Housing Grants
Information on current, open housing grants that are available to eligible homebuyers and property owners are discussed below.
This grant awarded $700,000 for Rehabilitation Funding and Homebuyer Assistance for eligible homebuyers and property owners. The grant expenditure deadline is July 31, 2021. This grant is provided through the State CDBG Program and is administered by Mammoth Lakes Housing, Inc. with oversight by the Town.
Additional Information on Grant 17-CDBG-12096
For information about the CDBG grant program, please contact Mammoth Lake Housing, Inc at (760) 934-4740 or visit MammothLakesHousing.org.
This grant awarded $500,000 for Homebuyer Assistance for households that earn less than or equal to 80% of the Area Median Income (AMI). The grant expenditure deadline is September 30, 2020. This grant is provided though the State HOME Program and is administered by Mammoth Lakes Housing, Inc. with oversight by the Town.
Additional information on Grant 16-HOME-11381
For information about the HOME grant program, please contact Mammoth Lakes Housing, Inc. at (760) 934-4740 or visit MammothLakesHousing.org.
Other Town administered housing programs include:
- Use of Program Income from CDBG, HOME, and BEGIN grants
- Revolving Loan Fund
These programs provide deferred-payment loans for eligible first-time homebuyers and funding for the acquisition of deed restricted units.
Additional information on these programs
For information about these programs, please contact Mammoth Lakes Housing, Inc. at (760) 934-4740 or visit MammothLakesHousing.org.
17-CDBG-12096
(Grant Expenditure Deadline is July 31, 2021)
This grant awarded $700,000 for Rehabilitation Funding and Homebuyer Assistance for eligible homebuyers and property owners. Additional information on the eligibility requirements are available below.
For information about the CDBG grant program, please contact Mammoth Lakes Housing, Inc. at (760) 934-4740 or visit MammothLakesHousing.org.
Program Details
a) 0% interest loans up to $50,000* for households with a combined income of less than or equal to 80% of the Area Median Income (AMI)**
* Note: Repayment is deferred until the owner sells, no longer occupies the home, or another qualifying event occurs
b) 0% interest loans up to $75,000* for investor-owned properties of 1-4 units where all of the tenant households have a combined income of less than or equal to 80% of the Area Median Income (AMI)**
* Note: Repayment begins immediately and is spread over 10 years
c) Limited number of $10,000 grants* for households with a combined income of less than or equal to 50% of the Area Median Income (AMI)** AND where the owner is a Senior Citizen (Age 62+) or one or more occupants is physically handicapped.
* Note: Total grant expenditures is limited to $70,000 of the total CDBG program funds
**For a family of 4, the 2019 Mono County 80% AMI limit is $62,300 and the 50% AMI limit is $38,950
Eligible improvements include: (a) Health & Safety Repairs; (b) Updates to comply with current Building Code; (c) Fix siding damage, water damage, flooring, or interior walls; or (d) Energy conservation & woodstove replacement.
Program Details
16-HOME-11381
(Grant Expenditure Deadline is September 30, 2020)
This grant awarded $500,000 for Homebuyer Assistance for households that earn less than or equal to 80% of the Area Median Income (AMI). Additional information on the eligibility requirements are available below.
For information about the HOME grant program, please contact Mammoth Lakes Housing, Inc. at (760) 934-4740 or visit MammothLakesHousing.org.
Program Details
Program Details
This program allows for the re-investment of grant funds from the CDBG, HOME, and BEGIN grant programs into the community by providing deferred-payment loans for first-time homebuyers. The re-investment money comes from the re-payment of loans that were made with the original grant money. The loans are generally limited to the same income levels as the original grant and are subject to the same program guidelines.
For information about these programs, please contact Mammoth Lake Housing, Inc at (760) 934-4740 or visit MammothLakesHousing.org.
Applications:
Information on the eligibility requirements for each program is below.
CDBG
- Limited to households with a combined income of less than or equal to 80% of the Area Median Income (AMI) (For a family of 4, the 2019 Mono County 80% AMI limit for CDBG is $62,300)
- Meets the CDBG definition for an "Eligible Homebuyer"
- No purchase price limit; Loan amount cannot exceed $200,000
- Program Guidelines
HOME
- Limited to households with a combined income of less than or equal to 80% of the Area Median Income (AMI) (For a family of 4, the 2019 Mono County 80% AMI limit for HOME is $62,300)
- Meets the HOME definition for an "Eligible Homebuyer"
- Purchase price limited to $387,000 (Adjusted each year)
- Program Guidelines
BEGIN
- Limited to households with a combined income of less than or equal to 120% of the Area Median Income (AMI) (For a family of 4, the 2019 Mono County 120% AMI limit for BEGIN is $97,450)
- Meets the BEGIN definition for an "Eligible Homebuyer"
- Site-specific and only homes within Aspen Village at Mammoth Creek Townhomes, San Joaquin Villas, and Meridian Court are eligible to receive funding
- Loan amount not to exceed 20% of the purchase price.
- Program Guidelines
Program Details
The Revolving Loan Fund (RLF) was created in 2013 to facilitate the purchase of existing deed/resale restricted housing units by Mammoth Lakes Housing, Inc. in partnership with the Town. The purpose of this program is to preserve the local affordable housing stock, avoid the inadvertent loss of deed-restricted units, and provide homes that are within the financial capabilities of workforce households. Funding for purchases made through the RLF come from the collection of housing impact mitigation fees that are collected in accordance with Municipal Code Chapter 17.136 (Housing) and through the re-investment of the sales proceeds when properties purchased with the RLF program funds are resold. The maximum annual amount that can be drawn through the RLF program is $300,000.
If interested in the possibility of selling your deed-restricted unit to Mammoth Lakes Housing, Inc., please contact Mammoth Lakes Housing, Inc at (760) 934-4740 to discuss your options.