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Wednesday, June 04 2008

We congratulate Mayor Jonathan Weinzapfel on his expansion of the Front Door Pride Homes program with the news that additional homes are to be built this year. This program has the support of many different entities and it shows that local city authorities and local businesses can get together and do something good for Evansville.

Here's the story from TriStateHomepage.com:

(EVANSVILLE, IN) – Mayor Jonathan Weinzapfel announced today that two additional Front Door Pride homes will be built on the lots at 119 and 123 Jefferson Avenue. The single-story and two-story homes will be ENERGY STAR certified, which means they will have energy-efficient appliances and features that result in better performance, greater comfort and lower utility bills.

This is a continuation of a process which began last October with the construction of two new Front Door Pride homes on Madison Avenue, which were completed in February 2008. This year’s goal is to construct 8 to 10 additional single family homes, including the two on Jefferson, within a one block radius of Madison. It is just the beginning of a multi-faceted, multi-year program that involves new construction and rehabilitation in the broader Front Door Pride area.

Each of the 4 homes is located in the Goosetown One Redevelopment Area, which is bound by Southeast 2nd, Madison, Judson and Washington Avenues. This area was chosen because it has the greatest number of buildable lots and because of its location near the Alhambra Theater and Haynie’s Corner Arts District.

“These new homes are helping us to achieve our goal of creating a mixed income neighborhood, which is important for sustainability,” said Mayor Jonathan Weinzapfel. “More buyers translate into more new homes, which will reinforce our efforts to reverse the decades of decline and neglect in these neighborhoods.”

The selling price for the single-story 3-bedroom 2-bath home, which is based upon appraised value, will be between $87,000 and $92,000. The estimated development cost is $138,000. The selling price of the two-story 4-bedroom 2.5-bath home will be between $95,000 and $99,900, while the estimated development cost is $154,000. The difference is being absorbed by local, state and federal grants making these homes more affordable to more buyers. The City and Our Greater Community are utilizing a state grant of $1 million to provide subsidies toward construction costs.

The state has increased the amount of grant money to subsidize development costs from $25,000 to $45,000. The grant funds require that the homes are sold to individuals or families at or below 80% of area median income (see chart below). Qualified buyers may receive an allowance of up to $5,000 to assist them with down payment and closing cost expenses. Maximum Annual Household Gross Income 1 person - $33,500 4 people - $47,850 2 people - $38,300 5 people - $51,700 3 people - $43,050 6 people - $55,500 Old National Bank, Integra Bank, Fifth Third, Evansville Commerce Bank, First Federal Savings Bank and the Bank of Evansville have allocated $50 million in mortgage loans to help qualified buyers. T

hose buyers must also complete a pre-purchase homebuyer’s class and make a minimum down payment of $500. People who are interested should contact Our Greater Community (423-3169), which is partnering with another local non-profit, HOPE of Evansville, to administer the program.

Posted by: Rolando Trentini AT 07:48 am   |  Permalink   |  0 Comments  |  Email
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The Trentini Team
F.C. Tucker EMGE REALTORS®
7820 Eagle Crest Bvd., Suite 200
Evansville, IN 47715
Office: (812) 479-0801
Cell: (812) 499-9234
Email: Rolando@RolandoTrentini.com


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