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Community Service Agency of Reno Homeownership Program
| Topics |
Housing and homelessness
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| States served |
Nevada
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| Description |
A major barrier to homeownership for low income families is the savings required to put together a down payment. Community Service Agency of Reno removes this barrier by providing up to 4% of the purchase price of the home. These funds are secured by a second deed of trust and are payable when the family sells or refinances their home. |
| Services offered |
The partners assembled for the program include lenders and mortgage brokers, realtors, and the Washoe County HOME Consortium. CSBG funds support staff salaries and facility costs. Lenders have provided support for the program in the amount of $60,000 in 2005. In addition, CSA and the Reno Housing Authority coordinate service with the Family Self Sufficiency program and the Home Mortgage program. Additionally, CSA has created a partnership with Consumer Credit Affiliates in order to provide the homebuyer with classes free of charge, which is made mandatory for anyone seeking down payment assistance. Classes are offered in English and Spanish and are generally held in two or three sessions for a total duration of eight hours. Classes cover budgeting, credit report analysis, major players in the home buying process, how to get pre-approved, realtors, the local real estate market, home inspections, tax benefits, lending programs, etc.
The Washoe County HOME Consortium provides an allocation of down payment assistance funds awarded competitively on an annual basis. Some mortgage lenders provide additional down payment assistance funds and/or operating funds to support the program.
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| Results |
In FY 2005, 86 families were helped to ownership, and quality of life of the entire Truckee Meadows community is improved. The homeownership ratios have increased; housing stock quality is maintained or improved, and the financial status of the new homeowners is of course, more stable. |
| Source |
Jovita Tolbert, Director of Program Services, NASCSP
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| Contact person |
Jovita Tolbert, Deputy Director of Program Services
National Association of State Community Services Programs (NASCSP)
E-mail: jtolbert@nascsp.org |
| Date added |
June 18, 2007 |
Summaries of success stories are provided by RAC for your convenience. Please contact the success story contact person directly for the most complete and current information.
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