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Nevada Rural Housing outlines homeownership programs; Rural Rocks $20,000 down-payment assistance cited for Boulder City
Summary
Nevada Rural Housing told council its Launchpad program offers below-market rates and down-payment assistance; staff said 22 Boulder City homebuyers have used programs since 2006 and described eligibility and outreach for the Rural Rocks $20,000 assistance.
Kevin Hickey, Homeownership Programs Manager for Nevada Rural Housing, briefed council on the agency nd its homeownership programs. He said Nevada Rural Housing has assisted more than 11,000 homebuyers since 2006 and that local Boulder City households received 22 homebuyers with about $5 million in mortgage lending and roughly $166,000 in down-payment assistance.
Hickey described the Launchpad Homeownership Program, which "provides below market interest rates, down payment assistance" and noted a new Rural Rocks $20,000 program that expands eligibility. He told council the program often works through participating lenders (there is no direct application to Nevada Rural Housing) and discussed income limits: the Rural Rocks program uses up to 150% of area median income for eligibility. Council members asked about program uptake in Boulder City (none in the last year) and staff cited interest from outreach and recent state AB540 affordability funding that expanded programs.
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