Short-Term Rental Workforce Housing Token Program

Business and individuals now have an opportunity to access short-term rental certificates in exchange for workforce housing!

If you are interested in participating in the Short-term Rental Workforce Housing Token Program, the Town of Truckee will be accepting program applications until June 20, 2024. View and download the Token Program Application and Instructions (PDF). Each award of tokens will require Council approval.

Program Overview

The Short-term Rental Workforce Housing Token Pilot Program incentivizes the creation of Workforce Housing Units by offering in-kind payment for Deed Restrictions in the form of "Tokens". A Token is redeemable for Transient Occupancy Registration Certificates (Certificates), which are required to short-term rent a property in Truckee. Participants are required to deed restrict the workforce housing units for a 15-year term, which sets legal limits on the use of the property for that term.

Program Concept

Create workforce housing in exchange for "Tokens". Tokens are redeemable for transient occupancy registration certificates.

Tokens are able to be re-used between eligible STR properties.

Tokens can be transferred to a new Token Holder.

Workforce Housing

A deed restriction is a binding agreement that places long-term restrictions on a property, including residency, income, and local employment requirements. In exchange for an agreed-upon number of Tokens, the Token Program participant will agree to restrict the future use of the workforce housing unit for a term of 15 years. The deed restriction will remain in place, even if the deed-restricted housing unit is sold or transfers title during the fifteen-year term.

Tenant Requirements

• At least 50% of adult tenants must work full-time (at least 20 hours per week) within the boundaries of the Tahoe Truckee Unified School District boundary.
• The Token Program maximum household income cannot exceed 150% of the area median income (AMI) average per adult, however, the program applicant may propose a lower AMI maximum for their housing unit(s). (Please note: As of June 202, 150% AMI is $130,800 per adult in Nevada County. AMI is updated annually by the California Department of Housing and Community Development. More information on AMI is available on the Learn About Housing in Truckee Page).
• All household members shall occupy the unit as their primary residence (defined as a minimum of 10 months per year)

Lease Requirements

• Minimum lease term of 12 months,
• Monthly rent for the workforce housing unit must be affordable based on the maximum AMI in the deed restriction,
• The workforce housing unit cannot be short-term rented or rented as a bed and breakfast inn.

For full details on the Workforce Housing Unit Deed Restriction requirements, consult the Token Program Guidelines (PDF).

Use of Rental Tokens

Program participants can redeem a Token for a Transient Occupancy Registration Certificate to be used on an eligible short-term rental property of their own or can sell, trade, or transfer the Token to another recipient who becomes the Token Holder. The Token Holder can cancel the Certificate associated with a short-term rental property and apply to re-use that Token for a different eligible property. Short-term rental properties that receive a Certificate through the Token Program are subject to all requirements of the Town of Truckee Municipal Code.

For full details on the use of Tokens, consult the Token Program Guidelines (PDF).