NEICAC has completed its fifth project in 2007, sixth project in 2009, and is winding up construction of out 7th project in June of 2010 called the Rent to Own Homes Program. The 5th project involved the building of five houses, four in Cresco and one in Postville. The 6th project has built Rent to Own Homes in Cresco (2), West Union, and Lawler.

These are three bedroom homes that are rented for one - three years by a first-time homebuyer family who meets the program’s income guidelines. These homes are being built for families who are at an income level that does not exceed 50-60% of the local average monthly income (AMI). Then, after taking the required Homebuyer Education Classes, the renter can buy the home for about half the cost of construction. The construction costs for one of these homes is about $140,000.

NEICAC’s Property Manager is a Certified Homebuyer Educator. Before the renting family can purchase the home, they will be responsible for taking classes to help them repair credit, save for a down payment, and learn home ownership skills. Of the first 5 Rent to Own homes, termed Phase I, all five homes are rented, with 4 sold to families earning less than 60% of their local AMI. NEICAC is building four more of homes in 2008⁄2009 as part of their 6th housing project termed Phase II. These homes are quality stick-built homes, not modular homes. They were completed for occupancy on June 1, 2009 for families earning no more that 60% of local AMI.

Our 7th housing project termed Phase III of NEICAC’s Rent to Own Program is now under construction. NEICAC is building 3 more Rent to Own Homes in West Union, Tripoli, & Volga. Applications are now being accepted for these three homes. NEICAC hopes to have these 3 homes fully rented by July 1st, 2010.

Below is the guidelines for our seven county service area. If your household size is greater than four, please contact NEICAC for income guidelines.

As an example, based on a 60% AMI, a family of four making less than $33,960 gross income annually in Howard County would qualify for the Rent to Own program.

Phase IV of the Rent To Own Program is now in the development⁄application stage with 2⁄3 of funding secured. When totally funded, Phase IV construction will begin in the fall of 2010. The 3 Phase IV Rent to Own Homes will be built in Oelwein, Tripoli, & Volga. These 3 homes will be NEICAC’s first round of "green homes" meeting IDED’s "green criteria checklist".

Property features include:

• 3 bedrooms, including 1 master bedroom with a walk-in closet
• One full bathroom upstairs, with a roughed-in bathroom in the basement
• Double garages with garage door openers
• Energy efficient heating systems
• State of the art whole house closed cell foam insulation
• Anderson or equivalent windows
• Laminated flooring throughout, with carpeting in the bedrooms
• Energy efficient appliances including: refrigerator, stove, dishwasher, microwave oven, and compact florescent lighting systems
• Washer and dryer hookup on first floor
• Full basement
• Passive solar heating
• Attached deck

For more information call Mark Kvammen at 563-382-8436 Ext 151 or Daniel Michels at 563-382-8436 Ext 109

To apply for a "Rent to Own" home, print the Homeownership Program Applicaton form and fax it to 563-382-9854 Attn: Daniel Michels