Down Payment Assistance Funding Available in Fernley and Dayton
Down Payment Assistance Funding Available in Fernley and Dayton
Neighborhood Stabilization Program Funds Announced
Funding to Revitalize Fernley and Dayton Neighborhoods Hard Hit By Foreclosure
May 29, 2009 FERNLEY-NV – The City of Fernley is proud to announce the availability of Neighborhood Stabilization Program (NSP) funds in Fernley to assist homebuyers purchase bank-owned homes in Fernley and Dayton. Funding is available through Lyon County’s Neighborhood Stabilization Program.
As a component of the Housing and Economic Recovery Act of 2008 (HERA), the NSP is specifically intended to stabilize neighborhoods experiencing the negative effects of the sub-prime mortgage crisis and the general economic downturn. These localities are identified as those hard hit by foreclosures and are statistically at high risk of continued market deterioration. “It is critical that we take action to mitigate the destabilizing affect foreclosures and vacant homes can have on our neighborhoods and that is why these Neighborhood Stabilization funds are so important,” said Mayor Todd Cutler. “These funds will provide much needed assistance in improving the health and viability of our community and position us for future growth. By keeping our neighborhoods strong, we are keeping Fernley strong.”
Lyon County is currently taking applications for the qualified homebuyers Down Payment Assistance Program (DPA). This program is funded by HUD through NSP funds and provides $30,000 to qualified homebuyers at 50% area medium income and $15,000 for 120% area medium income, at 0% interest, in the form of a deferred loan. The Lyon County loan is due only upon sale, transfer of title, if the property is no longer the applicant’s primary residence, or buyer’s refinance with cash out. Homebuyers may use DPA funds as down payment and for closing costs. (More detailed information on this program is available in the attached brochure).
“Neighborhood Stabilization Program funds will allow us to continue working with community partners in stabilizing our housing market,” said Interim City Manager Greg Evangelatos. “All of the federally funded projects will help us to promote employment growth, continue neighborhood revitalization, and enhance overall quality of life.”
For further information on the Neighborhood Stabilization Program funds, or to receive an application contact the Lyon County Comptrollers office at (775) 463-6510 or on the Lyon County website at www.lyon-county.org
For more housing and foreclosure prevention information, please visit the City of Fernley’s website and click on Housing Resources @ www.cityoffernley.org.
