P-R-R housing program needs applicants

Staff Writer
Nebraska City News-Press

Nebraska City’s new Purchase-Rehab-Resell program needs program applicants. The program, which is the second in the state, helps upgrade the quality of existing housing stock within the region and provides assistance to income-qualified applicants for the purchase of safe, decent, and affordable housing.  
Under the program, eligible persons/families will identify a housing unit they would like to purchase or select from the existing housing stock currently owned by the program.  
The program will also allow for the purchase of a speculative property that is in need of rehabilitation in order to bring it in line with local standards for existing housing quality.
The program will purchase the unit, perform the necessary rehabilitation, and resell the unit to the applicant with the opportunity of utilizing available Homebuyer Assistance funding.
Homebuyer Assistance utilizing Community Development Block Grant funds can be as much as 50 percent of the required 20 percent down payment to help the applicant avoid Primary Mortgage Insurance (PMI).  
This assistance takes the form of a deferred, no-interest loan on the property that is due on sale, transfer of title or no longer occupying the property as a primary residence.
For more information on the P/R/R program, call (402) 475-2560.