The Martis Fund has provided $500,000 for the new Martis Fund Homebuyer Assistance Program. Loans are available for prospective homebuyers working in Placer County east of Donner Summit or in the Town of Truckee. 

The buyer’s household income may not be more than 180 percent of the Placer County median income; this equates to roughly $150,480 for a family of four. This program can help place buyers into better loan programs by having access to more down payment funds, and even possibly prevent the need to pay mortgage insurance.

Loans may be up to $50,000 or ten percent of the purchase price, whichever is less. To reduce the day-to-day costs of homeownership, all principal and interest payments on the down payment assistance loans are deferred until the time a home is sold. A borrower may choose between paying deferred interest at either 3 percent compounded annually or based on a share of the home’s appreciation at the time of sale.

The Martis Fund was established in 2006 to promote opportunities for workforce housing in the Martis Valley region and programs to conserve open space and manage and restore habitat and forest lands.  The Martis Fund is a collaborative project of the DMB/Highlands Group, the developers of Martis Camp; Mountain Area Preservation (MAP); and Sierra Watch.

Sierra Business Council is currently working with local mortgage brokers and realtors to launch the program. Loans will be made on a first-come-first-served basis.