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Homeownership Assistance Program
The City of Shelby received grant funds from the Iowa Department of Economic Development to assist income eligible, first-time homebuyers purchase a home within the City of Shelby. The program provides $10,000 for down payment assistance AND additional funds to rehabilitate the home to meet Iowa Minimum Housing Rehabilitation Standards. |
Eligibility Requirements:
- You must be a “First-time Homebuyer.” That is defined as a person who has not owned a home during the past three years, or is a displaced homemaker.
- You must qualify for a loan from a lending institution and your principal loan product must be one of the following: IFA, FHLB, USDA-RD, HUD-FHA, or HUD-VA.
- You must not exceed income guidelines as listed below:
| 1 Person/Household |
$30,500 |
| 2 Persons/Household |
$34,900 |
| 3 Persons/Household |
$39,250 |
| 4 Persons/Household |
$43,600 |
| 5 Persons/Household |
$47,100 |
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- Eligible participants will be selected on first come-first serve basis.
HOW TO APPLY:
If you are interested in learning more about the program or obtaining an application, call Southwest Iowa Planning Council toll free at 866-279-4720.
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