Minot man is first to use post-flood homebuyer program
MINOT, N.D. (AP) — The first home purchase has been made through Minot’s new $3 million program designed to help low- and moderate-income households affected by the 2011 Souris River flood.
Minot resident Bryan Juenger was the first to take advantage of the city’s Resilient Homebuyer Program, the Minot Daily News reported. Juenger and Minot Mayor Shaun Sipma signed the paperwork Thursday to complete the home purchase through the program, which is set up by the National Disaster Resilience Program.
The June 2011 flood was caused by heavy spring snowmelt and rains. Flooding damaged or destroyed thousands of buildings in Minot and caused an estimated $1 million in damage.
The city initiative aims to retain Minot residents who were impacted by the flood by providing gap financing for the purchase of resilient and affordable homes. The efforts are funded through a federal Department of Housing and Urban Development grant.
Juenger, 48, received a $60,000 loan, the maximum that the program offers, at zero percent interest to cover home purchase costs that aren’t funded by a conventional mortgage. The loan is forgivable as long as the borrower meets certain criteria over 15 years of payments.
Juenger said the additional funding makes it easier to stay in Minot with his son.
“With that extra bit of help I can get into a home that isn’t such a burden on my mortgage,” he said.
Sipma hopes that up to 100 residents will use the program.
“The big piece of it is peace of mind, especially after a financial hit that many folks in the valley had,” the mayor said. “Having that certainty is certainly very important to a lot of residents.”
Information from: Minot Daily News, http://www.minotdailynews.com