Eligibility began with home purchase after July 1, 2016
The Outer Comstock Neighborhood Association (OCNA) hopes to offer the Homebuyers Assistance Program as an incentive to attract buyers to our neighborhood and to financially assist families or individuals who are interested in buying a home in Outer Comstock.
An “approved applicant” is one who buys property within Outer Comstock and plans to own and occupy it, and one who is eligible for a mortgage. There are no income restrictions. Funds can be used for both interior and exterior improvements and can be used to pay for materials, supplies and contractor costs. The purchase of major appliances is also an approved expense. You may request a grant up to $4,700 and awards are based upon available funds.
Do I need to pay OCNA back?
Only if you sell, rent or vacate the property before the required 10-year owner-occupancy term. Within the first 5 years, the funds must be repaid 100%. From Years 6 through 10, the amount of the payback decreases 20% a year until Year 10 when it is completely forgiven.
What paperwork do I need to submit to be considered for the program?
Once you find a property located within Outer Comstock, please submit an application using our website: outercomstock.org.
How long does the approval process take? When are funds received?
The process may take as little as 1 week once OCNA receives your application. A pre-approval letter will then be mailed to you with instructions to submit required paperwork within 45 days after you close on your house. This paperwork includes:
Your legal transaction with OCNA and receipt of funds can occur only at the OCNA grant closing, which occurs after you have done your initial house closing. When complete, you will submit final paperwork showing how money was spent, i.e. receipts, copies of invoices, contracts.