Truckee home buyer assistance program could be adopted Thursday | SierraSun.com

Truckee home buyer assistance program could be adopted Thursday

Greyson Howard
Sierra Sun

TRUCKEE, Calif. and#8212; A program to help select Truckee home buyers with new-home down payments could be approved Thursday night by town council.

The down payment assistance program, if approved, would assist at least 20 households at varying levels of wealth.

and#8220;This is a program, that if council adopts, is ready to go, fully fleshed out,and#8221; said Town Manager Tony Lashbrook.

That means the application process would start Dec.. 18, lasting through Feb. 5, according to staff reports. If the town gets a lot of applications, a lottery would take place Feb. 18.

Help for the some 20 households would be divided among three categories: those who make up to 80 percent of Nevada County median income, those who make between 80 to 120 percent of median income and those who make between 121 to 160 percent of median income.

As an example, a family of four making $55,300 a year meets the 80 percent mark, a family of four making $82,900 meets the 80 to 120 percent bracket and a family of four at $110,560 hits the 121 to 160 percent level, according to staff reports.

The assistance will be in the form of 2 percent interest, 30-year deferred loans for low and moderate income applicants, and a 3 percent, 30-year deferred load for above moderate applicants.

Thursdayand#8217;s meeting is at 6 p.m. at the Town Administrative Center at 10183 Truckee Airport Road.