Over the past couple of years the cities of Cedar Rapids and Iowa City have received funds from the Iowa Department of Economic Development to help replace homes lost in the flood of 2008. The Single Family New Construction Program is in its 3rd phase and offers down payment assistance of up to 25% of the purchase price to qualified buyers. In order to qualify, buyers must meet income requirements based on the number of people in a household.
Iowa City Income Requirements
80% of Median Income:
1 Person household – $43,600 2 Person Household – $49,800
3 Person household – $56,050 4 Person Household – $62,250
100% of Median Income:
1 Person household – $54,500 2 Person Household – 62,300
3 Person household – $70,100 4 Person Household – $77,800
Cedar Rapids Income Requirements
80% of Median Income:
1 Person household – $38,300 2 Person household – $43,800
3 Person household – $49,250 4 Person Household – $55,700
100% of Median Income:
1 Person household – $47,900 2 Person household – $54,800
3 Person household – $61,600 4 Person household – $68,400
Iowa City received funding to build 31 homes in Round 3 and less than 5 are available as of Mid December according to the City website. Cedar Rapids received more funding and in turn was able to build more than 100 homes – all of which are to be built in the flood affected neighborhoods outside the 100 year flood plain.
Skogman Homes was granted 27 homes in Round 3, also called ROOT’s – Rebuilding Ownerships Opportunities Together. Of the 27 homes there are 14 left as of mid December. Homes range in price from $113,600 to $140,000 and are not to exceed $150,000. Visit Skogmanhomes.com to see a complete list of available lots and floor plans that qualify for ROOT’s.
For more information about the program visit the City websites:
