Storm Lake United Housing Initiative
Storm Lake United has pledged funds for grants of up to $20,000.00 for purchasers of new multi-housing units in the City of Storm Lake. These grants will be awarded and administered by Storm Lake United.
- Grants are only for the acquisition of a new (not previously occupied) personal residence (single family, duplex, triplex, 4-plex, and multi units) home within the corporate limits of the City of Storm Lake.
- The appraised value or actual cost of the home and land shall be not less than $110,000.00 and not more than $285,000.00 unless for duplex, triplex, 4-plex, and multi units.
- Storm Lake United will issue a grant commitment to the applicant and the applicant’s Lender. This commitment is to be accepted in writing. If a Lender is involved the Lender shall confirm an adequate construction or purchase loan commitment to Storm Lake United. After the grant is accepted and any necessary loan verified, grant funds will be allocated. The grant commitment is valid for a period of one year. (Housing to be completed and closing held within one year.)
- Grant funds will be disbursed to the financial institution or applicant upon completion of building and City Occupancy Permit.
- Grant commitments will be issues on a “first-come-first-served” basis until funds are exhausted.
- An applicant may withdraw a SLUHI grant application at any time prior to funds disbursal.
To apply, please complete the Storm Lake United Application for Quality Housing Initiative Grant and return to Storm Lake United.
Storm Lake United
119 W 6th St - PO Box 584
Storm Lake, IA 50588