Cost assistance offered for housing purchases, rehab

Beginning Feb. 1, the Southwest Nebraska Community Betterment Corporation (SWNCBC) will begin accepting applications for cost assistance for housing purchases and rehabilitation projects.

The program will provide down payment/closing cost assistance to homebuyers. 

If rehabilitation of the home is needed, additional funds are available after closing on the purchase. 

Funding for the program comes through the Nebraska Affordable Housing Trust Fund, run by the Nebraska Department of Economic Development. 

The program is based on household income.

The down-payment assistance grant is a deferred loan at 0% interest and is to be paid back to SWNCBC when the house is no longer the buyers’ principal residence. 

Homebuyers can qualify for up to $10,000. 

The final amount of assistance given depends on the amount the lender requires and cannot exceed 20% of the purchase price of the home.

If rehab is needed on the home being purchased, the buyer can qualify for up to $20,000 in rehabilitation funds to be used once the closing has been completed.

A professional inspection is required during the purchase process to evaluate the necessary work to be done to the home. 

The rehabilitation portion of the grant is a “forgivable loan” at 0 % interest, with no repayment necessary as long as the family maintains the property as their primary residence for the next 10 years. 

All homebuyers are required to take a homebuyer education class. SWNCBC offers an online class through ehomeamerica.org. Spanish classes are also available through ehomeamerica.org. 

This program includes the following incorporated communities: Grant, Venango, Elsie, Madrid, Imperial, Wauneta, Lamar, Benkelman, Haigler, Stratton, Trenton, Culbertson, Palisade, Hayes Center, Hamlet and McCook. 

Applications can be picked up at the SWNCBC office located at 115 W. 3rd Street in Grant, online at www.southwestne.com or by
emailing swncbc@gpcom.net
to request an application be mailed. 

Applicants may also call SWNCBC at 308-352-4338 for an application or for more information.

The non-profit organization, located in Grant, serves a five-county area. 

They also partner with other organizations to assist homebuyers.