Disaster victims can keep more money - KWWL - Eastern Iowa Breaking News, Weather, Closings

Disaster victims can keep more money

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DES MOINES (KWWL) -- Governor Culver announced improvements to the housing duplication of benefits policy at a press conference on Thursday that will allow homeowners to keep more of their money.

The improvements mean that anyone who received a loan through the federal or state Jumpstart Housing Program, will not have up to $25,000 deducted from their buyout funds.

Originally when Jumpstart was announced, any assistance a homeowner received to purchase a new home, was considered a bridge loan and would have to be paid back once a buyout took place.   

Governor Culver says, "The average price of a home in a buyout as a result of the 2008 disasters costs much less than the average price of a home sold in Iowa today, leaving people with a gap that we need to help fill.  By allowing homeowners to keep up to $25,000 toward a new home, we can help meet that need."

Iowans impacted by the disasters that are in a buyout and have found a new home, are encouraged to also apply for down payment assistance through their local Council of Government or Entitlement City as soon as possible.  

For additional information, or for a listing of area Council of Governments or Entitlement Cities, log on to the Rebuild Iowa Office Web site at www.rio.iowa.gov or call (515) 242-5004.

Online Content Manager: Eric Page

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