Education, assistance focus of EOB program

The Economic Opportunity Board of Clark County offers myriad resources for potential home buyers through its Home Center. Among them is a down-payment assistance program.

"Anyone who wants to become a homeowner can visit the center, regardless of their income," deputy administrator Cathy Barnes said. "It is open to everybody, but there are some programs that are only open to those who meet certain income qualifications, like down-payment assistance."

Like several other nonprofit agencies, the center can assist qualified first-time home buyers in obtaining funds for a down payment. As much as $5,000 is available to buyers in Las Vegas and North Las Vegas, as well as in unincorporated Clark County. As much as $8,000 is available for the purchase of homes in designated areas of North Las Vegas. Henderson operates a down-payment assistance program for homes located within its jurisdiction.

Program requirements include the completion of a free eight-hour home-buyer education class. Topics include the buying process, credit, budgeting, mortgages, selecting a home, and fair housing.

The class is also a prerequisite to buying a home through the nonprofit agency's single-family home development program, through which the EOB helps manage the construction of new homes on in-fill sites. The homes are then sold to first-time buyers who meet income criteria.

Home-buyer education classes are slated on Jan. 11 and Jan. 22, both of which start at 9 a.m. A two-part session in Spanish is planned for Jan. 9 and 16 from 4 to 8 p.m.

Furthermore, down-payment assistance program participants must have an annual income that does not exceed $31,650 for a one-person household; $36,150 for two people; $40,700 for three people; $45,200 for a four-person household; $48,800 for five people; $52,450 for six people; $56,050 for seven people; and $59,650 for an eight-person household.

In addition, the buyer must be a one-year resident of Clark County, not have assets of more than $5,000, qualify for a first mortgage, and occupy the property for at least five years. If the home is sold within the five-year period, the funds must be paid back.

The home may be a single-family house, townhome, condominium or manufactured home with a permanent foundation on land that the borrower owns. The home can also be new or resale with a purchase price no higher than $159,600, as determined by the FHA.

"We're approaching our 500th closing on a home with down-payment assistance," administrator Angela Quinn said.

Another resource for potential buyers is a 45-minute orientation class, which provides an overview of EOB's housing services.

The next orientations will be presented in English on Jan. 8 at 3 p.m., Jan. 14 at 6 p.m., Jan. 24 at 3 p.m., and Jan. 29 at 6 p.m.

All classes are open to anyone interested in learning about the agency's services. Preregistration is required and may be completed by calling 647-7816. Sessions are held in the EOB office at 3674 N. Rancho Drive, Suite 32.

For those in need of credit counseling, the EOB's one-on-one service requires a $25 fee for a credit report, and covers debt management, credit, budgeting and developing a savings plan. Upon completion, potential buyers receive a list of qualified lenders.

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