Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) today announced the Treasury Department’s release of $17.9 million in down payment assistance for Nevada homebuyers in zip codes hardest hit by foreclosures. Eligible homeowners may receive up to $20,000 toward a down payment on a single-family home, condominium, or townhome. Senator Cortez Masto’s office has pushed for the disbursement of this second round of funding from Treasury’s Down Payment Assistance (DPA) Program for seven months.
“For many Nevada families, purchasing a home is an important step toward building wealth and breaking the cycle of poverty. We need to be doing more to support Nevadans who are strong candidates for homeownership but don’t have a large down payment. These funds will help to make homeownership a reality for an additional 900 families – for a total of nearly 3,000 Nevada families – while stabilizing communities that have struggled with foreclosure. I worked closely with Treasury to secure this assistance, and I’ll continue working with the Administration to ensure the timely release of resources that help prospective homebuyers in the Silver State. I appreciate the Nevada Affordable Housing Assistance Corporation and Nevada Housing Division leaders who made sure the program met the requirements so we could utilize all the funds awarded.”
The Nevada Affordable Housing Assistance Corporation (NAHAC) facilitated the previous funding of $33 million in the first round of down payment assistance, which funded over 1,760 households. The second round of DPA Program funding will provide an incentive to qualified homebuyers to purchase a primary residence in targeted areas in Nevada. Providing incentives to qualified homebuyers in housing markets that have been hardest hit by serious delinquency, negative equity, distressed sales, and foreclosures will strengthen demand in those areas, stabilize housing prices, and prevent future foreclosures. NAHAC expects to distribute funds to approximately 2,765 homebuyers in the following Nevada zip codes: 89030, 89048, 89060, 89101, 89102, 89103, 89104, 89106, 89107, 89108, 89109, 89110, 89115, 89119, 89120, 89121, 89122, 89146, 89156, and 89169.
To qualify, borrowers cannot have an annual income greater than $98,500, cannot own another property, and must complete a homebuyer education course. The purchase price of the property may not exceed $400,000.
Nevadans interested in participating in the program should contact the Nevada Affordable Housing Assistance Corporation at (888) 320-6526 or visit HOMEISPOSSIBLENV.ORG.