Home Ownership Program available
Home Ownership Program now available in Jewell County
June 17, 2021
A new program that seeks to make home ownership more affordable is now available to eligible buyers in Jewell County.
Debra J. Peters, NCK Home Ownership program manager said, “We are making an exception on the ‘Jewell County pilot only’ to provide a 20-year term on all loans to provide more benefit to the borrower through a lower monthly payment on our end and help more applicants qualify for the program.”
The pilot project of the NCK Home Ownership Program is designed to boost home ownership by reducing the barriers of down payments and closing costs. It offers a combination of a 0 percent down payment assistance loan of $10,000 and closing cost grant of $2,500 when purchasing a home of $50,000 of greater in Jewell County. Eligible home purchase types include existing homes, existing homes with planned or financed upgrades totaling $50,000 or greater, manufactured homes including lot and infrastructure, or new construction. Funds are limited and available on a first come, first served basis. The program officially launched in Jewell County last Tuesday.
An award from the Dane G. Hansen Foundation of Logan, Kan., assisted in the creation of the loan and grant pool, along with a donation from NCK Housing Opportunities, Inc. North Central Regional Planning Commission of Beloit is administering the program. NCK Housing Opportunities, Inc., is an affiliate of the North Central Regional Planning Commission.
“This initiative would not be possible without the generous assistance from the Dane G. Hansen Foundation and the tremendous support we have received from Jewell County banks and local leadership,” Debra Peters, program manager said.
Primary objectives of the pilot program are to be a catalyst for first time home buyers, benefit employers in recruiting and retaining employees and attract alumni back to the region to work, start or buy a business, or retire.
“We are pleased to bring this program to Jewell County,” Peters said. “It offers an opportunity to make home buying a reality for individuals and families, particularly in these challenging times.”
Similar pilot programs have been completed in Cloud, Ellsworth, Lincoln, Mitchell, Ottawa and Republic counties. Since first launching in 2018, home ownership programs in the region have combined to assist in the purchase of 89 homes at an approximate value of $10 million. Results of the pilot programs will be used to develop a permanent regional home ownership program sometime in the future.
For more information about the program in Jewell County, contact your local bank or realtor.