Eagle Grove receives grant to rehabilitate homes

The City of Eagle Grove has received a grant through the State of Iowa to help pay for the cost of rehabilitating approximately six single-family, residential structures located in a target neighborhood located between 2nd Street North and 10th Street North, and between Montgomery Avenue and Eastern Avenue.  If the City receives more than six qualified applications, they can possibly apply for additional funding.

The purpose of the Program is to assist low to moderate income persons to rehabilitate their homes in compliance with Iowa’s Minimum Housing Rehabilitation Standards.  Typical repairs may include re-roofing, foundation repair, window repair and/or replacement, painting, re-siding, electrical, heating and plumbing work.

The City can provide assistance to make needed repairs for qualified applicants in the form of a deferred payment loan.  If the owner occupies, and there is no sale or transfer of the house for five years, there will be no repayment obligation on the deferred loan portion.  A sale prior to the five years would likely require at least a partial repayment of the grant funds.  A mortgage and promissory note (lien against the property) will be executed and recorded.  The amount of the assistance will be based on value of property and amount of work needed.  

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