PAY TO PLAY
A new approach to alleviate the housing crisis in Mammoth is set to launch this week, and it’s not a new construction project.
“Lease to Locals” uses existing housing stock to create permanent and semi-permanent homes. It launches Monday, Aug. 5, and offers financial subsidies to property owners who lease their properties to people who live and work within the town.
The program operates under a year-long contract with Placemate, an external company that uses a platform similar to Zillow. On that website, tenants create renter profiles to browse properties and communicate directly with owners.
“The program really is meant to unlock underutilized properties,” said Chase Janvrin, General Manager at Placemate. “The town has indicated to us it wants to bridge the gap between the immediate [housing] needs right now, and the new projects to come”
Rent caps for qualified units range from $1,000/mo. for a private room to $3,500/mo. for a three-bedroom or larger unit.
To participate, property owners must be within town boundaries and cannot already be renting their properties year-round or long term.
Eligible properties include single-family homes, condominiums, townhomes, mobile homes, accessory dwelling units, and rooms within an owner-occupied property.
Seasonal leases can be converted to long-term leases to receive the full incentive amount.
Multi-family properties, like hotels, are not eligible.
Owners who meet these criteria can discuss their property with Placemate and choose tenants themselves or list their property on the Placemate website.
Subsidies are limited to one per property. However, an owner with multiple properties can receive a subsidy for each unit rented long term.
Tenant eligibility is straightforward: earn below a specified income and work locally.
The income limit is set at 150% of the Area Median Income (AMI) for Mono County. For 2024, the 150% AMI limit for a one-person household in Mono County is $111,200.
Since the cap is averaged across all adults in a household, a family could still qualify even if one person’s income exceeds the limit.
Single-parent households with more than 50% child custody receive a 50% increase in the income limit. For 2024, this means they can earn up to $166,800 and still qualify.
One child counts as a qualified tenant. Two children count as one tenant, and three or more children count as two tenants.
Income limits are adjusted annually, usually in the spring.
Tenants must work at least 30 hours per week for a local employer, which they must prove with pay stubs or a W-2 form. Self-employed individuals must have a business tax certificate in Mammoth to demonstrate they operate locally.
The program requirements will be reassessed every six weeks.
“[Lease to Locals] allows for the targeting of higher AMI households than other traditional housing programs,” said Community Development Director Nolan Bobroff. “The funding has more flexibility since it’s not state or federal.”
This housing incentive addresses a critical group left out of other initiatives based on income.
The Parcel, for example, is a proposed rental housing option for those earning 80% or less of the AMI, while the Bridge program assists higher-income individuals in achieving homeownership.
This program supports people who fall somewhere in the middle.
Mammoth’s Town Council allocated $450,000 in their budget for this year for the project but estimates spending $425,000.
Of these funds, $105,000 is dedicated to administrative and marketing costs, including a $7,500 monthly fee to Placemate. The remaining $320,000 will be used for rental subsidies.
The Council unanimously approved the action during their July 17 meeting.
“I look forward to the day when you come back and ask for more budget because it was so successful,” said Mayor Pro Tem Chris Bubser at the meeting.
Placemate, based in Truckee, has a dedicated market manager for Mammoth named Timea Gricet. Mammoth residents who call in or schedule a call will speak with her each time.
