16 April 2015
WISH and IDEA Programs Help Nevadans Become Homeowners

Since November 2009, Nevada State Bank has helped 399 families become homeowners through matching grants from the Federal Home Loan Bank of San Francisco (FHLBank San Francisco).* With the assistance of local community organizations throughout the state, low- and moderate-income Nevadans can apply for grants of up to $15,000 for down payment and closing cost assistance to buy their first home. The grants match $3 for every $1 contributed by the homebuyer.

As a member of FHLBank San Francisco, Nevada State Bank participates in two homebuyer assistance initiatives: the Workforce Initiative Subsidy for Homeownership (WISH) program and the Individual Development and Empowerment Account (IDEA) program. FHLBank San Francisco, through its member banks, has funded $66 million in WISH and IDEA matching grants since 2000, helping 5,100 households achieve the goal of owning a home. Since Nevada State Bank became a member in November, 2009, it has disbursed nearly $5 million in grants to Nevada families.

“Homeownership is one of the most important building blocks in developing healthy neighborhoods and prosperous communities,” said Drew Zidzik, Senior Vice President and Community Relations Manager for Nevada State Bank. “These grants not only help the individual family gain a measure of financial stability, but they also contribute to the overall Nevada economy.”    

Several non-profit groups in Nevada (see list below) refer their clients to the WISH and IDEA programs. After enrolling, applicants must successfully complete a homebuyer counseling program offered by the non-profit. In order to qualify for either grant, an applicant must be a first-time homebuyer who meets the income eligibility guidelines (generally, up to 80% of local median income).

WISH grants, which can complement or supplement a variety of local, state, and federal homeownership programs, are targeted to working families and individuals who are ready to make the transition from renting to owning. If the home needs repairs, the homebuyer may count sweat equity as part of their contribution for the matching funds.

The IDEA program focuses on people who are saving for their first home through an Individual Development Account (IDA) or by participating in a Family Self-Sufficiency (FSS) or lease-to-own program administered by a nonprofit or government entity. To qualify for matching funds, the homebuyer must save towards the home purchase for either a minimum of 10 months with an IDA or FSS program or 3 years with a lease-to-own program.

“Programs that enable people to buy a home of their own can have such a positive impact on the future of everyone in the household,” noted Zidzik. “It’s very satisfying to think that we’ve helped nearly 400 families achieve their dream of homeownership.”

Nevada State Bank is proud to participate in the WISH and IDEA programs, helping Nevada families open the door to a future as homeowners.

First Time Homebuyer Program Participants:

Financial Guidance Center   

2650 S Jones Blvd                           

Las Vegas, NV 89146                     

702-364-0344                             

 

Neighborhood Housing Services of So NV  

1849 Civic Center Dr.                                    

North Las Vegas NV 89030                                       

702-649-0998    

Community Services of Nevada

730 W. Cheyenne Ave. Ste. 10

North Las Vegas NV 89030

702-307-1710

 

Nevada Rural Housing Authority

3695 Desatoya Dr

Carson City NV 89701

775-887-1796

 

Nevada Partners

710 W Lake Mead Blvd

North Las Vegas NV 89030

702-924-2174

 

Chicanos por la Causa – CPLC

6685 Pecos-McLeod

Las Vegas NV 89121

702-207-1614 X 1008

 

*Residential lending products from Nevada State Bank are subject to credit and bank approval requirements. Terms and conditions apply. See bank for more details.

For information on your eligibility for matching grants, visit http://www.fhlbsf.com/community/homebuyers.aspx or the entities listed above. Grants subject to approval by Federal Home Loan Bank of San Francisco.

The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice.

NMLS# 561942

 

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