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The City of Forest City offers Housing incentive programs for renters, homeowners, and landlords. These programs are designed to encourage building and renting within the city limits of Forest City. Forest City will have approximately $250,000 in LMI Fund at the end of this fiscal year and will use $130,000 of those funds for these first two programs. The Housing Commission will approve applications on a first-come, first-served basis until funds are depleted. The City is accepting applications at City Hall (305 N. Clark Street). Contact City Hall at 641-585-3574 with questions.
New Construction Incentive Program –
The focus of the construction incentive program is to enhance the quality of new housing stock in Forest City by providing financial assistance to families to build single family houses that are built for Low-to-Moderate Income (LMI) qualified households. Approved applicants will receive up to a $20,000 loan for new construction; $10,000 forgivable over 5 years of occupancy and $10,000 loan at 0% interest for 10 years with no penalty for early payoff. Permanent Financing must be through either MBT Bank or TSB Bank. The intent of the program is to expand housing availability for LMI households. Download GUIDELINES and APPLICATION
New Resident Rental Incentive Program –
The purpose of the new resident rental incentive is to assist new residents who are employed full time within Forest City to relocate and live in Forest City. The assistance is up to 25% of monthly rent for 1 year, not to exceed $3,000 per year. Requirements include residents move to Forest City, are employed full time by a Forest City business and have a household income at or below 80% of Winnebago County Median Income. The net rental rate must meet LMI Affordability and the property must not be eligible for Federal Rental Subsidy Programs. Download GUIDELINES and APPLICATION
Rehabilitation of Single Family Rental Properties – To enhance the quality of rental housing stock in Forest City by providing financial assistance to property owners to rehabilitate single family rental properties to be priced for Low-to-Moderate Income. Loans up to $5,000 at 0% interest, repayable over 10 years. GUIDELINES and APPLICATION.
Manufactured Housing Development Improvement Program –
To create or improve residences for LMI qualified households. Loans up to $5000 per unit at 0% interest per unit, repayable over 10 years. For manufactured housing development in Forest City. Each unit to be owned and occupied by LMI income qualified owners. GUIDELINES and APPLICATION
Housing Repair Incentive Program – Designed to improve the exterior of housing stock in Forest City. Grants up to $1000 per qualified household in Forest City. Must be LMI Qualified at 30% of median income. GUIDELINES and APPLICATION
Rehabilitation of downtown Rental Properties Program – Designed to provide financial assistance to property owners to rehabilitate rental properties (apartments) in Downtown Fire District to be priced for Low-to-Moderate Income (LMI) qualified occupants. GUIDELINES and APPLICATION