Foreclosures continue in the Eastern Sierra with difficult situations for home and property owners. More foreclosures have developed in Mono County than Inyo, but both counties’ homeowners have suffered. One piece of news offers some hope for first time homebuyers.
Mammoth Lakes Housing now offers a program to help first time home buyers with a down payment. Right now, Mammoth Lakes Housing will accept applications from those eligible in the City of Bishop and Mono County. The State Department of Housing and Community Development awarded Mono County $800,000 and the City of Bishop $400,000 as community development block grants.
All of the grant funds can be lent to those who qualify for a first time home buyer’s purchase of a home within the City of Bishop and the unincorporated areas of Mono County. Mammoth Lakes Housing will make 0% loans with no payments for thirty years or until the property changes hands.
This program will help low income families. Pam Hennarty of Mammoth Lakes Housing said that in the City of Bishop a family of four that makes less than $48,000 per year qualifies. In Mono County, a household of four with a $68,000 annual incomes will qualify.
Hennarty said Mammoth Lakes Housing would like to hear from anyone even close to the qualifying income levels. Call Mammoth Lakes Housing at 760-934-4740. Applications are available on their website, www.mammothlakeshousing.org and
on the City of Bishop website, www.ca-bishop.us or at Bishop City Hall.