Keokuk, IA – A state-wide revolving loan fund could lead to more residential housing in Keokuk.
The city is looking to join the Iowa Finance Authority's New Home Construction Program.
If accepted, Keokuk could borrow hundreds of thousands of dollars, from the state, at a low-interest rate.
The city could then loan that money to contractors interested in building new homes.
Finance Committee Chair, Doug Matlick, says this program could fill a glaring hole in Keokuk's housing market.
The city would have 3 years to pay the state back.
The future homeowners would have to meet certain income guidelines and there would be a limit as to how much a new home could sell for.
Additional Information
* Keokuk will have to conduct a housing market study to apply.
* The homes could sell for more than $267,000 and the potential owners must make less than $66,000.