After the storms of January 2023, many counties in California, including Placer and Nevada counties, were designated as FEMA disaster zones. This means that tax filing and payment for both federal and state returns was
extended to October 16
th, 2023. Additionally, disaster assistance was made available through FEMA.
It has continuously snowed since January, and over just the last two weeks, the Lake Tahoe area received another 15 feet of snow. By March 14th, the Central Sierra Snowlab declared 2023 the second snowiest season ever, or at least since they began recording snowfall in 1970.
Since October 1st, 2022, they measured 593 inches, or just over 49 feet, of snow! Another system is on its way over the weekend, and forecasts call for more precipitation through the end of March 2023.
Snowload Impacts
Officials are warning people to remove snow from roofs and decks, as a mix of wetter precipitation has led to a few roof collapses. Several Safeway grocery stores in South Lake Tahoe and the New Moon store on the west shore have all closed due to snow load impacts or roof collapse. Rain on top of many feet of snow can make the weight too much for normal structures to hold.
In the event that your driveway, roof, deck or other portions of your property are damaged, FEMA announced the Individual and Household Assistance (IHP) program. While the program rolled out to assist with disaster relief from the January storms, additional storm damage will qualify. However, it is important to register for the program no later than March 16, 2023.
IHP Assistance may include:
- Funds for temporary housing if you are unable to live in your home. This includes rental assistance and hotel costs.
- Funds to support the repair or replacement of owner-occupied residences that serve as a primary resident. This includes driveways, roads or bridges that serve the residence.
- Funds for other uninsured or under-insured expenses, such as repair or replacement of personal property and vehicles. Funds are also available for moving and storage, medical, dental, child care, funeral, and other miscellaneous items approved by the state.
- Funds for hazard mitigation to repair and rebuild stronger, more durable homes.
The Individual Assistance Program also can provide funds to eligible survivors to replace clothing, furniture, or other contents of your home.
How to Apply
Disaster loans come from the Small Business Administration, the federal government’s main source of disaster funding for long-term rebuilding. Even if you are not in need of a loan, other disaster assistance is available.
Inventory at Lake Tahoe is still low, which means this is a great opportunity to list your home for sale. Interest rates are vacillating between the mid 6’s and 7%. Next week, inflation numbers will be released and the FED will announce whether the rate hike will be 0.25 or 0.50 basis points.
The stock market actually performed well on news about the Silicon Valley Bank collapse. Traders are optimistic that it might loosen the aggressive stance the FED has taken on interest rates. We’ll have to wait and see.
For skiers and boarders, this has been an epic year of powder skiing. Hoping you and your family say safe and warm during this next round of storms.
Contact me today for more information about the Lake Tahoe, Truckee and Incline Village real estate markets.
