Iowa City Today

The City of Coralville has funds available for home buyer assistance. The Coralville Home Buyer Assistance (HBA) program will provide financial assistance of up to $24,999 to eligible home buyers.

This funding is provided by the Iowa Economic Development Authority and administered by the East Central Iowa Council of Governments (ECICOG) in Cedar Rapids.  

How to Apply

To apply, complete the Coralville Home Buyers Assistance application at www.ecicog.org/home-buyers-assistance.html. For additional information, contact Paula Mitchell at ECICOG at paula.mitchell@ecicog.org.

Eligibility

Eligible persons will:

• Purchase a home in Coralville that is outside of the 100-year flood plain.
• Purchase a property that will serve as their primary place of residence for at least five years.
• Have an annual gross household income that does not exceed 80% of the current area median income for Johnson County.

Household Size              1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person

Eligible Maximum Income	$55,850	$63,800	$71,800	$79,750	$86,150	$92,550	$98,900	$105,300

Eligible Homes

Eligible home types are:

• Single family property
• Condominium
• Existing or newly constructed property
• Manufactured home:
  • Built in 1976 or later
  • Permanently affixed to a site-built foundation
  • Towing hitch and running gear removed
  • Installed on land owned by the potential property owner
  • Dwelling and site taxed as real estate

Financial Assistance

Financial assistance will be up to $24,999 to assist with up to:

• 50% of the lender required down payment
• $350 toward a property inspection fee
• $3,500 toward closing costs

Assistance will be in the form of a receding forgivable loan, with 20% of the loan forgiven annually over five years. If the property is sold or transferred before five years have passed, or if the property is not used as a primary place of residence for the program participant, the participant will repay the remaining principal amount to the Iowa Economic Development Authority.  

Property Standards

The following property standards apply:

• Property must meet either state and local housing codes 
• Repairs to comply must be completed before closing, and costs for these repairs should be negotiated between the buyer and seller
• A full Uniform Relocation Act-compliant appraisal must be conducted by a licensed appraiser, and an inspection must be conducted by ECICOG’s Housing Specialist.
• Program is subject to HUD’s Lead Safe Housing Rule, and home must be inspected for lead based paint hazards. A limited amount of funding is available to address lead-based paint hazards identified by ECICOG’s inspector, subject to budget approval.

Original source can be found here.