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Marcus TIF

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maRCUS


   
HOME REPAIR PROGRAM FOR LOW TO MODERATE INCOME RESIDENTS


EXPENSIVE UTILITY BILLS? FURNACE ON THE FRITZ? 
WATER HEATER NEED REPLACED? 
DRAFTY WINDOWS AND DOORS?  
    
The Marcus Housing Repair Program is now accepting applications.

Applicants may be approved for up to $12,050, which can be used for home repairs and improvements. 

Applicants must meet income, property, and other requirements in order to be eligible for the program, including but not limited to:
Homeowners must meet gross annual income guidelines, the property must be located within the Marcus city limits and the owner must own AND occupy the home as his/her primary residence.

Funding is limited and assistance is not guaranteed.




Eligible Repairs 
Plumbing
 Health & 
Safety
Issues 
   Electricial 
Heating
Funding Level
    
100% of the funding is forgivable with 
$0 payment AND 0% interest 
IF the homeowner lives in the home for the full 5-years

A 5-year forgivable Deed Restriction for the amount of funding provided will be filed with the County Recorder.

Up to $12,050
Application Process 
    
1. Submit completed application with required documents for each person 18 years old & older that currently resides in the home to SIMPCO.

2. SIMPCO staff will conduct income verification of household gross income and mail applicable follow-up information and request to applicant.

3. Once eligibility is determined, a SIMPCO representative will contact you to make arrangements to visit your home to complete a Work Write- Up and prepare a written estimate for the repairs.
Construction Process
    
    
1. The homeowner will approve the contractor(s) and work to be completed.

2. The homeowner must sign a receding deed restriction and construction contracts prior to work beginning.

3. A lien will be placed upon the property in second position behind the primary lender.

4. Once a Notice to Proceed is issued by SIMPCO, the construction may begin.

5. All repairs will meet Iowa Minimum Rehab Standards and/or local codes. 

Eligibility Self-Screening
    
    
 Do I own my home?

 Do I meet the income eligibility criteria that is shown in the Income Limits table?

 Am I willing to sign a five-year lien/Deed Restriction equal to the amount of assistance that is provided to improve my home?
In order to determine whether this program is appropriate for you, consider the following questions: 
Program Requirements
         
• All households assisted shall have gross annual incomes under 80% of the county HUD income limit. (See table below).
• Property must be located within the jurisdictional boundaries of Marcus, Iowa.
• The property must be a single family home.

• Applicants shall own and occupy the property to be assisted and shall be current on taxes, utilities, mortgage payments, and housing insurance.

• The property shall be clear of junk and any nuisances.

• If the owner or his/her heirs sell or transfer the property, unforgiven balance of the Deed Restriction shall be paid from the net sale proceeds of the sale. If the property becomes non-owner occupied, is vacant for a period of more than 90 days, or is converted to rental property, the deed restriction will be in default. If in default whole of the unforgiven balance remaining shall immediately become due and payable.
 


2017 HUD Income Limits - 80% of the Area Median Income
    
# in household ....................Max Annual Income Limit
1 Person .......................................... $37,950
2 Persons ......................................... $43,350
3 Persons ......................................... $48,750
4 Persons ......................................... $54,150
5 Persons ......................................... $58,500
6 Persons ......................................... $62,850
7 Persons ......................................... $67,150
8 Persons ......................................... $71,500


   
Applications will be reviewed on a first-ready, first-served basis. Application forms are available at the SIMPCO office, by contacting Amanda Harper at SIMPCO, or can be downloaded below.
712-279-6286 or [email protected]
 



  This is an equal opportunity program. Rules for acceptance and participation are without regard to race, color, creed, religion, gender, sexual orientation, gender identity, family or marital status, national origin, age, disability, or status as a veteran.  
     
Funds are provided by the City of Marcus
Tax Increment Financing (TIF) Program.
Funding is limited and may be suspended
or terminated without notice.