On Oct. 19, the federal administration announced a new program to provide support to state housing finance agencies. In Nevada, this support will be part of the Nevada Housing Division.
Through this new program, the Nevada Housing Division will be able to provide assistance to help hundreds of Nevada’s first-time homebuyers and low-to-moderate income renters into affordable housing.
The administration said the new program would help support low mortgage rates and expand resources for the low- and middle-income borrowers who want to buy a home or rent a residential, multi-family unit.
The program will feature two parts: a new bond purchase program to support new lending by housing finance agencies such as the Nevada Housing Division, and a temporary credit and liquidity program to improve access by housing finance agencies to credit sources for their existing bonds.
The new program will operate under a law that Congress passed in 2008 to bolster the housing industry. The housing industry, during this recessionary period, has been in its worst slump in decades resulting in a downturn in the market that saw home sales and home prices plunge and home foreclosures soar to record levels.
Chas Horsey, administrator of the Nevada Housing Division, said, “The Nevada Housing Division expects to fully participate in this new program during the coming months in order to help in efforts to stabilize Nevada’s real estate market and help add to the high-demand, affordable 55-plus age group residential rental housing.”
For more information on the Nevada Housing Division and its affordable housing programs, visit the division’s Web site at nvhousing.state.nv.us.