With a recent decision by the Mammoth Lakes Housing Board, it looks like real estate prices in Mammoth are so high that even a family that brings in $128,000 a year can qualify for government housing assistance.
While the details are still being worked out, the new down payment assistance plan will offer up to $30,000 to families that make double (200%) of the area median income. Kent Andersen with Mammoth Housing explained that the money will be lent out to families that can afford to pay a mortgage, but don't have enough money for a down payment. The down payment assistance isn't a gift but a low interest loan, according to Andersen.
Possibly to attract more potential buyers for their more expensive units, another restriction on the money is that the down payments can only be spent on Mammoth Lakes Housing Deed restricted units like the upcoming Aspen Village Condos on Old Mammoth Rd.
State grant money fuels much of the Mammoth Lakes Housing activity, but the state restricts spending to people who make up to $77,000, (120% of the area median income for a family of four in Mammoth.) In order to assist those that make over that average, Mammoth Housing will spend $500,000 raised from housing fees that developers have to pay in order to build.
Kent Andersen, says that there are still more details to work out, but they hope to start this new down payment assistance program soon. For more information call Mammoth Lakes Housing at 934 4740.