Minot incentivizes property purchases through new program
MINOT, N.D. (AP) — Minot residents whose homes were damaged by the 2011 Souris River flooding or are being bought out for flood protection might be eligible to up to $60,000 for help purchasing another home.
The flood damaged or destroyed more than 4,000 buildings in Minot, displacing more than 11,000 people and causing about $700 million in damage.
A new Resilient Homebuyer program is available any Minot residents whose homes are being acquired for flood control or flood mitigation, the Minot Daily News reported . It’s also offered to interested buyers whose homes or apartments were significantly damaged in 2011.
The amount of incentive offered to applicants will be decided by the North Dakota Housing Finance Agency or its participating lenders. The program incentivizes investment in Minot because all homes must be located within the city’s limits to be eligible.
Homebuyers must have household incomes that don’t exceed the following limits by household size: one, $44,050; two, $50,350; Three, $56,650; four, $62,900; five, $67,950; six, $73,000; seven, $78,000; and eight, $83,050.
Homebuyers also need to secure a 30-year fixed-rate first mortgage from a participating lender of the state’s housing finance agency. A home purchase cannot exceed $253,809, and this maximum price will be reviewed yearly by the agency.
A property must undergo inspection to determine compliance with Housing and Urban Development housing quality standards before a sale closes. An environmental review must also be completed.
Information from: Minot Daily News, http://www.minotdailynews.com