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HOME First-Time Homebuyer Program

Mammoth Lakes Housing Inc

Foundation Housing Grants for NonprofitsAffordable Housing Grants
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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

    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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    Focus Areas & Funding Uses

    Fields of Work

    housingaffordable-housing

    Categories

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