Truckee homebuyer assistance: Random selection to take place Thursday
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.
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.
Support Local Journalism
Support Local Journalism
Readers around Lake Tahoe, Truckee, and beyond make the Sierra Sun's work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Your donation will help us continue to cover COVID-19 and our other vital local news.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
User Legend: Moderator Trusted User
Swift Communications — the parent company of The Union, Sierra Sun and other newspapers — is selling its local media and publishing businesses to West Virginia-based Ogden Newspapers, the companies announced Tuesday morning.