New transitional homeownership program available
February 18, 2013
The California Affordable Housing Agency is partnering with Cascadia Equity Leasing LLC, a private financial services company, to offer 50 homes with a lease and purchase option in Nevada, Sutter and Colusa counties, according to Nevada County Chief Executive Officer Rick Haffey's weekly memorandum. The homes will be acquired for the program through an agency-sponsored municipal bond issuance.
Cascadia and the Regional Housing Authority of Sutter and Nevada Counties, in cooperation with CalAHA, will locate the properties in Nevada, Sutter and Colusa counties and purchase the homes with the proceeds of the bond issue, Haffey noted. The program is working with several major financial institutions, including Wells Fargo, to provide inventory from their REO portfolios.
Cascadia will market the program to area homeowners largely through the website thinktrio.com/california-preapply and underwrite their ability to qualify. Since the home acquisition criteria include affordability and there is no up-front purchase down payment, the program broadly targets workforce families, the memo states.
With future homeowners in place, Cascadia and the RHA will jointly manage the lease and property until it is purchased by the lessee or re-leased. This residential leasing program is based upon the market-proven automobile leasing model and is designed to help facilitate the transition to homeownership.
"The ability of many families in our area to get into a home has been severely constrained by the economy and by more stringent mortgage qualification standards," said Linda Nichols, executive director of the Regional Housing Authority of Sutter and Nevada Counties. "We believe this program gives more people a better chance at achieving homeownership. And that's at the core of our mission."
All county offices will be closed today in observance of Presidents Day.
'Oz the Great and Powerful' scavenger hunt at the library
Starting Tuesday and running through March 5, Children's Services at the library will be conducting a scavenger hunt at the Madelyn Helling and Grass Valley libraries to win tickets to "Oz the Great and Powerful" at the Del Oro Theater.
Paper "hot air" balloons with key phrases for participants to write down will be distributed throughout the children's and young adult sections. Find the balloons, write down the phrases and drop off the form to be put into the running for tickets to the movie! Entry boxes will be located at the front desk of each location.
This program is open to ages 5-18, and four winners will be announced March 6.
For information, contact library staff at 530-265-1538.
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