McCook Housing Programs

McCook Economic Development Corporation (MEDC) established a housing program through a capacity grant from the Nebraska Department of Economic Development in 2001. Currently, we are operating a Purchase Rehab and Resell and a Downpayment Assistance Housing programs which are funded from the Nebraska Affordable Housing Trust Fund.

Purchase Rehab Resell Program:
Will rehab six homes in the City of McCook. MEDC will purchase a house, rehab it and then sell it to a qualified first-time homebuyer or the qualified first-time homebuyer can help choose a house, MEDC will purchase and rehab it and then sell it to the homebuyer. MEDC will also provide $3,000 of downpayment assistance to the buyer.

PRR House For Sale (pdf)

Downpayment Assistance Program:
Will provide twelve qualified first-time homebuyers $3,000 in downpayment assistance.

Program Requirements:
These programs target first-time homebuyers in the City of McCook that meet certain income levels and complete a REACH approved homebuyer education class and qualify for a home loan from a local lender. The homebuyer is required to provide $500 in earnest money that will be applied to the primary loan, occupy the house as your primary residence for a minimum of five years and keep the house up to code for two years after purchase.

First-time Homebuyer:
If you have not owned a home in three years or have experienced a life change such as divorce or widowed you may qualify as a first-time homebuyer.

2008 Income Requirements:
These programs serve those at or below 100% of the median income levels. Household size and income limits are: 1 person - $36,300; 2 person - $41,400; 3 person - $46,600; 4 person - $51,800; 5 person - $55,900. For larger households, the MEDC staff will assist you with the income levels.

Homebuyer Education:
MEDC provides five Homebuyer Education classes a year and the next eight-hour class is scheduled for November 1st, from 9 a.m.–5 p.m. at McCook Community College.

Application Process:
Potential participants should meet with Mary Seybold MEDC’s Housing Development Director to learn more about the program and complete an application. Applications will be reviewed on a first-come, first served basis. You can download the application by clinking on the links above or they can obtained from the MEDC office, area lenders, real estate agents, insurance agents, McCook Housing Agency, Community Action Partnership of Mid-Nebraska and USDA.

For more information: Contact Mary Seybold at McCook Economic Development Corporation (308) 345-1200 or mary@mccookne.org