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The Fallon City Council on Thursday approved a measure that will provide a greater amount of funds for down payment and loan assistance for low and moderate income homeowners.
At a special meeting held solely to discuss and vote upon the measure, the council voted unanimously to transfer the $408,215 the city received from the Nevada Rural Housing Authority (NRHA) in 2006 to a statewide pool devoted to providing financial assistance to home buyers.
By transferring the funds to the much larger pool, the money will be supplemented by federal and state grants that will be of greater value than had the $408,215 remained in the city's coffers, said Gary Longaker, NHRA executive director.
"The Fallon City Council's action today will make it possible for many more Fallon families to benefit from the financial assistance provided by the NRHA. The transfer now raises the original $408,215 to at least $600,000," he said.
He added that Churchill County also has transferred its allocation to the NHRA pool, and that now the total amount available to the city and county is about $2 million.
The transferring of funds from the city and county to the NHRA pool have taken place for the past several years, according to Longaker and city and county officials.
Under the NHRA's Mortgage Loan and Down Payment Assistance Loan Program, approximately $10 million have become available on a "first come, first-served basis," Longaker said.
The loans are either FHA-insured, VA-guaranteed, Fannie Mae-eligible, or Rural Housing Assistance mortgages. The mortgage is a below-market 5.95 percent with a non-repayable 4 percent down payment assistance grant, he added.
For Fallon and Churchill County residents to qualify for assistance, the purchase price of the home they intend to buy must not exceed $237,031.
Buyers also must meet maximum income requirements, he said. The maximum income permitted for a family of two or less is $59,550. The amount for a family of three or more is $68,482. Applicants for assistance must document their annual incomes by providing his agency with their W-2 forms, Longaker said.
City Clerk Gary Cordes said the pooling of the Fallon $408,215 allocation with the statewide NHRA pool is a "win-win situation."
Longaker, Cordes and Mayor Tedford emphasized the importance of Fallon's participation in the assistance programs provided by the NHRA.
As the cost of house purchases continue to rise, so do down payments and closing costs. Lower and mid-income home purchasers are finding it increasingly challenging to buy homes today, and the loan and mortgage assistance programs will make it easier for them to qualify, Tedford said.
Persons interested in applying for the financial assistance may contact
the NRHA at 3695 Desatoya Drive, Carson City, Nev., 89701, (775)-887-1795.
At a special meeting held solely to discuss and vote upon the measure, the council voted unanimously to transfer the $408,215 the city received from the Nevada Rural Housing Authority (NRHA) in 2006 to a statewide pool devoted to providing financial assistance to home buyers.
By transferring the funds to the much larger pool, the money will be supplemented by federal and state grants that will be of greater value than had the $408,215 remained in the city's coffers, said Gary Longaker, NHRA executive director.
"The Fallon City Council's action today will make it possible for many more Fallon families to benefit from the financial assistance provided by the NRHA. The transfer now raises the original $408,215 to at least $600,000," he said.
He added that Churchill County also has transferred its allocation to the NHRA pool, and that now the total amount available to the city and county is about $2 million.
The transferring of funds from the city and county to the NHRA pool have taken place for the past several years, according to Longaker and city and county officials.
Under the NHRA's Mortgage Loan and Down Payment Assistance Loan Program, approximately $10 million have become available on a "first come, first-served basis," Longaker said.
The loans are either FHA-insured, VA-guaranteed, Fannie Mae-eligible, or Rural Housing Assistance mortgages. The mortgage is a below-market 5.95 percent with a non-repayable 4 percent down payment assistance grant, he added.
For Fallon and Churchill County residents to qualify for assistance, the purchase price of the home they intend to buy must not exceed $237,031.
Buyers also must meet maximum income requirements, he said. The maximum income permitted for a family of two or less is $59,550. The amount for a family of three or more is $68,482. Applicants for assistance must document their annual incomes by providing his agency with their W-2 forms, Longaker said.
City Clerk Gary Cordes said the pooling of the Fallon $408,215 allocation with the statewide NHRA pool is a "win-win situation."
Longaker, Cordes and Mayor Tedford emphasized the importance of Fallon's participation in the assistance programs provided by the NHRA.
As the cost of house purchases continue to rise, so do down payments and closing costs. Lower and mid-income home purchasers are finding it increasingly challenging to buy homes today, and the loan and mortgage assistance programs will make it easier for them to qualify, Tedford said.
Persons interested in applying for the financial assistance may contact
the NRHA at 3695 Desatoya Drive, Carson City, Nev., 89701, (775)-887-1795.
