CARSON CITY — Nevada’s local housing leaders are bringing affordable homeownership solutions to all corners of the state of Nevada through the Home Means Nevada Initiative.
The initiative has allocated $10 million to Nevada Housing Division (NHD) and Nevada Rural Housing (NRH). These agencies are launching down payment assistance (DPA) programs that will provide $15,000 in DPA to eligible first-time homebuyers. The assistance will be in the form of a second mortgage with no payments or interest and completely forgiven after three years of residence in the home.
“Our estimates indicate the Home Means Nevada Initiative dollars for down payment assistance will allow the two agencies to help over 650 Nevada families purchase homes in a difficult buyers’ market,” said Steve Aichroth, Administrator of the Nevada Housing Division. “These organizations have worked for years to help Nevadans get into more tenable, long-term housing circumstances and we firmly believe this new option will apply to residents at a time when owning a home continues to elude hard working citizens.”
Eligibility requirements for the DPA programs include that participants must be first-time homebuyers (meaning they cannot have owned a home within the last three years), have a minimum of six months of Nevada residency, and completion of a homebuyer education course.
To get started, visit each local housing agency website for details on DPA programs and for a list of preferred lenders to contact.
“The investment in homeownership programs through the Home Means Nevada Initiative is inspiring to see,” said Bill Brewer, executive director of Nevada Rural Housing. “We are excited to continue to offer the opportunity of homeownership to more rural Nevadans.”
Nevada Housing Division launched the Home First Program DPA program on Nov. 21 and it is available throughout the state.
Nevada Rural Housing serves Nevada’s 15 rural counties and the rural portions of Clark and Washoe Counties through the Home Means Nevada Rural Down Payment Assistance Program, which launched on Dec. 5.