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Nevada County approves exclusive option to buy Stagecoach Hotel for possible Homekey conversion
Summary
The Board of Supervisors voted to authorize an exclusive option and right to purchase 405 S. Auburn St. (the Stagecoach Hotel) so the county can pursue a Homekey grant to convert the site to permanent supportive housing, reserving units for veterans.
Nevada County supervisors on June 3 approved an exclusive option and right to purchase the Stagecoach Hotel at 405 South Auburn Street, authorizing the county chair to execute the agreement if the county’s Homekey grant application is successful.
The county authorized the Health and Human Services Agency to seek up to $8 million in Homekey funding to buy and rehabilitate the hotel, with 10 units reserved for veterans and additional units for permanent supportive housing, Tyler Barrington, interim director of planning, told the board.
Why it matters: The Homekey program provides one-time funding for acquisition and conversion of existing properties into permanent supportive housing. Using an option agreement allows the county to hold the property while the grant is decided…
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