In October of 2010, the Sherman County Economic Development Office and the City of Loup City completed a twelve home subdivision in northern Loup City. Conveniently located just blocks from the City Schools and only steps away from Petersen Ballpark, home to two baseball diamonds and playground. The subdivision will provide more housing opportunities for residents and potential residents of Loup City. The project is unique in that all lots are FREE to any family or individual who builds upon that lot within a designated time frame.
The six houses built during Phase 1 will consist of three Workforce Homes and three Market Rate Homes.
Workforce Homes
Workforce Homes are income qualifying homes and prospective homeowners must meet income and asset restrictions.
Should the prospective homeowner comply with this criteria, they are eligible for $10,000 in downpayment assistance, potential downpayment assistance through the FHLBank of Topeka, and a free lot. In addition, homebuyers may be eligible for additional downpayment assistance through a Developer Assistance Fund and possible USDA home financing. Current Interest rates are at historically low levels, and now is an excellent time to take advantage of these multiple incentives to become a new home owner.
Interested individuals should contact the Loup City Economic Development Office at 308.745.5040 or email development@shermancountyprogress.com to receive an application and learn more about the program.
As there are three lots available, choice of each lot is based upon whomever correctly completes their application on a “first come, first served” basis. The family/individual must: 1) Complete the Housing Application from the SCEDC Office and return to the SCEDC Office at 133 S 8th in Loup City along with a $500 deposit. 2) Acquire financing with documents demonstrating financial capability to build a new home from a financial lender or the USDA. After these steps are completed the individual/family will need to retain a builder, create floorplans, and begin construction of their home.
Market Rate Homes
Market Rate Homes are available in the John Subdivision to those individuals who are interested in building their own homes but who do not qualify for Workfore Housing. These lots, however, are also free.
The lots are available to anyone who can demonstrate the financial capability to build a home that will meet the John Subdivision covenants and those will be allocated on a “first come, first serve” basis. The deposit for these lots is $1,000 and those who do not make a good faith effort to build within the agreed upon time line, will lose their deposit and the lot will then become available to the next individual.
Please contact the Sherman County Economic Development Office at 308.745.5040 or development @shermancountyprogress.com
Free Lot Program
The free lot program has been very interesting and popular topic with media locally and nationally.