Community Block Grant Program approved for Waterloo - KWWL - Eastern Iowa Breaking News, Weather, Closings

Community Block Grant Program approved for Waterloo

WATERLOO (KWWL) Governor Chet Culver has postponed a ground breaking ceremony in Waterloo.

The ground breaking was to celebreate the Summerland Subdivision, which was approved by the state of Iowa for new construction funding under the community block grant program.

Fifteen homebuyers will be the recipient of a 30%, five year receding forgivable loan, in the form of a mortgage buy down. The new construction home prices are capped at $180,000 to meet the grant program criteria.

Jason Guthrie and Tyler Duda, owners of Iowa Development Enterprises LLC, are the approved builders for the Summerland project. The first five homes are now under construction with a target date of completion of November 30, 2009.

KWWL is meeting with Jason Guthrie and a homeowner today to talk about the Summerland Subdivision. You can see the full report tonight on the news at 5.

Reporter: Danielle Wagner

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