An initiative that helped more than a dozen families purchase their first home right here in Nye County, the Buy in Nye program, has officially earned itself top honors for its ingenuity and impressive impact.
Launched in December 2022 by the Nevada Rural Housing Authority (NRHA), the Buy in Nye program was the product of funding provided through Nye County’s American Rescue Plan Act grant dollars. A total of $400,000 was earmarked for the all-new program and as NRHA Homeownership Programs Manager Kevin Hickey reported, it was a massive success.
“The Buy in Nye homeownership program was an innovative and groundbreaking program that was made possible by the Nye County commissioners and funds from the American Rescue Plan Act… The Buy in Nye homeownership program was developed to addressed the specific housing challenges in Nye County and provided essential financial assistance, education and resources to help residents achieve homeownership,” Hickey told commissioners this month. “The Buy in Nye homeownership program provided nearly $3.9 million in affordable mortgages and $288,000 in down-payment assistance to 17 Nye County families.”
The success of the program was such that the NRHA was recently honored with special recognition for Buy in Nye, an achievement Hickey was eager to celebrate with the board.
“At the National Association of Local Housing Finance Agencies’ (NALHFA) annual conference, held in May, Nevada Rural Housing was given the Single-Family Excellence Award for the Buy in Nye program. This prestigious accolade recognizes the outstanding success and innovative approach of the Buy in Nye program,” Hickey detailed. “We’d like to share that award with the board of county commissioners by presenting this plaque in recognition of the important role that the commission played in making Buy in Nye possible, for enhancing homeownership opportunities for Nye County residents through the program.”
As detailed by the NALHFA, there were just 10 awardees this year, each highlighting, “…the mission-driven work that NALHFA members do in their local communities to provide affordable housing to those who need it most.”
The Buy in Nye program offered qualifying participants the chance to receive forgivable down-payment assistance, with two options originally available, either $16,000 or $5,000. However, as NRHA Homeownership Programs Director Diane Arvizo had explained in September last year, those amounts were increased to $15,000 and $30,000, which allowed several applicants to qualify when they did not previously.
The down-payment assistance was paired with the opportunity to secure a 30-year first mortgage at below market interest rates, with Arvizo noting at that time that the average interest rate seen in the program was around 5.9% compared to the market rate of over 7%.
Though the Buy in Nye program has come to a close, the NRHA offers a variety of other programs to help residents achieve homeownership.
For more information visit NVRural.org
Contact reporter Robin Hebrock at rhebrock@pvtimes.com