Innovative plan aims to help first-time home buyers achieve
the increasingly elusive American Dream
LAS
VEGAS, April 16, 2024 /PRNewswire/ -- Despite
tremendous national attention, millions of Americans may never
achieve the American Dream of owning a home. Current market trends
and elevated interest rates have made affordable housing even more
elusive, particularly for younger generations and first-time buyers
in high-cost states like Nevada.
Clem Ziroli III, candidate for
Nevada Assembly District 34, is working to change that.
Not being able to own a home robs
individuals of valuable life experiences.
Ziroli, a fourth-generation real estate, investment, and finance
professional, is not waiting until he is elected to propose
changes. Through careful analysis and out-of-the-box thinking, he
has devised an innovative strategy (though still in conceptual
development) that may enable thousands of statistically ineligible
first-time home buyers the opportunity to qualify to purchase a
home.
Ziroli's passion for change is fueled in part by his own
experience. Despite being educated, hard-working, and
professionally employed, he has not enjoyed the opportunity to
purchase a home like his parents and grandparents were able to in
decades past. To him, not being able to own a home robs individuals
of valuable life experiences.
"When families own homes, they build wealth, integrate in their
communities, and enjoy a sense of pride and belonging," Ziroli
said. "My affordable housing plan aims to relieve some of the
financial burden placed on first-time homebuyers so the American
Dream can become attainable again."
ZIROLI'S AFFORDABLE HOUSING
PLAN
Ziroli's plan is simple. Have the county tax assessor
defer property tax payments for the first five years of ownership.
This could allow lenders to exclude the property tax portion of the
payment from the qualifying debt-to-income ratio. For some loan
types, like FHA, payments deferred five years or more are not
necessarily counted in the qualifying ratios.
After five years, the tax assessor would amortize the unpaid
taxes over the remaining term of the homeowner's loan (typically 25
years, as most first-time buyers utilize 30-year amortizations) or
until the loan is paid in full through refinance or property sale.
There is no risk to the tax assessor's office as its lien is a
priority against the property. And, there is virtually no risk to
the homeowner, considering historical data shows incomes generally
increase more than 20% over five years. Income increases would
enable the homeowner to afford the adjusted property tax.
For example, on a home purchase of $350,000, the approximate monthly tax is
$335. When deferred for five years,
the approximate monthly tax expense would be $402 for the remaining 25 years (or until the
deferred portion is repaid) – an affordable difference. Then,
standard tax amounts would apply.
This plan would allow buyers making roughly $62,000 per year to qualify for homes that would
otherwise require approximately $74,000 in annual income, thus opening the doors
to thousands of potential buyers. Ziroli suggests the program be
limited to first-time buyers with yearly household incomes at or
below $74,000 purchasing properties
at or below the median sales price in Nevada.
In the pursuit of a brighter future for Nevada, Ziroli's vision offers hope. "Let's
make the dream of homeownership a reality for all Nevadans," Ziroli
concludes.
LEARN MORE
For more information on Clem Ziroli III and his campaign, please visit
www.Ziroli4NV.com or contact him directly at clem@ziroli4nv.com or
(702) 906-9932.
BIOGRAPHY
Clem Ziroli
III is a fourth-generation business professional in the real
estate, investment, and finance industries. He is a licensed
realtor, asset manager, and small business owner. Beyond his
business experience, Ziroli has worked in politics at the national
and state level. He earned a degree in political science from the
University of Nevada, Las Vegas. Among
other important issues facing Nevadans, affordable housing is a
major part of his desire to join the State Assembly.
Please note: All numerical values provided herein are
approximate and should be used for reference purposes only.
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SOURCE Clem Ziroli III