Truckee Down Payment
Assistance Program

Last year 10 homebuyers were selected to receive down
payment assistance money. This year the Town hopes to assist 12 folks in their
effort to enter the residential market as homeowners. A huge “win” for real
estate professionals was also secured in Round 2; specifically, the ability of
two Agents under the same Broker to participate in these Town assisted sales.
Some might recall that when Round 1 of the program was rolled out it had a
serious policy impediment. The objective of ensuring an “arm’s length”
transaction was implemented via a policy with disallowed two agents within the
same office (i.e., same broker of record) to participate in a given sale. As
such, if an agent within a given local firm was the listing agent for the
property, then under the old policy, the buyers’ representatives could not be
affiliated with the same broker. Our organization identified this policy as a
real and unnecessary impediment to facilitating these first-time homebuyer
transactions. TSBOR expressed its misgivings with the policy, and were assured
that it would be revisited before Round 2 kicked off. Well, it has been
reconsidered, and the new/current implementation policy will reportedly allow
for both a buyer and a seller to be represented by agents within the same
office (i.e., under the same broker).

 

 

 

Dates, Details, & Deadlines: Application packages, along
with program participation guidelines, will be available on August 9, 2011 in
the Town Manager’s wing of Town Hall, and can also be found on the Town’s
website (www.townoftruckee.com)    under
Departments, Affordable Housing.  The
deadline to submit completed application is Thursday, September 8, 2011, no
later than 5:00 p.m.  The  completed application package must be submitted
to the Program Operator, JoAnn Anders. She can be reached by phone at (530)
272-5395, or via e-mail at [email protected]

 

 

 

This down payment assistance program was established to
bring our local residents and workers into the housing market as vested members
of the community. It is structured in such a way that respects the free market,
property ownership and value appreciation, along with a very reasonable
repayment plan. Check it out, it’s a model template for giving folks “a hand
up, not a hand out”, expanding the American Dream of homeownership, and
ensuring that both the participant and the Town are made whole at the end of
the day. A win-win!

Tagged with:

Filed under: General Real EstateHome OwnershipLake Tahoe LifestylesLake Tahoe Real EstateNews & EventsTruckee

Like this post? Subscribe to my RSS feed and get loads more!