Nevada County has been notified that it will receive grant funds for a first time homebuyer and rental assistance program in the county. The funding will allow the county to continue programs that have been offered in the past. The Grant in the amount of $700,000 comes from the California Department of Housing and Community Development, and Housing Division Program Manager Kyle Thompson says The First time Homebuyers component may provide up to $60,000 in down payment assistance to low income applicants seeking to purchase a home for the first time within unincorporated areas of Nevada County.
“What it does is it provides money to a potential homebuyer who has to be qualified as a low income resident and once they’re qualified, we can provide the down payment assistance. Which may be the entire down payment required to purchase a home or just kind of fill the gap between what they have and what they are short.”
The tenant based rental assistance program, another component of the grant will provide rental deposit assistance paid directly to the applicant’s landlord, for approximately forty low income applicants.
“This provides the security deposit for low income renters. So if there are low income families that are moving or anticipating renting an apartment or a house, we can provide the security deposit up front to get them into the rental property.”
Thompson says the Grant funds are not expected to be available until the spring of 2012 due to the execution of the grant agreement.
“Well, we were just notified and there is quite a lengthy process that has to take place before the funds become available. One of those includes getting the contract from the state and having a board of supervisors approve the contract and then sending it back to the state for execution, so I don’t see the funds being available until about springtime.”
When the Grant funds are in place the county will then announce that people can submit their applications for assistance.