NCRPC Announces New Program to Lower Barrier to Homeownership in Clay County

By Quinn O’Hara

The North Central Regional Planning Commission, or NCRPC, announced in a press release on Tuesday, May 7, that the organization will be piloting a program which seeks to make home ownership more affordable in Clay County.

Beginning on May 13, for a limited time the pilot Clay County Home Ownership Program will offer up to $12,500 in down payment and closing cost assistance. The program’s incentives include a combination of a fixed rate 3% down payment assistance loan of $10,000 and a closing cost grant of $2,500 when purchasing a home of $50,000 or greater in Clay County.

Eligible homes include existing ones, existing homes with planned/financed upgrades totaling $50,000 or greater, manufactured homes including lot and infrastructure, or new construction. The program is available on a first-come, first-served basis for a limited time until funds run out or when the program ends on December 31, 2024.

Funding for the program has been provided by Four Rivers Housing Opportunities, Inc., Clay County, Grow Clay County, and United Bank & Trust.

The NCRPC said the program is designed to be a catalyst for first-time home buyers, benefit employers in recruiting and retaining employees, attract alumni back to the region to work, and more. The NCRPC reported that since 2018, similar programs in Cloud, Dickinson, Ottawa, Republic, and several other Counties have assisted in the purchase of 149 homes with an approximate value of $19.5 million.

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