The Nevada State Treasurer, Zach Connie, announced last week a $30 million rental assistance program funded through the CARES Act to help Nevada families suffering the economic results of COVID-19. The program will be administered by Nevada Rural Housing Authority and is designed to help with rent payments for families who have suffered a reduction or loss of income due to the COVID situation. Payments will be made directly to landlords and there is an income limit based on each county.
Katie Coleman is the director of communications for the NRHA. She presented information on the program at the county commission meeting last Wednesday, directing those in need to the NRHA website at https://nvrural.org/renter-services/covid/.
Colman also made the annual request by NRHA to the county for a transfer of the Private Activity Bond Volume Cap, a formal request made by the authority each year to communities across the state that helps them fund the Home at Last Down Payment Assistance program. NRHA pools the allocations transferred from each community to fund their programs throughout the year, providing mortgage credit certificates, which allows homebuyers to leverage a higher mortgage and more home with a better income to debt ration.
In 2006 the home ownership program helped 51 Nevada families with the help of $893,188 in unused bond cap from Churchill County. This year, according to Coleman, 9,000 families have been helped to home ownership through the program. “Since 2006 we have provided over $1.8 billion in affordable mortgages and $52 million in down payment assistance,” she said, “along with $27 million in federal tax savings.”NRHA has assisted 255 home buyers in Churchill County over the life of the program.
NRHA requested from Churchill County, and commissioners approved the transfer of $854,816 in bond cap this year, with $8.8 million over the life of the program. Nearly $45 million in affordable mortgages have gone to Churchill County residents.
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