Housing Division to help first-time homebuyers
Nevada’s local housing leaders are bringing affordable homeownership solutions to all corners of the state through the Home Means Nevada Initiative. The initiative has allocated $10 million to Nevada Housing Division and Nevada Rural Housing. These agencies are launching down payment assistance programs that will provide $15,000 to eligible first-time homebuyers. The assistance will be in the form of a second mortgage with no payments or interest and completely forgiven after three years of residence in the home.
“Our estimates indicate the Home Means Nevada Initiative dollars for down payment assistance will allow the two agencies to help over 650 Nevada families purchase homes in a difficult buyers’ market,” said Steve Aichroth, administrator of the Nevada Housing Division. “These organizations have worked for years to help Nevadans get into more tenable, long-term housing circumstances, and we firmly believe this new option will apply to residents at a time when owning a home continues to elude hard-working citizens.”
Eligibility requirements for the programs include that participants must be first-time homebuyers (meaning they cannot have owned a home within the last three years), have a minimum of six months of Nevada residency and completion of a homebuyer education course. To get started, visit each local housing agency website for details on programs and for a list of preferred lenders to contact.
“The investment in homeownership programs through the Home Means Nevada Initiative is inspiring to see,” said Bill Brewer, executive director of Nevada Rural Housing. “We are excited to continue to offer the opportunity of homeownership to more rural Nevadans.”
Nevada Housing Division launched the Home First Program DPA program on Nov. 21, and it is available throughout the state.
Nevada Rural Housing serves Nevada’s 15 rural counties and the rural portions of Clark and Washoe counties through the Home Means Nevada Rural Down Payment Assistance Program, which launched on Dec. 5.
The Nevada Housing Division, a division of the Department of Business and Industry, was created by the Nevada Legislature in 1975 to solve a very real problem: a shortage of safe and decent housing for individuals and families of low and moderate income.
Nevada Rural Housing’s mission is to promote, provide and finance affordable housing opportunities for all rural Nevadans. NRH does this through homeownership programs, rental services, community development initiatives and an exclusive weatherization program. NRH serves Nevada’s 15 rural counties and the rural portions of Clark and Washoe counties – a coverage area of 110,000 square miles and home to more than 1.3 million Nevadans.
Investors buys rental townhome community
Banyan Residential, a Los Angeles-based private real estate investment firm, has acquired Banyan Brighton, a build-to-rent luxury townhome community for $61 million. This marks the firm’s fourth build-to-rent acquisition this year, and its first deal in Las Vegas.
Upon completion, Banyan Brighton will offer a total of 133 two- and three-bedroom townhomes, ranging from 1,396 square feet to 1,479 square feet. Each home includes an attached two-car garage, first-class finishes and private outdoor living space. The homes are located within the 1,000-acre Skye Canyon master-planned community, which offers a 10,000-square-foot indoor fitness facility, modern clubhouse, 5-acre sports field, full-service coffee shop, outdoor lap pool, and five distinct parks including green spaces, picnic areas, tennis courts and dog parks.
“We are proud to expand into the Las Vegas market with the acquisition of Banyan Brighton,”said Max Friedman, partner at Banyan Residential. “We’re confident that this community will be a success and add value to the North Las Vegas submarket, which continues to outperform both regional and national market averages.”
Banyan Brighton is located in-between the Las Vegas Strip and Mount Charleston.
Cushman & Wakefield is actively leasing the townhomes delivered to date. Final units are expected to be delivered in the third quarter of 2023.