Nevadans who earn less than $98,500 a year may be eligible for as much as $20,000 in down payment assistance.
The federal government is making $17.9 million available to help some 900 Nevada households through the Treasury Department’s Down Payment Assistance Program.
The money is available to those purchasing a single-family home, condominium or townhome in the zip codes hardest hit by foreclosures. The purchase price may not be more than $400,000.
“For many Nevada families, purchasing a home is an important step toward building wealth and breaking the cycle of poverty,” Democratic Sen. Catherine Cortez Masto said in a statement. “We need to be doing more to support Nevadans who are strong candidates for homeownership but don’t have a large down payment.”
The first round of funding of $33 million provided down payment assistance to more than 1,760 households, according to Cortez Masto.
One of the qualifying zip codes — 89030 — is in North Las Vegas; two are in Pahrump (89048 and 89060) and the following are in Las Vegas: 89101, 89102, 89103, 89104, 89106, 89107, 89108, 89109, 89110, 89115, 89119, 89120, 89121, 89122, 89146, 89156, and 89169.
In addition to the income restrictions, borrowers cannot own another property and must complete a homebuyer education course.
The Nevada Affordable Housing Assistance Corporation is accepting applications.