By Staff
The City of Dowagiac has finished construction of a new single-family home at 408 N. Front St. which will be offered for sale to income-eligible households.
The city will provide an income-eligible homebuyer a subsidy of up to $30,000 to assist in purchase of the home.
To qualify for the subsidy, a household must have an annual income below the following amounts based on family size:
The first $5,000 of the subsidy is a five-year forgivable loan.
As long as the family lives in the home for five years, the $5,000 will not have to be repaid and is forgiven at the end of the five years.
The balance of the subsidy is in the form of a 0-percent, interest-deferred loan.
This 0-percent interest loan must be repaid when the home is subsequently sold or transferred.
The home at 408 N. Front has a full basement, three bedrooms, a bath and a half, a patio, an attached one-car garage, a living-dining room and a kitchen with a new stove, refrigerator, dishwasher, garbage disposal and range hood.
Dowagiac and the Michigan State Housing Development Authority (MSHDA) have invested about $141,000 in the project, including acquisition and demolition of the existing home that was originally on the lot.
The home was developed by Community Housing Initiative, a local non-profit housing organization.
Community Housing Initiative will accept written purchase offers from income-qualified households until 5 p.m. Friday, May 9.
For further information and an application contact James Oleksak, Community Housing Initiative, 119 N. Main St., Buchanan, MI 49107; telephone, 269/697-5490.