Nevada senator announces funding to help Nevada homebuyers

U.S. Sen. Catherine Cortez Masto says the Treasury Department has released $17.9 million in funding to help Nevada homebuyers make down payments.

She said eligible homeowners could receive up to $20,000 toward a down payment on a single family home, condominium or townhouse. The money is available for buyers in zip codes hardest hit by foreclosures.

She said for many, buying a home is an important step toward breaking the cycle of poverty.

“We need to be doing more to support Nevadans who are strong candidates for home ownership but don’t have a large down payment,” she said.

She said the money will make home ownership a reality for some 900 families.

This is the second disbursement for Nevada. The first was a total of $33 million, making down payment help available for more than 1,760 families.

To qualify, borrowers cannot make more than $98,500 a year and cannot own another property. The purchase price of the property must be less than $400,000.