At the Oct. 14 regular city council meeting, the City Council voted to contract with Region XII Council of Governments (COG) in Carroll, to administer and write a HOME Grant through the Iowa Financing Authority. The HOME Grant application is for owner-occupied rehabilitation and down payment assistance for low- to moderate-income families in Nevada.
On Jan. 10, Housing Programs Manager Laurie Gilbert of Region XII submitted the application, whereby the city is providing a $30,000 match for a minimum of 10 projects. The total grant request is $411,000. If awarded, the city will offer 10 low- to moderate-income families with an opportunity to receive down payment assistance and rehabilitate their homes with up to $33,000 in grants. Applicants will have to stay in the homes for 5-10 years, depending on the amount, as it is a 5-10 year forgivable lien.
"We hope the match the city is providing will give our grant application greater consideration," stated Mayor Lynn Lathrop.
Region XII COG sends out applications and determines eligibility. If interest is strong and we have more eligible applicants than money, then Region XII establishes a waiting list.
Once eligible, Region XII would inform the applicants and work with them to get other information needed, such as the target home to purchase, bank financing, etc. Once the program is established, most references come from the local banks and realtors. Region XII would plan to have a meeting for these parties after the grant is awarded. Awards will be announced in late spring.
The first project would likely begin at the end of next summer, assuming an award in late spring. The majority of projects will be complete in fiscal year 2016. And, if the projects proceed slowly, some may be in fiscal year 2017, assuming that the contract with IFA will be for three years.
If citizens would like to apply and determine eligibility, please contact Laurie Gilbert at Region XII at 712-775-7820 or City Administrator Elizabeth Hansen at 382-5466.