Affordable Housing Opportunities - Local News Story
Area Organizations Offer Affordable Housing Opportunities
MADISON — Repairing or building a home in Northeast Nebraska can be a reality according to two area organizations.
“So many people are just so grateful because they just didn’t thing they could ever do it, and here they are having a home of their own, the American dream”.
On Wednesday evening, representatives from NeighborWorks and United States Department of Agriculture Rural Development presented the different programs each organization has to offer. Rural Development Housing Specialist Krista Mettscher says the department has purchase and occupied-repair loans and grants available.
“We do have income guidelines for these loans, but they’re zero-down payment, so they’re 100 percent financing. So a lot of people that don’t have that typical downpayment, and with the lower income limits even, can actually afford to buy a home and they may not realize that.”
Mettscher says residents in rural Nebraska should take advantage of this assistance program.
“We’ve still got funding for this fiscal year. If we don’t use them here within our rural communities in Nebraska, other states would be more than happy to use them. We don’t want that to happen, we want to keep those funds here in rural Nebraska for our rural residents.”
Northeast Nebraska NeighborWorks CEO Rodger Nadrchal explains the organization has home-buyer and financial education resources, and offers purchase-rehab-resell and down-payment assistance programs.
“The value of homes, the cost of homes is increasing, so having a program like ours with the down-payment assistance and we can get that house repaired, making it ready to buy in, is really being very successful these days.”
Nadrchal says the organization received a special grant to build identical 2-bedroom homes in Madison and Schuyler. If the project is successful, Nadrchal says they plan to build more homes in the future.
“So we build a home here in madison at 601 Hamilton Street. We have it priced at $142,000, and then we can provide down-payment assistance to that client up to $25,000. So when they go to the bank, they’re only buying, borrowing, $121,000 dollars, there about, approximately, to be able to buy a brand new home.”
Both Rural Development and NeighborWorks have income and other guidelines, but organizers urge anyone looking to buy or repair a home to reach out to the organizations.
Reported by Margaret Silhasek, News Channel Nebraska
Posted on: Jun 22, 2017 - 9:28 AM
Last modified on: Jun 22, 2017 - 10:14 AM