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The Churchill County Commissioners approved the Nevada Rural Housing Authority (NRHA) to act on behalf of the county to participate in the U.S. Department of Housing and Urban Development (HUD) Dollar Home program.
The NRHA will purchase a property at 6252 Teal Drive to be put up for rent and later for sale for an affordable price.
“This is the first one we are doing in our county,” said Shannon Ernst, Social Services director. “We are hoping this turns out to be a great project and that we can do more in the future.”
The Dollar Home program offers HUD-owned homes for $1, so the property can be purchased by a group like the NRHA and then offered to a low to moderate income family. The federal housing administration (FHA), a part of HUD, uses foreclosed homes that do not sell within six months.
“It helps us use the foreclosed homes,” Ernst said. “These are homes that would just sit there needing upgrades.”
The NRHA Housing Coordinator Lisa Dayton said the property is a 1,782 square foot mobile home with three bedrooms and two baths in addition to a detached two-car garage. She said the property needs repairs to the roof, interior and exterior paint, skirting, ceiling, sub-flooring, window screens, window coverings and plumbing.
Dayton said the five-year plan is to repair the property and rent it to a qualified household at or below the 50 percent area median income.
“Our goal is to really go much more below that (area median income),” Dayton said.
The long-term plan is to place the property land in Nevada Land Trust, upgrade the foundation and possibly update or replace the mobile home, then sell it to a qualified household.
Dayton explained the purpose of placing the property in the Nevada Land Trust is to remove the price of the land from the price of the home allowing for a lower mortgage. When the home is purchased the land is leased back for 99 years to the home buyer for $25 a month.
“It's almost like a mobile home in a park,” Ernst said. “You own the mobile home, but not the park. That's why it's so affordable.”
The plan goes further, Dayton said because when the buyer decides to sell the house, the land is still removed and another qualified buyer can purchase an affordable home and lease the land.
“The land trust allows us to maintain and protect the affordability of the home,” Dayton explained. “Basically it allows us to reach a family that maybe has always been priced out of the market.”
Dayton added the project will ultimately give back to the community by using profits from the sale of the home to create other affordable housing opportunities and by creating more disposable income for the family occupying the home.
“We're excited to see this happen, and we hope to see more in the future,” Ernst said.
The NRHA will purchase a property at 6252 Teal Drive to be put up for rent and later for sale for an affordable price.
“This is the first one we are doing in our county,” said Shannon Ernst, Social Services director. “We are hoping this turns out to be a great project and that we can do more in the future.”
The Dollar Home program offers HUD-owned homes for $1, so the property can be purchased by a group like the NRHA and then offered to a low to moderate income family. The federal housing administration (FHA), a part of HUD, uses foreclosed homes that do not sell within six months.
“It helps us use the foreclosed homes,” Ernst said. “These are homes that would just sit there needing upgrades.”
The NRHA Housing Coordinator Lisa Dayton said the property is a 1,782 square foot mobile home with three bedrooms and two baths in addition to a detached two-car garage. She said the property needs repairs to the roof, interior and exterior paint, skirting, ceiling, sub-flooring, window screens, window coverings and plumbing.
Dayton said the five-year plan is to repair the property and rent it to a qualified household at or below the 50 percent area median income.
“Our goal is to really go much more below that (area median income),” Dayton said.
The long-term plan is to place the property land in Nevada Land Trust, upgrade the foundation and possibly update or replace the mobile home, then sell it to a qualified household.
Dayton explained the purpose of placing the property in the Nevada Land Trust is to remove the price of the land from the price of the home allowing for a lower mortgage. When the home is purchased the land is leased back for 99 years to the home buyer for $25 a month.
“It's almost like a mobile home in a park,” Ernst said. “You own the mobile home, but not the park. That's why it's so affordable.”
The plan goes further, Dayton said because when the buyer decides to sell the house, the land is still removed and another qualified buyer can purchase an affordable home and lease the land.
“The land trust allows us to maintain and protect the affordability of the home,” Dayton explained. “Basically it allows us to reach a family that maybe has always been priced out of the market.”
Dayton added the project will ultimately give back to the community by using profits from the sale of the home to create other affordable housing opportunities and by creating more disposable income for the family occupying the home.
“We're excited to see this happen, and we hope to see more in the future,” Ernst said.
