Spencer, IA (KICD)–The city of Spencer is looking to double down on a popular housing incentive.
City Manager Bob Fagen tells KICD News that just over one year ago the city launched a Quality Housing Initiative with the County, SMU, area banks, and Jobs Trust. Since then the program has been a huge success.
Councilmembers showed support for upping the range by $15,000 on the high end, which would allow for new home builds in the $110,000-$195,000 range to be eligible for these funds.
The total cost for an additional 40 homes is $600,000 as each new home build is eligible for $15,000. The city’s share would actually be cut in half from the $400,000 figure from the first 40 homes.
In Monday’s Progress & Development Committee meeting Mayor Reynold Peterson noted his support for the QHI program.
The Quality Housing Initiative allows for new home builds in the $110,000-$195,000 range in the city to be eligible for a $15,000 grant. Official action is expected at the next regular council session.