Applications open for new EDC housing, rehab program

The McCook Economic Development Corp. has re-ceived funds from the Nebraska Department of Economic Development to activate its $200,000 grant for a purchase, rehab and resale housing program.

The program targets first-time homebuyers in the City of McCook that meet certain income levels.

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First-time homebuyers will be required to complete a REACH approved homebuyer education class and qualify for a home loan from a local lender.

Potential participants should complete an application and turn it into MEDC for consideration. Applications will be reviewed on a first-come, first served basis starting on Feb. 27. Applications will be verified and the participants approved through the MEDC housing committee and board of directors.

Upon approval, the participant will find a house and MEDC will determine the rehab with a contractor and inspector. If in agreement, MEDC will purchase the home, complete the rehab and sell the rehabbed home to the participant.

MEDC also will provide $3,000 of downpayment assistance to the participants. This program will rehab six homes in two years.

Applications will be available at the McCook Home Show in the MEDC Housing Booth sponsored by Wells Fargo Bank.

The following week they can pick up applications from area lenders, real estate agents, insurance agents, McCook Housing Agency, Community Action Partnership of Mid-Nebraska and USDA.

They can also e-mail denise@mccookne.org and request an application online or call (308) 345-5188 for an application to be mailed to you. The mailing address is McCook Economic Development Corp., PO Box 626, McCook, NE 69001.

Additional information that will be helpful in determining if you are eligible:

This program will serve those at or below 100 percent of the median income levels.

Household size and income limits are: 1 person - $35,100; 2 person - $40,100; 3 person - $45,000; 4 person - $50,200; 5 person - $54,200.

For larger households, the MEDC staff will assist you with the income levels. If you have not owned a home in three years or have experienced a life change such as divorce or being widowed you may qualify as a first-time homebuyer.

MEDC established the housing program through a capacity grant from the Department of Economic Development in 2001.

Currently, MEDC provides quarterly Homebuyer Education classes and the next eight-hour class is scheduled for Feb. 21-23, 6-10 pm at McCook Community College.

Officials involved with the MEDC housing committee include Rex Nelson, Executive Director; Denise Ringenberg, Housing Development Director; Becky Dutcher; Colleen Grant; Val Kircher; Randy Korgan; Gene Morris; Barb Ostrum; and Doyle Wineland.

For more information, contact Denise Ringenberg at McCook Economic Development Corp., 308-345-5188 or denise@mccookne.org.