Round two of Block Grants for Waterloo homes - KWWL - Eastern Iowa Breaking News, Weather, Closings

Round two of Block Grants for Waterloo homes

by Danielle Wagner

WATERLOO (KWWL) In 2009, the City of Waterloo got a Community Block Grant approved through the state. That block grant paved the way for construction on 15 new homes.

The homes are located in the Summerland Park area in Waterloo, just off Dysart Road.

The homes were made more affordable with a mortgage buydown for qualified home buyers.

Last year, the Wells family needed a bigger home. Molly Wells and her husband qualified and took advantage of the block grant to build a house at Summerland.

About a month ago, the family moved into their new home.

"This allowed us to get a bigger home for not a whole lot more money than we're used to paying and it was nice to do that for our family," said Molly Wells.

Another round of block grants was approved, so ten more homes will be going up. Construction is already underway on two of those homes. Qualified home buyers can get more house for their money.

"Basically it buys down their mortgage 25 percent so a $180,000 home they get $45,000 off of it. Right now times are tough for a lot of people so it helps out a lot," said Jason Guthrie with Iowa Development Enterprises.

Guthrie said his crews are able to get a house constructed in about 30 days. The new homeowners also get some say when it comes to the details.

"The homeowner has input from the siding to the window style, a lot of interior colors are all up to the homeowners, cabinets and trim," said Guthrie.

Molly Wells said for growing families like hers, the block grant is a great way to get a better quality of life.

"It's nice to have place for everybody and we're not crawling all over each other," she said.

The mortgage buydown is a five year, forgivable loan with 20 percent forgiven each year.

After all ten houses for round two are built, there are still about 35 lots lefts at Summerland Park.

Jason Guthrie there's always the potential for more growth down the road.

For more information on the block grant program and to see if you qualify, you can visit the office at Summerland Park in Waterloo.

Reporter: Danielle Wagner

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