How much funding does HOME First-Time Homebuyer Program provide?

HOME First-Time Homebuyer Program provides $700,000 in funding.

When is the deadline for HOME First-Time Homebuyer Program?

This grant has a rolling deadline or the deadline has not been announced.

HOME First-Time Homebuyer Program

Eastern Sierra Community Housing

Foundation Housing Grants for Nonprofits Affordable Housing Grants

Funding Amount

$700,000

Deadline

Rolling / Open

Grant Type

foundation

Overview

HOME First-Time Homebuyer Program

Funder: U.S. Department of Housing and Urban Development (HUD) / State Department of Housing and Community Development

Administrator: Mammoth Lakes Housing, Inc.

Geographic Scope: City of Bishop and Town of Mammoth Lakes (incorporated communities only)

Focus Areas:

Down payment assistance for first-time homebuyers

Home rehabilitation to bring homes into compliance with state and local health and safety codes

Silent, deferred second mortgages to reduce monthly mortgage payments

Eligibility Requirements:

First-time homebuyers

Must obtain a 30-year fixed-rate primary loan

Home must be owner-occupied

Must meet income eligibility criteria

Must participate in a homebuyer education course

Home Purchase Price Caps (set by State):

Bishop: $292,000

Mammoth Lakes: $384,000

Program Details:

Deferred HOME loans act as secondary mortgages

Deferred at 0% interest until participant sells or transfers title or discontinues residence

Funds can be used for down payment assistance alone or combined with rehabilitation

Rehabilitation component allows correction of health and safety hazards, code violations, and weatherization needs at time of purchase

HOME funds must be used in conjunction with primary financing

Contact: Mammoth Lakes Housing, Inc.

Phone: (760) 934-4740

Email: jennifer@mammothlakeshousing.org

Website: www.mammothlakeshousing.org

Background:
Program first launched in 2006 as a public-private partnership between MLH and the Town of Mammoth Lakes. Created to address housing crisis and stabilize the local economy.

How to Apply

For more information about the program, including qualifying household incomes, program guidelines, and the application:

1. Visit the Mammoth Lakes Housing website at www.mammothlakeshousing.org
2. Call (760) 934-4740
3. Contact via email: jennifer@mammothlakeshousing.org

Required Documents and Eligibility Verification:

Income documentation (to verify income eligibility)

Homebuyer education course completion certificate

Primary loan commitment letter

Application Materials: Applications are available through Mammoth Lakes Housing, Inc.

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