City awarded $800,000 for first-time homebuyer program |

City awarded $800,000 for first-time homebuyer program

Provided to the Tribune

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.

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