Home Ownership Funds Available in Fillmore County

July 28, 2011

For Immediate Release

HOP- HOMEOWNERSHIP OPPORTUNITY PROGRAM

BEING USED IN FILLMORE COUNTY

The funds available through the Fillmore County Development Corporation (FCDC) to provide down payment subsidies to Homebuyers for the purchase of existing homes within Fillmore County has been used by several new home owners in the month of July.


The program includes not only down payment assistance through a deferred loan with no interest, but also financial assistance in the form of a conditional grant for minor rehabilitation of homes purchased.


The purpose of the Homeownership Opportunity Program (HOP) in Fillmore County is to provide financial assistance for the purchase of existing single-family residential housing units which are safe, decent, sanitary and affordable to low and moderate income persons/families-buyers. The program provides assistance to those persons/families meeting eligibility guidelines, improves availability of housing, promotes Homeownership, increases attractiveness of underdeveloped neighborhoods and increases local employment. The Fillmore County Development Corporation (FCDC), a non-profit corporation, operates the program.


The maximum home loan subsidy will be $17,000. The subsidy to any buyer shall not exceed the lesser of (1) $17,000 or (2) 20% of the purchase price, or (3) the amount of money necessary to pay the purchase price after expending all liquid assets of the purchaser, which exceeds $5,000, after the 2% down payment requirement. All program applicants are encouraged to secure permanent financing from Fillmore County lenders.


FCDC may also provide funds to complete minor repair and/or rehabilitation work in the form of a “conditional grant”. The maximum amount of these grants will be $7,500 per home. Additional rehabilitation funds may also be secured through the USDA Rural Development programs. Rehabilitation work will be completed after the purchase of the property and must be completed within 6-months of the purchase closing date.


The program is funded by HOME Investment Partnership funds awarded to Fillmore County with the Subrecipient being FCDC by the Nebraska Department of Economic Development. The Fillmore County Development Corporation implements the program.


For information, or to request a program brochure and application, contact Patt Lentfer, Executive Director of FCDC at 402-759-4910, email: lentfer.fcdc@genevamail.com or by mail at: 1032 G Street, Geneva, NE 68361.