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Nevada Real Estate in the News
Nevada Housing Division helps make homeownership possible for 5,700 families
The Nevada Housing Division’s (NHD) Home Is Possible program has helped 5,700 Nevada families realize the American dream of home ownership since it launched in September 2014. Grants have been awarded to approximately 4,577 homeowners in Clark County and 1,016 homeowners in Washoe County. The total also includes grants to 338 veterans and active military personnel.
The Home Is Possible program offers free money to low and middle-income homebuyers who can afford a monthly mortgage payment, but may face some challenges when it comes to securing a down payment and closing costs. Read more here.
Report published on multi-family housing affordability
The Nevada Housing Division (NHD) has published its annual report on multi-family housing affordability, Taking Stock: Nevada’s 2015 Affordable Apartment Survey. The statewide report was presented during the Nevada Affordable Housing Forum on April 7 in Reno. The report enables the Division and other stakeholders to direct resources and funding to the areas of greatest need.
The survey focuses on Nevada’s Low Income Housing Tax Credit (LIHTC) properties which account for 24,387 units statewide. The LIHTC program, administered by the Division, allocates Nevada’s share of federal housing tax credits each year to developers for specific affordable apartment communities for seniors, veterans and families. Housing developed with federal and state funds provide social and economic benefit through the creation of jobs as well as a sense of security, hope and community to the residents of those developments. Click here to read more.
NRHA expands down payment assistance options statewide
With national home prices on the rise, the Nevada Rural Housing Authority (NRHA) continues to make affordable housing a priority. It's doing so by expanding its Home at LastTM loan program.
The updated Home at LastTM program includes both government (FHA, VA and USDA Rural Development) and conventional (HFA Preferred) loan alternatives, coupled with granted down payment assistance of up to 5 percent, depending on loan type. These programs are not limited to first-time homebuyers, though there are maximum qualifying household incomes (currently $95,500), as well as home purchase prices (currently $400,000).
Loans are available to homebuyers in rural areas throughout the state. “It’s a common misconception that rural housing is limited to certain areas in Nevada but there are rural areas within every county of the state, really anyplace with populations fewer than 150,000 people,” said Diane Arvizo, Director of Homebuyer Services for Nevada Rural Housing Authority. She pointed out the city of Sparks as an example of a rural community that many people do not identify as rural, due to its proximity to Reno. Get more information here.