New homebuyers can get assistance |

New homebuyers can get assistance

First-time homebuyers within the South Lake Tahoe city limits may be eligible for a financial boost from the state.

The city of South Lake Tahoe will receive $315,000 in grant money this spring from the state Home Investment Partnership Program to fund a first-time homebuyer program.

According to Cathy Kope, the city’s housing and economic development assistant, the program works as a silent second mortgage to help lower the monthly payments for homebuyers.

“It’s a deferred loan with 3-percent interest,” she said. “And the loan amount is due at the end of 30 years.”

If sold to another first-time homebuyer before the 30 years is up, the loan would stay with the property and be transferred to the new owner.

Kope said she is uncertain exactly when the funds will become available.

“We’re expecting April or May,” she said. “We’ll have application packets available in the next couple of weeks.”

In the meantime, prospective first-time homebuyers who are interested in the program should seek loan approval and start looking for a house on the market, Kope said.

At a cap of $40,000 per house, the program could help as many as 10 homebuyers within the city limits.

Call the City of South Lake Tahoe Housing Department at (530) 542-6157

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