拉斯维加斯市银行 & 官员兜售 提高 (拉斯维加斯) 购房程序

City, bank officials tout program to boost Las Vegas homeownership

Las Vegas' housing market, among the worst in the nation, will get a boost from a new homeowner assistance program.

On Wednesday officials from Wells Fargo bank and the city of Las Vegas announced about $9 million will be available for people seeking to buy houses.

The bulk of the money, about $7.2 million, will be available for grants of up to $15,000 for prospective buyers to use as a down payment. Another $1.15 million will go to the city for housing programs.

The money comes from the Wells Fargo Foundation, a charitable arm of Wells Fargo bank. In 2011, the foundation invested $213.5 million in nonprofits nationwide.

The money announced Wednesday will go to Neighborhood Housing Services of Southern Nevada, which will evaluate people for eligibility.

The idea, according to bankers and city officials, is to help the local housing market recover from an epic real estate market crash that's sapped homeowners throughout Southern Nevada of their equity.

Las Vegas is one of just four cities in the country chosen for Wells Fargo's Neighborhood LIFT program, which aims to drive $1 billion in housing investment nationwide within five years.

"There are some beautiful homes sitting vacant in desperate need of some new families," said Councilman Steve Ross, whose Ward 6 in northwest Las Vegas is among the hardest hit spots in the nation by foreclosures and widespread depreciation.

City officials have been frustrated in recent years by the impact on neighborhoods of thousands of homes going unoccupied and untended and becoming a blight on neighborhoods.

They've established a registry for foreclosed properties in an effort to keep tabs on houses and alert owners, often big banks or distant companies, before they fall into disrepair.

But for the most part they're helpless to blunt the damage to neighborhoods caused by empty houses and falling or stagnant home values that dissuade investment.

According to SalesTraq, an Applied Analysis company, there have been nearly 5,000 foreclosures in Las Vegas alone in the 12 months ending in March.

The announcement at Las Vegas City Hall was an attempt to attract attention to the program, which will take applications May 4-5 at the Riviera.

Under rules of the program, people who make up to 120 percent of the area median annual income can qualify. That's about $79,200 for a family of four.

Other requirements include staying in the home for five years and the ability to qualify for a mortgage with Wells Fargo or another lender.

Sandy Streator, regional sales manager for Wells Fargo Home Mortgages, said homes valued at up to $300,000 could be purchased through the program, although homes owned by Wells Fargo aren't eligible.

Streator said the program is different from the infusion of capital into the housing market during the years leading up to the explosion of the housing bubble around 2008.

That's because lending requirements are tighter and banks are being more cautions to ensure a mortgage is sustainable.

"A lot of people are afraid to get back into the market now," Streator said. "We are hoping this encourages people to go into home ownership again."

Wells Fargo officials estimate at least 425 people could qualify for grants, which can be combined with other forms of assistance.

For example, the city of Las Vegas Department of Economic and Urban Development offers down payment assistance with funding from the federal government. Under that program, according to Tim Whitright, of the city's Department of Neighborhood Services, people can qualify for up to $50,000 of assistance, although he said awards average about $20,000 to $25,000.