Grant 4 up 2 30% of your purchase
The City of Cedar Rapids in conjunction with the Iowa Department of Economic Development (IDED) is now offering the Single Family New Unit Production - New Construction Program. The funds originate from the Department of Housing and Urban Development (HUD) and are in the form of Community Development Block Grant (CDBG) funds. Eligible property owners are offered assistance up to 30% of the purchase price for down payment and closing costs.
Qualified applicants to the Single Family Unit Production - New Construction Program must be at or below 100% of Area Median Income (AMI) by household size established by HUD (see chart below). All assisted homebuyers must be able to support a mortgage as evidence by a firm loan commitment. Assistance under this activity will not be allowed to be combined with the Federal Jumpstart Homebuyer Assistance or State Jumpstart Down Payment Assistance on the same dwelling unit or person/household served. Funds received will be secured as a 5-year forgivable lien against the property which decreases at a rate of 1/5 per year. The property must be maintained as the primary residence during the five year lien period.
Single Family Unit Production - New Construction Program
Family Size 100% Median Income
1 $47,300
2 $54,100
3 $60,800
4 $67,600
5 $73,000
6 $78,400
7 $83,800
8 $89,200
Selection of a House:
- The house must be located within the corporate limits of Cedar Rapids
- The house cannot be located in the 100 year floodplain
- Properties must be single family dwellings, single family unit condominiums or modular homes on permanent foundations
- Properties cannot exceed $180,000
- Units must be built by an approved builder
Lots are available in the Stoney Point Heights Addition!
Call The Kaestner Team today to learn more about the program and to get started on building your own home!
Dan's Mobile - 319.560.2330
