It has been over a year since the second home was built and sold with the Neighborhood Stabilization Grant (NSP) in Three Rivers’ Second District; and now construction is about to begin on a third home to be built with this grant at 516 Eighth Street.
Footing and foundation walls will soon be poured, and framing will begin shortly after that. The construction is expected to be completed within four months, and the home is ready for sale at any time during this construction process.
The beautiful, single-family dwelling will be a two story, three bedroom, two and one-half bath, two-car garage home complete with kitchen appliances and basement with egress windows (in case someone wanted to finish a portion of the basement area as a bedroom at a later date). With an estimated sales value of approximately $110,000, a qualified eligible-buyer (up to 120% area median income – $46,320 for a single person in 2012) could have 20 percent of the mortgage forgiven (approximately $22,000) over a 10-year period under the NSP regulations. Thus, the estimated buyer’s cost for the home is potentially as low as $88,000.
The NSP is part of the Michigan State Housing Development Authority (MSHDA) initiative to work in partnership with cities, such as Three Rivers, to redevelop older residential neighborhoods.
Anyone interested in learning more about purchasing this new home, or obtaining construction status reports, is encouraged to contact Marilyn Smith at (734) 341-1866.