For the first time in 35 years, a program that provides affordable housing to low income families is selling brand new homes. Each year, the City of Davenport sells homes at a reduced price through its Urban Homestead Program.
Lead Financial Specialist, Dawn Cameron, says every previous year, the city has received funding from the US government, to renovate and remodel vacant, abandoned houses. But this year, Davenport received extra money to build three completely new houses on city-owned lots.
The homes are currently under construction, at the 700 block of 6th Street. The cost is about $95,000, or monthly payments of $629. The city will finance loans for the properties at a 3% interest rate for 30 years.
She says that cost is cheaper than average rent payments.
There are income and credit requirements for prospective home-owners. Applications are due by November 30th.
Davenport is holding open houses for the public this Sunday, November 8th, and next Sunday, the 15th, from 1 to 3 pm.
Since 1980, over 100 individuals and families have become home-owners through the Urban Homestead Program.