registration program to identify candidates. The motion to put out a scope of work for a consultant to do preliminary community outreach, program design, and a staffing analysis was made by Brooke Moore, seconded by Abby De Molina, and approved by roll call. Staff said results from a consultant-led survey would return to the Trust and inform program guidelines, incentive levels, and enforcement approaches.