Upper Explorerland RPC realizes first time homebuyers must make sacrifices to save enough for a down payment on a home, but for some it seems impossible to be able to find the funding to close on the desired property. With the award of the HOME funds, homebuyers may receive up to $24,999 in assistance for rehabilitation and down payment assistance. This program is an affordable way for homebuyers to realize their dream of homeownership. Assistance is in the form of a 5 or 10 year receding forgivable loan.
The HOME Program was created the National Affordable Housing Act of 1990 (NAHA). The intent of the HOME program is to provide decent affordable housing to lower-income households, expand the capacity of nonprofit housing providers, strengthen the ability of state and local governments to provide housing, and leverage private-sector participation.
Each participating jurisdiction incurs a 25 percent matching obligation for HOME funds it expends. Matching contribution must be:
Homebuyers have to meet their affordability, depending on the amount of HOME funds they receive, but they also have to maintain their home as principal place of residency and have insurance on the property. Principal place of residency and insurance documentation must be submitted to Iowa Finance Authority (IFA) for proof of compliance during the affordability period. The home must meet Iowa's Minimum Housing Standards upon completion.
If you are interested and would like more information on if you qualify, we would like to hear from you! Applications can be picked up at the city halls in each of the participating communities, printed from the documents below or by calling Upper Explorerland RPC, at 563-864-7551 ext. 106. TTY users call 1-800-735-2942. Relay call 7-1-1.
For more information, contact Lori Brockway.
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