Housing funds available after Jan. 1
Emmet County residents along with those from five other area counties will be able to apply for low-to moderate-income housing rehabilitation loans after Jan. 1, 2010.
That’s the date when the funds will become available to Northwest Iowa Regional Housing Trust Fund, Inc., a six-county consortium serving O’Brien, Osceola, Lyon, Sioux, Emmet and Buena Vista counties. A total of $268,989 will be available for the six-county area for 2010. Emmet County will receive $29,637 for the first year of the program.
Program requirements are: n Applicants must own and occupy the property throughout the term of the agreement.
n Applicants must be current with their mortgage, taxes and property insurance.
n Applicants will be required to complete and sign and agree to all program paperwork including but not limited to application, additional income and asset information as requested and loan and grant documents.
n The financing of projects that receive approval will be provided grants and low-interest loans based on specified income qualifications.
Households earning 30 percent and under of annual median income will be eligible for forgivable grants up to $5,000 for minor home repairs, energy efficiency projects and/or lead-based paint hazard reduction. The grant will be forgiven over a five-year period at a rate of 20 percent a year. A promissory note and mortgage will be filed against the property.
In Emmet County, the 30 percent income limits are as follow:
n One to two people, $18,600.
n Three to seven people, $21,390.
n Eight people, $22,430.
Households between 31 percent and 80 percent of annual median income will be eligible for a combination of forgivable grants up to $5,000 and low-interest loans up to $10,000 for home repairs, energy efficiency projects and/or lead-based paint hazard reduction. Grants will be forgiven over five years at 20 percent a year. Loans will be amortized over five years with payments due monthly. A promissory note and mortgage will be filed against the assisted property. Funding will be limited to $15,000.
The 80 percent income limits in Emmet County are:
n One to two people, $49,600.
n three to seven people, $57,040.
n Eight people, $59,800.
More information about application procedures will be made public as the beginning of the program approaches.