MLH First-Time Homebuyer Program Gives New Homeowners Hope
Jamie and Natalie McLeod were hoping to make Mammoth Lakes their long-term home. After all, they have their first child on the way and what better place to raise a family than Mammoth Lakes? But with the current average home sales price around $600,000, they never thought that homeownership in Mammoth Lakes was possible.
Just weeks ago, the McLeods bought their first home. Through the HOME First-Time Homebuyer Program, which provides secondary loans to qualified households, the McLeod family can now call Mammoth Lakes “home.” The HOME First-Time Homebuyer funds are allocated by HUD and administered by the State as grants to qualifying jurisdictions.
“The First-Time Homebuyer Program is a critical tool for prospective buyers that would otherwise be priced-out of the market. It also benefits the community of Mammoth Lakes by maintaining and growing the full-time community,” stated Executive Director of Mammoth Lakes Housing, Inc. (MLH), Jennifer Halferty.
The Program requires the participants to have a 30-year fixed-rate primary loan, for the new home to be owner-occupied, that they meet income eligibility criteria, and for the homebuyers to participate in a homebuyer education course. The local program was first launched in 2006 as a public-private partnership between MLH and the Town of Mammoth Lakes. Created to address the housing crisis, the program helps to stabilize the local economy by providing the community with opportunities to purchase homes.
“We can’t stop smiling,” said the McLeods of their new home, “this baby is going to love being raised here.”
This is the final loan from the 2010 HOME grant allocation. In July, MLH applied for additional funding on behalf of the Town of Mammoth Lakes and anticipates knowing whether or not they are awarded by January 2014.
For more information, contact MLH at (760) 934-4740 or visit HYPERLINK “http://www.mammothlakeshousing.org” http://www.mammothlakeshousing.org.