July 11, 2005
MAMMOTH LAKES AND MONO COUNTY EACH RECEIVE:
On Monday, July 11, 2005 the California State Department of Housing and Community Development announced that the Town of Mammoth Lakes and Mono County will each receive $1.5 million in Community Development Block Grant (CDBG) funds. “Another big win for housing in Mammoth Lakes and the County!” exclaimed Mammoth Lakes Housing, Inc. Executive Director L. Andrea Clark.
Of the Town funds, $1 million of the funds will be awarded to Mammoth Lakes Housing, Inc. (MLH) who will purchase a 1-acre parcel of land from the Town of Mammoth Lakes to support the construction of fourteen apartments at the corner of Lupin and Dorance Streets. $140,000 will be awarded to Inyo Mono Advocates for Community Action (IMACA) to perform rehabilitation work at the Glass Mountain Apartments in Mammoth. The remaining $246,240 will be available to assist Mammoth’s working residents in purchasing a home through down payment assistance or “silent second” mortgages, a program that is currently being developed by Mammoth Lakes Housing, Inc.
Mono County’s award includes $1.2 million to assist the Mono County workforce with assistance in purchasing a home. The Mono County Homebuyer Assistance program will be administered by MLH in conjunction with the Mammoth Lakes Homebuyer Assistance Program. The County also received $185,000 to fund improvements at the historic Mono County Courthouse in Bridgeport and $115,000 to fund an ADA accessible Fishing Access at Mountain Gate.
Mammoth Lakes Housing, Inc. expects to have the capacity to lend Mono County residents the homebuyer assistance funds by early 2006. “In the next six months, the State will draft and execute the contracts allowing funds to be disbursed, and MLH will prepare the infrastructure necessary to process loans under the homebuyer assistance program guidelines. Once this work has been completed, we will advertise the homebuyer assistance program, host educational workshops, and help move Mono County’s workforce into homes!” explains Clark.
“The money will be used to help working households purchase deed-restricted or market-rate homes throughout Mono County by providing down payment or other mortgage assistance, which helps people lower mortgage payments and subsequently allow people to buy homes they couldn’t otherwise afford,” Clark states. This is the first time the region has received grant funds to implement this type of program.
This funding award is the most recent grant Mammoth Lakes Housing, Inc. has brought to the region for housing. Since July 2003, the three staff members of MLH (Kim McMahon, Pam Hennarty, and Andrea Clark) have procured $12,270,000 in direct grant monies, resulting in over $44 million in workforce housing development and other direct housing assistance.
Visit www.mammothlakeshousing.com or call (760) 934-4740
