Truckee homebuyer assistance: Random selection to take place Thursday
February 15, 2010
TRUCKEE, Calif. and#8212; With more than enough applicants lined up for first-time home buyerand#8217;s assistance, the town will hold random selection Thursday.
Truckee Redevelopment and Housing Coordinator David Griffith said more than the 20 low-, moderate- and above moderate-income households applied for the $1.56 million down payment assistance program, so random selection will take place Thursday at 2 p.m. at town hall.
and#8220;So far from the perspective of the number of applicants submitted … itand#8217;s looking like a success,and#8221; Griffith said.
The process starts with contacting those who applied.
and#8220;We sent out letters informing candidates of their successful applications with a number in the drawing, and invited them to attend,and#8221; Griffith said.
The applicantsand#8217; numbers will be drawn and set in order, Griffith said, and then the town will work its way down that order to see if theyand#8217;re still interested in the loans.
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and#8220;We could have folks decide not to participate, so weand#8217;ll go down the list until we expend all our dollars,and#8221; Griffith said.
If some applicants donand#8217;t go for the maximum loan amount, that could mean people beyond the first 20 get a chance too, he said.
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 loan for above-moderate applicants, according to staff reports.
and#8220;Weand#8217;re giving each applicant from the day they receive the letter after the drawing, 120 days to close escrow,and#8221; Griffith said.
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.