Grants Division
Housing Rehabilitation Services
INTRODUCTION
TO
ASSISTED
HOMEBUYERS HOUSING REHABILITATION PROGRAM
The
HOME Assisted Homebuyers Housing Rehabilitation Program is made possible
through a grant from the Iowa Department of Economic Development (IDED) to the
City of Ottumwa, Iowa (City). The
Grants Division of the Community Services Department administers the HOME
Program.
This program is designed to assist a first-time homebuyer with rehabilitation of an existing home, in the city limits of Ottumwa. (Purchase of a mobile home or purchase of a home on a land contract is ineligible)
The
program will have funds for approximately 11first-time homebuyers.
PROGRAM
HIGHLIGHTS FOR THE
HOME ASSISTED HOUSING REHABILITAITON PROGRAM
May Loan up to a maximum of $24,999 for housing rehabilitation.
5 to 10 year deferred loan or a partial loan and partial deferred loan, based on the amount of rehabilitation to the existing dwelling.
The City will place a second mortgage behind the conventional mortgage lender.
Grant staff will assist applicants in filling out the application form.
REQUIREMENTS
FOR THE
HOME
ASSISTED HOUSING REHABILITATION PROGRAM
Applicants are required to be first-time homebuyers. (Definition: you can not have owned or been purchasing a home the past three years, excluding mobile homes).May qualify to receive a loan up to a maximum of $24,999 for housing rehabilitation.
Must be
able to obtain a loan through a financial institution (bank, saving &
loan, credit union, mortgage company, or finance company).
Must
have loan pre-approval from financial institution lending the money.
Dwelling
must be located within the corporate city limits of Ottumwa.
Applicant
must pay a non-refundable $50.00 loan application/processing fee.
Applicant
and/or dwelling cannot have received previous assistance under Federal
Emergency Management Agency (FEMA), Small Business Association (SBA), HOME
Assisted Homebuyers Housing Rehabilitation, HOME Homeowner Occupied Housing
Rehabilitation, flood funds from the Area XV Regional Planning Commission, or
the Local Housing Program as operated by the City of Ottumwa, within
twenty-years prior to the initial date of the application.
The City will place a second mortgage behind the conventional mortgage lender for the length of the loan.
Applicant must meet the following income guidelines.
|
HOME
ASSISTED HOMEBUYERS HOUSING REHABILITATION PROGRAM Wapello County 80% of Median Income Limits Income
levels as recognized by the Iowa Department of Economic Development,
published May 21, 2001. **SUBJECT TO CHANGE** |
||
|
One (1) |
$27,100 |
|
|
Two(2) |
$31,000 |
|
|
Three (3) |
$34,850 |
|
|
Four (4) |
$38,700 |
|
|
Five (5) |
$41,800 |
|
|
Six (6) |
$44,900 |
|
|
Seven |
$48,000 |
|
|
Eight (8) |
$51,100 |
|
If you have any questions and/or would like to make an appointment, please call our office between the hours of 8:30 a.m. to 4:00 p.m., Tuesday through Friday with applications by appointment only.
Beverly Schafer, Project Manager
641-683-0616
|
EQUAL
HOUSING OPPORTUNITY We
do business in accordance with the Federal Fair Housing Law. (Title
VIII of the Civil Rights Act of 1968 as Amended by the Housing and
Community Development Act of 1974) IT
IS ILLEGAL TO DISCRIMINATE AGAINST ANY PERSON BECAUSE OF RACE, COLOR,
RELIGION, SEX, OR NATIONAL ORIGIN.
In
advertising the sale or rental of housing.
In
the financing of housing.
In
the provision of real estate brokerage services.
Blockbusting
is also illegal. An
aggrieved person may file a complaint of a housing discrimination act
with: U.S.
DEPARTMENT OF HOUSING AND URBAN DEVELOPMETN ASSISTANT
SECRETARY FOR FAIR HOUSING AND EQUAL OPPORTUNITY WASHINGTON,
DC 20410 |
