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Spencer Quality Housing Initiative Grant
The City of Spencer, Spencer Municipal Utilities, Clay County and Spencer Financial Institutions have pledged funds for grants of up to $15,000 for purchasers of new mid-range personal residences in the City of Spencer. These grants will be awarded and administered by the Spencer Area Jobs Trust.
- Grants are only for the acquisition of a new (not previously occupied) personal residence (single family, duplex, townhome, or condominium) home within the corporate limits of the City of Spencer.
- The appraised value or actual cost of the home and land shall not be less than $110,000 and not more than $180,000.
- Jobs Trust 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 the Jobs Trust. 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 at the closing of the purchase or at the closing of permanent financing following completion of the new constructed residence or to the Applicant upon occupancy if no Lender is involved.
- Grant Commitments will be issued on a “first-come-first-served” basis until funds are exhausted, until 40 grants have been committed, or until September 1, 2014, whichever first occurs.
- An Applicant may withdraw a QHI Grant Application at anytime prior to funds disbursal.
- If an Applicant finances through a participating financial institution, the grant amount is increased by $2,500. Participating lenders include Farmers Trust & Savings Bank, Northwest Bank, Community State Bank, State Bank and US Bank.
The Application and Rules can be downloaded here: Spencer Quality Housing Initiative Grant Application.
Hard copies can be obtained at the Corridor office. Contact us for more information.