Homeowners get help from Community Block Grant Program
by Danielle Wagner
WATERLOO (KWWL) With two little girls, the Wells family is ready to upgrade to a bigger house. They plan to move to the Summerland Park Subdivision in Waterloo.
Iowa Development Enterprises is constructing houses as part of a Community Block Grant approved by the state.
"We have 15 homes under construction right off the bat. We have five in construction right now. Hopefully, we'll have the first five up in about three weeks," said Jason Guthrie with Iowa Development Enterprises.
Qualified homebuyers who live in the house for at least five years get a mortgage buy down of more than $50,000, making a home more affordable.
"You're getting a home. It's going to be your home for the next ten to 20 years, if not more, and it gives you the space without the financial hardship," said Molly Wells.
Wells said another selling point for her was still having input on the house.
"You get to pick several things, which is actually great. You don't have the headaches of the building, but you get some of the fun choices to make," she said.
"The house appraises for $197,500, and we're selling it for $180,000. Tile floors, oak hand rail, spray foam insulation. They're real efficient houses," said Tyler Duda.
Duda said so far a lot of young couples and families are taking advantage of the block grant program.
Of the 15 homes currently planned in Waterloo, ten are already sold. To get one of these homes with the mortgage buy down, you must meet several requirements.
Saturday, January 20 2018 2:57 AM EST2018-01-20 07:57:16 GMT
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