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Homebuyer Assistance Program Launches Tomorrow

on November 14, 2017 - 2:56pm

COUNTY News:

Income-qualified homebuyers needing assistance to make a down payment on a home are invited to apply for Los Alamos County’s new Homebuyer Assistance Program (HAP) starting Wednesday, Nov. 15.

The County has contracted with Los Alamos Housing Partnership (LAHP) to oversee the program, which is funded by the County Council for $150,000 for the first year.

HAP is designed to help income-qualified homebuyers purchase a home by providing a loan for a down payment using County funds, without adding to monthly mortgage costs. The homebuyer makes no payments until the home is sold or vacated. Homebuyer education and counseling will also be provided.

The minimum down payment loan amount has been established at $8,000 with a maximum loan amount of $25,000. The average down payment loan amount is anticipated to be approximately $15,000.

It is anticipated that the HAP will be able to assist up to ten households per year. The actual number of loans funded each year will be dependent upon the local housing market and availability of housing units for sale that are affordable to program participants. There is no end date for applications to close; the program will remain open until funds are expended.

Applicants are encouraged to contact LAHP to set up an appointment with a representative who can assess income eligibility and answer questions. Contact Steve Brugger, program manager, at 662-8918, or download an informational brochure, HAP application, policies and procedures by visiting http://losalamoshousingpartnership.org/down-payment-assistance/

HAP and the Home Renewal Program were created in response to community goals adopted by the Council in January 2017 to address the need for more affordable housing in Los Alamos. Learn more about Housing goals and initiatives here: https://www.losalamosnm.us/government/county_council/community_goals/housing


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