$100,000 awarded to McCook EDC for homebuyer assistance

LINCOLN -- The McCook Economic Development Corp. has received $100,000 in HOME funding to provide down payment and closing cost assistance for 14 employees wanting to purchase homes within incorporated communities located in Red Willow County. The HOME funding is administered by the Nebraska Department of Economic Development.

MEDC's goal is to partner with companies in this Employer Assisted Housing program to enhance recruitment efforts and promote and develop the area's workforce. MEDC will contribute $5,000, and employers $2,500 for a total of $7,500 towards downpayment assistance and/or closing costs of home loans. To date, employers participating in the program include Valmont Industries, McCook National Bank, Community Hospital, and AmFirst Bank, NA.

Eligible households must earn at or below 80 percent of the Area Median Income for the next 12 months, attend an eight hour Homebuyer Education Class, prequalify with a mortgage lender, complete the application form, find a home that meets DED's rehabilitation standards and lender requirements, and contribute $500 of their own money. They also will be required to present eligibility documents signed by their participating employers.

For information, contact Rex Nelson at (308) 345-1200, or email medc@mccookne.org