Spencer Quality Housing Initiative surpasses $1 million milestone

SPENCER, Iowa – In just under five years, the Spencer Quality Housing Initiative has exceeded $1 million in distributed grant funds.

Awarded and administered by the Spencer Area Jobs Trust, the Spencer Quality Housing Initiative began disbursing funds in late 2011. The program’s goal is to incentivize the purchase of new, mid-range houses located in the City of Spencer.
City Manager Bob Fagen said he is pleased with the program’s progress and results.
“The program’s been a complete success,” Fagen said. “The city came from having four residential building permits with a value of about $800,000 to having $26 million of new residential permit value.”

The City of Spencer, Spencer Municipal Utilities, Clay County and five Spencer financial institutions are partners in the program. Combined, the partners have pledged funds for grants of up to $15,000 for homebuyers.

“Housing is a necessary part of our community that we need to have if we’re going to expect people to have a place to live in Spencer and around Spencer,” Clay County Supervisor Burlin Matthews said. “For us, as a county, it was an economic development idea that we thought fit very well in providing housing.”

Steve Pick, Spencer Municipal Utilities General Manager and CEO, said the utilities provider is proud to be a program partner.

“Spencer Municipal Utilities is proud to be one of the community supporters that developed and delivered the Quality Housing Initiative,” Pick said. “The success of the program is another testament to the community of Spencer working together. The QHI program has led to over 75 new houses being built to date with construction activity continuing.”

About Spencer Quality Housing Initiative
The Spencer Quality Housing Initiative is offered in conjunction with Spencer Municipal Utilities, City of Spencer, Clay County and participating Spencer financial institutions. Spencer Area Jobs Trust administers the initiative. Applicants are eligible to receive up to $15,000 toward the purchase of new, mid-range homes located in Spencer.

Read more about the Spencer Quality Housing Initiative.

Download this press release (PDF).