Bill Brewer, Executive Director Nevada Rural Housing Authority
Nevada Rural Housing provides hope for future homeowners
Promoting, providing and financing affordable housing opportunities for all rural Nevadans is the impressive purpose of the quasi-governmental Nevada Rural Housing Authority. This organization was created in 1973 by state legislative action but receives no funding from the state. Since inception, they have assisted over 11,000 home buyers with $2.5 billion in mortgages, $47 million in tax savings and $200 million invested through multi-family housing development. In Douglas County alone, $113.3 million in mortgage assistance has been provided to 491 homebuyers of which $2.4 million was down payment assistance. The portfolio of single-family housing assistance is funneled through three main programs: Launchpad, RuralRocks and Home At Last.
Launchpad has 3% and 5% down payment assistance options for income levels up to $165,000. There is no first time home buyer requirements for the general program, but the potential owner must have a credit score of at least 640. There is a special program within Launchpad just for first time homebuyers and qualified Veterans which has 2% and 4% down payment assistance options. Income and purchase price limits varies by county.
RuralRocks is a new program for first time home buyers which provides $20,000 in assistance. The borrower has work and residency requirements in this program. More details are available are available at www.BuyRuralNV.org.
Nevada Rural Housing is involved in 18 multi family properties throughout rural Nevada. They just acquired their first property in Douglas County - Crestmore Village.
They also assist 1300 renters annually of which ⅔ are seniors or disabled people and ⅓ are helped towards home ownership.
Are you interested in how NRH can help you purchase your first home? Check out the resources at their website: www.nvrural.org.
This information was presented to the Rotary Club of Minden by Bill Brewer, Executive Director at Nevada Rural Housing.