IC drawing to select buyers for new home program - KWWL - Eastern Iowa Breaking News, Weather, Closings

IC drawing to select buyers for new home program

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IOWA CITY (RELEASE) - The City will hold a public drawing on Monday, June 22 to select 40 people who will be given an opportunity to purchase a newly constructed home through the state's Single Family New Construction Unit Production Program. The program was established to help replace some of the housing units lost in last year's floods.

From noon to 1 p.m. on Monday in Emma Harvat Hall in City Hall, Mike O'Donnell, Mayor Pro Tem, will randomly select 40 names from the 53 total applications that were submitted, and then allow the new homeowners to select which home they want, based on the order in which their name was drawn. Design plans for the homes, which include a mix of single family detached homes, duplexes, zero lot lines, row houses, and condominiums, have already been submitted to and approved by the City, and will be built in six different subdivisions throughout Iowa City. Each home will offer accessibility features and meet energy efficiency requirements. The price of each home will not exceed $180,000.

In addition to their new home, winners in the drawing will also receive downpayment assistance which could total up to 30% of the home's purchase price. If the homeowner remains in the home for at least five years, repayment of the downpayment funds will be forgiven.

The Housing Trust Fund of Johnson County is administering the program for the City, and worked with City staff to establish applicant priorities. The highest priority was given to individuals or families whose primary residence was affected by the flood of 2008, followed by first-time homebuyers and Johnson County residents who met low- to moderate-income guidelines. The majority of applications received were from first-time homebuyers.

For more information on the program, visit www.icgov.org/newhomes or contact Tracey Achenbach at the Housing Trust Fund of Johnson County at 358-0212 or tachenbach@htfjc.org.

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