LAS VEGAS (KTNV) - Some good news tonight for struggling home buyers from an agency previously found to be squandering federal funds and failing to help. Who can qualify for a new program and how you can get your hands on some quick cash.
Hope Brings You Home. That's the name of the new down payment assistance program available in much of Southern Nevada. It focuses on zip codes still considered distressed from the housing crisis.
This is a chance for those who previously couldn't afford it to become a homeowner. Buyers can qualify for down payment assistance equal to ten percent of the purchase price up to $20,000.
The program will also include low or no-interest loans.
It applies to existing single-family properties including townhomes, condos and manufactured homes.
Nevada affordable housing assistance corporation, or NAHAC, just got approval for the much-anticipated program using money from Nevada's hardest hit fund.
As we first reported in 2016, a scathing federal audit found widespread waste and abuse of those funds within NAHAC. The agency has repeatedly been identified as one of the most inefficient in the federal relief program -- keeping as much money as it gives out and only helping a fraction of homeowners in need.
NAHAC President Verise Campbell hopes the new program will be a turning point.
"By us being able to provide 10 percent, up to $20,000 as the down payment, then that will put our homeowners, our residents back in the position to be homeowners. So we're looking to stabilize neighborhoods."
The program should roll out starting May 1. It's first come, first served and will operate until its $36 million in funds are distributed.