March 12, 2006
Mammoth Lakes Housing, Inc. reaches out to educate lenders:
MAMMOTH TIMES March 2-8, 2006
By Lara Kirkner
Mammoth Times Staff Writer
At a luncheon last week, held at
Whiskey Creek, the other three faces of
Mammoth Lakes Housing, Inc. (MLH)
emerged to prove they are just as savvy as
their Executive Director, Andrea Clark.
Many people forget that there are actually
four employees at MLH, but Ana
Danielson (Housing Program Specialist),
Jennifer Halferty (Administrative
Assistant), and Pam Hennarty
(Development Director) showed their
knowledge of the workforce housing
program to a room full of about 13 lenders.
The purpose of the luncheon was to
explain to lenders (people who work for
banks and other agencies that lend money
for home loans) that MLH now has a
Homebuying Program to assist the
workforce in purchasing homes. Money
loaned through the program is used for
down payments and to gap loan costs.
The program is meant to make up
differences if a member of the workforce
goes into a lender and finds he or she
only qualifies for a portion of what is
needed to buy the home desired. For
example, if someone were offered a home
that cost $250,000, but could only qualify
for a loan of $200,000, a lender could
send them to Danielson, who runs the
program, to see if they qualify to receive
the remaining $50,000 from MLH. The
money loaned from MLH is considered a
silent, 30-year loan with a 0 percent to 3
percent interest rate. Loans are due upon
resale or transfer of the property, and the
maximum loan amount that MLH can
give to a buyer is $200,000.
Pasta, salad, soup and asparagus was
served to the group, with brownies for
dessert.
For more information on the
Homebuyer Assistance Program, contact
Danielson at (760) 934-4740. —MT
