New Construction | Skogman Real Estate

Single Family New Construction Program – Round 3

December 19, 2011
By skogman

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 3^rd 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:

Cedar Rapids

Iowa City

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Cedar Rapids Housing Incentives

December 21, 2010
By skogman

In an effort to bring families back to the Cedar Rapids area after the flood in 2008, the city of Cedar Rapids has offered different housing incentives to stimulate the housing market and to replace many of the homes lost during the flood. The newest inducement is to bring those families who are not currently living in Cedar Rapids to the area. The city has access to more federal disaster money for new housing and there isn’t enough demand for current Cedar Rapids residents.

There is $11.7 million in funding that is expected to supply 235 new construction residential units, mostly single family homes and duplexes. This is said to add $44 million in total value to the city.

This incentive offers 25% down payment assistance and a free lot for homes and will be in the price range of $135,000 and $150,000. This could end up being a $35,000 incentive once the lot and down payment assistance are figured in. This would be instant equity for the new home owners.

The lots that will be available as part of this incentive are the homes the city acquired in post flood buyouts and were demolished. All are outside the 100 year flood plane with many in the Time Check Neighborhood in the northwest Cedar Rapids.

This incentive comes as part of third round of the Single Family New Construction Program, which received money from the Iowa Department of Economic Development (IDED). The first two rounds provided funding for 438 residential units with 110 units still available as part of round two.

The city of Iowa City and Cedar Falls have also received funding from the same program.

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$11.1 Million For Affordable Homes

October 29, 2010
By skogman

Cedar Rapids Mayor Ron Corbett and Governor Chet Culver stood outside Jennifer Trenary’s newly built home, to announce round 3 for the Single Family New Construction Program. Jennifer was able to purchase her home using the second round of funds that gives a 25% forgivable grant to qualified buyers. The maximum sales price is $180,000 so the grant may be up to $45,000.

Round 3 will give Cedar Rapids $11.1 million in state and federal funding to help rebuild or replenish some of the affordable homes lost in the 2008 flood. The goal is to revitalize flood-damaged neighborhoods where a number of lots sit vacant after the city buy outs. The plan is for all of the homes built with this program to be infill.

It is projected that more than 300 homes could be built with the $11.1 million. 1,300 homes are on the city’s buy out list with most of these being demolished.

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New Construction Sales Report for 2009

June 9, 2010
By rj murphy

Skogman Realty is fortunate enough to work with a large number of builders in our community. Our relationships with our builder partners run deep and we truly value the opportunity we have to work together. I thought I would share some of our statistics from last year to show how we measure up.

In 2009 the Cedar Rapids Area Association of Realtors listed and sold 724 new construction listings. This is down from the 750 new construction sold listings in 2008.

Of these 724 sold new homes in 2009, Skogman Realty listed and sold 238 of these homes and brought buyers to the purchase 264 times! ** Or said another way…Skogman participated in the sale of 69% of the new construction transactions in 2009.

Average days on the market for the Cedar Rapids Area Association of Realtors MLS new construction listings is 133 days, average price is $201,493.

Average days on the market for Skogman Realty Builder Partner new construction listings is only 115 days, average price is $227,644.

Skogman Realty sold their Builder Partner new construction listings for an average of 18 days faster and for 11% more than the average price in the CRAAR MLS.

In the calendar year of 2009 Skogman Realty represented 53 different new construction Builder Partners.

Visit our Builder Profile page to see a list of our builder partners or simply search all new construction listings to find a home that suites you.

If you are a builder and have questions about our Builder Development program and would like to learn how to be a Builder Partner please contact RJ Murphy @ 319-360-6345 or rjmurphy@skogman.com or any Skogman Realtor.

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Round Two for the City’s New Affordable Homes Program

May 5, 2010
By skogman

In the summer of 2009 the City of Cedar Rapids in conjunction with the Iowa Department of Economic Development (IDED) offered the first round of Single Family New Construction Program. This program’s goal is to help replace many of the homes that were lost due to the flood of 2008. As a result of this program 184 homes or condos were built in the Cedar Rapids area.

Round two of the Single Family-New Production Program is underway and selected builders have received their allotment of homes they were approved to build. The program offers a 25% grant to approved buyers in the form of a five year forgivable loan. The final price of the homes must not exceed $180,000 before the 25% credit is applied. All of the units must close on or before December 31, 2011.

Buyers must be able to:

Qualify for and obtain their own mortgage
Get approved by the City of Cedar Rapids
Meet income requirements

Lots that are eligible in the program are scattered throughout the Cedar Rapids city limits. There are not eligible lots within the 100 year flood plain or in the City’s geographically defined “Greenway” or “Construction Study” areas.

City applications are now available and must be turned in, in person at:

Housing Services

City of Cedar Rapids

1211 Sixth St SW

Cedar Rapids IA 52404

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