VALLEY CITY, N.D. (NewsDakota.com) – In collaboration with the City of Valley City and Barnes County Commissions, the Valley City Barnes County Development Corporation is pleased to announce a second year of funding for the Single-Family Home Buyer Assistance Program. All available spots in the first year of the program were filled,
demonstrating strong demand and confirming the need for continued investment.
Program Overview: Year two of the program supports the construction of up to four (4) new homes within Valley City limits and up to six (6) new homes in rural Barnes County. A maximum of $15,000 is available per new home constructed in rural Barnes County. A maximum of $40,000 is available per new home constructed within city limits (up to $30,000 of Economic Development funds and up to $10,000 from the City’s home buyer assistance enterprise fund). The City’s $10,000 contribution will be reduced if the Renaissance Zone Property Tax Exemption is used. Water and sanitary sewer tap fees and temporary meter fees for municipal utilities will be waived for new homes in city limits.
Project Requirements: The home must be owner-occupied, the primary residence, and subject to property taxes. The homeowner must contribute at least a five (5) percent cash down payment to receive program funds. Eligible uses of funds include down payment assistance and home construction costs to reduce permanent financing costs. Acceptable home types under the program include single family homes, twin homes, town homes, modular homes built to state and local building code standards, new homes (within City limits only) that have not been owned or occupied, and row houses. Ineligible properties include rental properties, manufactured homes, and mobile homes. A claw back provision is included that requires repayment of all or a portion of funds if the home owner vacates the home for any reason within five (5) years from the date of the Certificate of Occupancy.
Process: Please review the guidelines and complete the forms located on our website developvcbc.com Participants in this program will be approved on a first come, first served basis.
To be placed on the list, you must submit the following:
Building permit including legal description and physical address
Documentation indicating financial ability to complete construction
Online data collection form
Completed W-9
These documents can be submitted to VCBCDC, 250 West Main Street, Valley City, ND 58072 or emailed to jennifer@developvcbc.com. Contact Jennifer Feist at 701-840-7820 with questions.