A1 Gutters owner Paul Ricley of McCook hangs seamless guttering on a house at 810 W. Third, the first of six in a "purchase, rehab and resale" housing program coordinated by the McCook Economic Development Corp. (Connie Jo Discoe/McCook Daily Gazette)

New gutters are in place, and insulation has been blown into the walls. New windows are next on the "To Do" list at the little house at 810 W. Third in McCook.

The house is the first of six in a "purchase, rehab and resale" housing project coordinated by the McCook Economic Development Corp. The MEDC has a $200,000 Nebraska Department of Economic Development grant to help eligible first-time homebuyers purchase homes that are affordable, safe and energy-efficient.

Denise Ringenberg of McCook, housing development director for the MEDC, said that the process begins with an application made to the MEDC. Applications will be verified and the participants approved through the MEDC housing committee and board of directors.

Upon approval, the participant will locate the house he/she would like and the MEDC will determine necessary repairs and updates with contractors and inspectors. If everyone is in agreement, Ringenberg said, the MEDC will purchase the house and the work will be performed by the contractors.

The cost of the repairs is included in the loan, Ringenberg said, so repairs, too, must be within the buyer's affordability range.

When the work is completed and meets McCook building codes for plumbing, heating and electrical service, the house will be sold to the participant.

The new owner is required to live in the house for at least five years, Ringenberg said.

The new owner of 810 W. Third will be Scott Lafferty of McCook, Ringenberg said, who met the program's requirements:

(Advertisement)

* Completion of a first-time homebuyer education class;

* An income that meets eligibility guidelines; and

* The ability to qualify for a loan from a local lender.

Ringenberg said that Scott plans projects of his own outside the scope of the MEDC program, including yardwork and landscaping and possibly refinishing hardwood floors and stripping and finishing baseboard and trim.

The program services those at or below 100 percent of median income levels, Ringenberg said. Household size and income limits are: one-person household, $35,100; two-person, $40,100; three-person, $45,000; four-person, $50,200; and five-person, $54,200. Contact Ringenberg for income limits for larger households.

Ringenberg said eligible participants must not have owned a home in three years. Eligible persons who have experienced a life change, such as being divorced or widowed, may also qualify.

Through the housing program, a participant may also be eligible for down payment assistance and loan assistance from the U.S. Department of Agriculture and federal home loan programs. "Down payment assistance helps keep the loan affordable," Ringenberg said.

The MEDC plans its next eight-hour first-time homebuyer education class Tuesday, Feb. 20, and Thursday, Feb. 22, from 6 p.m. until 10 p.m., in classrooms on the second floor of McMillen Hall at McCook Community College.

Ringenberg said one-on-one training may be arranged if necessary.

For more information on the program, and to apply for participation, contact Ringenberg at the MEDC office in McCook, (308) 345-5188, or at denise@mccookne.org