COUNTY NEWS RELEASE
Los Alamos Housing Partnership, Inc. is accepting applications for the Homebuyer Assistance Program and the Housing Renewal Program through April 30, 2024.
Both programs require applicants to earn less than 80 percent Area Median Income, live in Los Alamos County, have a home value less than $440,480, and a credit rating over 640 with no active collection accounts or bankruptcies. The Homebuyer Assistance Program also requires a minimum of $1,500 as a downpayment for the home and the completion of a homebuyer education class.
The loans for both programs are non-amortizing loans with no monthly payments. The amount a person borrows and their AMI determines the interest rate, and how long the interest accrues on the loan. The loan must be repaid when the home is no longer a person’s primary residence, or the home is sold. The loan interest rates are between 0 percent and 2 percent and the length of time is either 10 years or 15 years and there are no pre-payment penalties.
The maximum amount for Home Renewal loans is $45,000. The amount an applicant can qualify for depends on the equity they have in their home. The maximum amount for the Homebuyer Assistance Program is 10 percent of the purchase price or $25,000, whichever is less.
Applicants can find the application and supporting document checklist at here. If you are not ready to apply now, start planning to apply during the next round of applications in July. Contact Cindy Hollabaugh, Program Manager, at cindylahp@gmail.com or (505) 570-0136 with any questions.
