Politics & Government

Applications still being accepted for Iowa City's New Homes Program

People who qualify for the program will be eligible for down payment assistance totaling 25 percent of the sale price of the home.

From the City of Iowa City

Five homes remain in Iowa City's Single Family New Homes Program. These are two bedroom duplexes with a sales price of either $130,000 or $135,000.

People who qualify for the program will be eligible for down payment assistance totaling 25 percent of the sale price of the home. The assistance will be set up as a five-year forgivable loan, which means that homebuyers who stay in the home for five years or more will not have to repay the down payment loan. For example, the down payment assistance for a two bedroom duplex with a sales price of $135,000 will be $33,750. The homeowner would need to get a traditional mortgage with a bank for $101,250. The remaining $33,750 would be forgiven after five years.

To qualify the homeowner would need to meet income guidelines. For one person the income limit is $42,750, for two people the income limit is $48,850, and for three people the income limit is $54,950.

For an application or for more information on the program, design plans, addresses, builders, or income level requirements, visit www.icgov.org/newhomes or contact Community Development Planners at 319-356-5230 or e-mail doug-ongie@iowa-city.org or david-purdy@iowa-city.org.


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