City awarded $800,000 for first-time homebuyer program
The city of South Lake Tahoe is pleased to announce its 2010 grant application to the California Housing and Community Development Department Home Investment Partnerships program for $800,000 was recently awarded, which will continue the city’s First-Time Homebuyer Program to provide mortgage assistance to low-income, first-time homebuyers.
Earlier this year the city was awarded another $800,000 from HCD / CDBG program also for the First-time Homebuyer and Housing Rehabilitation Program, bringing the total awarded this funding round to $1.6 million that will be used to help stimulate the local housing market.
The South Tahoe Redevelopment Agency covers a portion of the administrative costs enabling a greater percentage of the grant funds to be available to homebuyers.
The city’s First-Time Homebuyer Program offers low-income qualified buyers a silent-second mortgage reducing the cost of the buyer’s monthly payments.
The First-time Homebuyer programs have invested $4.2 million in the local community and approved 58 homeowner loans since the program began in 1995.