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Program aims to create affordable housing

Monday, July 16, 2012

McCOOK, Nebraska -- The McCook Economic Development Corp. has several more homes preparing to hit the market as part of their purchase, rehab, resell program.

The program has successfully targeted area homes that have sat vacant for many years, typically in a dilapidated state that results in neighborhood eyesores which bring in extremely low property taxes to the community. After the properties are acquired MEDC renovates them, usually with new plumbing, electrical, heating and cooling systems, even replacing flooring and kitchen cabinetry in most instances, before placing the home for sale to individuals that meet program guidelines.

"Basically the buyers receive a new home when all is done.

"We typically strip the house down to the shell before building it back up, but in some cases the entire home ends up being demolished, as was the case at 1011 West 10th Street this week," said MEDC Housing Development Director Mary Kircher.

The new, or near-new homes, are sold to program participants at typically well below their market value, said Kircher, benefiting local home buyers as well as providing future tax benefits to the community.

Kircher said the property located at 302 East Fifth Street would be ready for sale in the next couple of weeks and the property torn down at 1011 West 10th Street was expected to be completed within the next six months.

MEDC has also scheduled an auction on Aug. 18, 2012, for items stored within a property they acquired recently that is located at 511 E. Sixth Street. Kircher said she was very excited about that site because it has sat vacant for 28 years.

Potential home buyers interested in participating in the program must income qualify based on the number of individuals in their household, as well as meet loan qualifications, take a home buyers education class and provide a $500 personal investment.

For further questions or application information Kircher can be reached at 308-345-1200 or by emailing mary@mccookne.org.

The MEDC PRR program is funded in part through grants provided by the Nebraska Department of Economic Development and also receives financial support from the Nebraska Investment Finance Authority.


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