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Wednesday, July 23, 2014

'Iowans Helping Iowans' Housing Assistance Program

Thursday, September 30, 2010

Cherokee City Hall would like to remind those homeowners who applied to FEMA and received some form of FEMA housing assistance, that they may be eligible for Housing Repair/Rehabilitation Assistance from the Iowans Helping Iowans Program.

Individuals whose homes were damaged by flooding and storms this summer may be able to receive financial assistance not to exceed $25,000 (this includes the amount you received from FEMA) for the necessary and reasonable cost of eligible repair.

Assistance under this program will be provided as a forgivable loan, forgiven over a 5-year period at a rate of 20 percent per year so long as the person remains living in the home. If the homeowner sells the home before the end of the 5-year retention period, the homeowner shall repay the remaining loan balance upon the sale of the home. Interest rate is 0 percent. Term is 5 years.

The home to be assisted must be an owner-occupied primary residence.

Another program that may be available to qualified individuals under the Iowans Helping Iowans Program is Down Payment Assistance. This is for individuals whose homes were destroyed or damaged beyond reasonable repair by the 2010 natural disasters and may provide down payment assistance for the purchase of replacement housing. If necessary, this program may also provide help with the cost of making reasonable repairs to the home being purchased to make it safe, decent, and habitable, not to exceed the lesser of 25% of the purchase price of the home being purchased, or $25,000.

For more information and to apply, visit www.IowansHelpingIowans.com.



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