$500,000 for first-time homebuyers | SierraSun.com

$500,000 for first-time homebuyers

The Town of Truckee has $500,000 more in federal funds to assist first-time homebuyers, bringing the town’s total federal housing grants to $1 million.

“The town received a grant for $500,000 to aid first-time homebuyers, in addition to the $500,000 we received for housing rehabilitation in 1998,” Community Development Director Tony Lashbrook said. “We will be working with the Nevada County Housing Department to administer both grants.”

First-time homebuyers must fall within certain family size and income ranges. Applicants must make 80 percent of the county median income or less.

For example, a family of four would need to have an income of around $36,000 or less to qualify. A single person would need to have an income under $25,000.

“Loans are in the form of downpayment assistance with a maximum of $25,000 per homebuyer,” Lashbrook said. “It is a deferred low interest loan secured by a second deed of trust.” He said restrictions placed on the deed would prevent people from profiteering.

Spring-summer availability

“The rehabilitation grant program should be in place by late spring, and the program for first-time homebuyers in place by this summer, with details to follow,” he said.

“Parties eligible for the grant will have to meet the criteria established by the grant program,” Lashbrook said.

Families who fall within a specified income range and live in certain areas of Truckee can apply for low interest loans to rehabilitate their homes, with interest rates that could be less than 5 percent.

The project area in which homes are eligible for the rehabilitation grants includes the downtown area west of Bridge Street to the old Gateway area, the area around the seniors housing complex and Truckee Pines Apartments.

Although the rehabilitation funds are initially targeted for a specific area, once loans are repaid they can be used for community development loans for other parts of town, Lashbrook said.

Both grants are issued by the U.S. Department of Housing and Urban Development and were applied for through Nevada County.

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