Placer County and Martis Fund Team Up for Homebuyer Assistance Program
Published on March 26, 2015
Placer County and The Martis Fund are teaming up on a new program that provides down payment assistance to help qualified working families buy homes in the Martis Valley area.
The Martis Fund has provided the county with $500,000 for the new Martis Fund Homebuyer Assistance Program. Loans are available for homebuyers working in Placer County east of the Donner Summit or in the Town of Truckee and seeking to buy homes in those areas. The buyer’s household income may not be more than 180 percent of the Placer County median income; this equates to roughly $137,000 for a family of four.
“This program comes at the right time for working families getting started in the Martis Valley,” noted Placer County Supervisor Jennifer Montgomery, who represents the region. “First responders, school teachers and young professionals have faced challenges in finding local housing for their families. This program will help us strengthen our local communities, as well as avoid the environmental costs associated with lengthy commutes.”
Loans may be up to $50,000 or ten percent of the purchase price, whichever is less. To reduce the day-to-day costs of homeownership, all principal and interest payments on the down payment assistance loans are deferred until the time a home is sold. A borrower may choose between paying deferred interest at either a fixed 3 percent per year or based on a share of the home’s appreciation at the time of sale.
The Martis Fund was established in 2006 to promote opportunities for workforce housing in the Martis Valley region and programs to conserve open space and manage and restore habitat and forest lands. The Martis Fund is a collaborative project of the DMB/Highlands Group, the developers of Martis Camp; Mountain Area Preservation (MAP); and Sierra Watch.
The county is accepting applications. Loans will be made on a first-come-first-served basis. More information on the program and the county’s other housing assistance programs is available at Housing Programs.