EISENHOWER HOMES

 

The purpose of the Eisenhower Subdivision is to construct a single-family housing development to provide housing for our working families in the community of Independence and the surrounding area.

 

Program Income Limit:   1-2 people       $47,440  (adjusts annually)

            3 or more        $54,556  (adjusts annually)

 

Estimated Costs of Homes:         $98,000 to $123,000.

  • Homes shall be sold for the cost of construction to those income qualifying.

 

Compliance Period for abatement of infrastructure costs (water, sewer, and street installation) and professional fees:

  • Land cost, platting fees, professional fees, and the installation of water, sewer, and streets (infrastructure costs) shall be attached to the deed as a second mortgage.  This second mortgage shall be forgiven 100% if the homebuyer lives in the home for a period of seven (7) years.  If the homebuyer sells the property prior to the end of  the seven (7) year compliance period, the repayment of the inducement shall be paid from the proceeds of the sale of the home and shall be dispersed in the following order:
      • First the First Mortgage shall be paid in full.

 

      • Second any funds that the owner paid as a down payment and/or any principal paid on the First Mortgage shall be paid to the owner in full.

 

      • Third the second mortgage, which is the amount that is owed to the Housing Authority on the inducement, shall be paid in full from any proceeds after the first and second disbursements. In the event that the second mortgage cannot be paid in full the Housing Authority shall be paid the balance of the remaining funds.  After providing for such payment the Housing Authority will release the second mortgage regardless of the amount received.

 

      • Fourth, in the event that the sale of the home allows the first and second mortgage to be paid in full, any remaining funds shall be paid to the property owner.

 

    • Current second mortgage cost range from $32,000 to $35,000.

 

City of Independence Resolution No. 2006-47:

  • Resolution No. 2006-47 is a resolution implementing annual rebates for ad valorem taxes for qualifying new single family residential homes.
      • The City of Independence shall provide a rebate of ad valorem taxes paid to the City for any new single family residential home or duplex that is either constructed after the effective date of this resolution or for which a building permit was issued after January 1, 2006.  The rebate shall not apply to any construction initiated after January 1, 2012.

Financing the Home: 

  • It is the home buyer’s responsibility to obtain financing.

 

Commerce Bank Financing:

  • Commerce Bank of Independence is providing an aggressive real estate loan program for the financing of these homes.   The following fees will be paid by Commerce Bank at a savings to the borrower of approximately ($10,903.50):
      • Tax Service Fee:         None   (Value $60)
      • Appraisal Fee:             None   (Value $300)
      • Credit Report Fee:      None   (Value $50)
      • Pest Inspection :         None   (Value $80)
      • Flood Certification:    None   (Value $13.50)
      • Funding Fee:              None   (Value 400)
      • Mortgage Insurance: Not  required (Value- Up to $10,000)

 

  • The following are Good Faith Estimates from Commerce Bank:
      • 30 year fixed loan     
      •  100% financing of 1st mortgage     
      • 6.375% interest rate

 

 

Estimated Monthly

Estimated Closing

 

Payment

Costs

Cottonwood

 $        1,054.00

 

 $       3,904.00

Dogwood

 

 $           904.00

 $       3,315.00

Elm

 

 $           825.00

 $       3,011.00

Redwood

 

 $        1,031.00

 $       3,766.00

 

 

 

 

 

 

 

 

 

 

 

 

 

For more information:

  • Call (620) 332-2536 or (620) 332-2500
  • Email address:   iha@comgen.com
  • Contract your local realtor