Housing Incentive Programs

CITY OF ROCK VALLEY
HOUSING INCENTIVE PROGRAMS

$2,500 Low-to-Moderate Income Affordable Housing Grant

– Applicant Eligibility

  • Basic eligibility is determined by adjusted gross annual household income on your most recent tax return.
  • The house being purchased must be located within the city limits of Rock Valley
  • The applicant must have documented household income that is at or below 80% of the Sioux County median income level.
  • This program is only available for existing homes that are taxed as real property.
  • The home must be the primary residence of the applicant.
  • The City reserves the right to inspect the house prior to award of the grant.
  • This program may not be combined with the new housing incentives.
  • There is no minimum or maximum restriction on the price of the house that is purchased.
  • The City of Rock Valley reserves the right to discontinue this program.

– Documents Required

  • A copy of your most recent federal or state tax return.
  • A copy of a warranty deed of your house.
  • One form of personal identification (driver’s license, passport or birth certificate).
  • A completed application for the existing house incentive (available at the City Office).

$3,000 New Home Construction Grant

– Applicant Eligibility

  • Builder agrees as a condition of receiving a City grant of $3,000 to construct a residential dwelling within the City limits of Rock Valley, Iowa.
  • Builder further agrees that construction of the said residential dwelling will commence within six (6) months of the date of the grant and be substantially completed within one (1) year from the date construction began.
  • Builder agrees the residential dwelling has a foundation and will be taxed as real estate.

– Documents Required

  • A copy of the warranty deed of the lot you are constructing on.
  • One form of personal identification (driver’s license, passport or birth certificate).
  • A completed “Agreement for Home Construction” form (available at the City Office).

$5,000 New Home Interest-Free Loan

– Applicant Eligibility

  • Applicant must have built a new home within the city limits of the City of Rock Valley, Iowa.
  • The new home must be at least 85% complete prior to applying for the loan.
  • The loan is required to be repaid over sixty (60) months at $83.33 per month by auto-withdrawal from an active checking or savings account.
  • The loan is required to be paid in full should the applicants sell the home prior to the sixty (60) month loan repayment schedule.

– Documents Required

  • A copy of the warranty deed of your house.
  • One form of personal identification (driver’s license, passport or birth certificate).
  • A voided check for auto payment of the monthly loan payment.
  • A signed ACH Authorization form (available at the City Office).
  • A check for $17.00 made payable to: Sioux County Recorder.
  • A completed Promissory Note (available at the City Office).
  • A completed Mortgage agreement (available at the City Office).

Contact the City Office at 476-5707 with any questions on the Housing Incentive Programs. See more information at the Economic Development’s Website.

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