New homes valued up to $250,000 now eligible for Spencer Quality Housing Initiative grants

On behalf of Spencer Area Jobs Trust, the Iowa Lakes Corridor Development Corporation is excited to announce that new homes with total land and dwelling values up to $250,000 are now eligible for Spencer Quality Housing Initiative grants.

The Spencer Quality Housing Initiative (QHI) makes grants of up to $15,000 available to buyers of newly constructed, never-occupied homes in Spencer. Since 2012, QHI has disbursed more than $1.1 million in grants to 80 homebuyers.

Previously, the total appraised land and dwelling value could not exceed $199,500 for the home to qualify for QHI grant funds. The minimum total value remains $110,000.

QHI is made possible by a partnership between the City of Spencer, Spencer Municipal Utilities and Clay County. Those entities have pledged $12,500 in funds toward each QHI grant applicant.

Applicants who finance through a participating Spencer financial institution are eligible for an additional $2,500. Participating institutions include Community State Bank, Farmers Trust & Savings Bank, Northwest Bank, State Bank and US Bank.

To review additional QHI rules and access an application, visit iowalakescorridor.com or contact one of the participating lenders.