The Bancroft Betterment meeting was held yesterday at 5:15 pm in the Country Pub. Guest speaker was Pam Thomsen from Three Rivers Housing. She discussed five housing programs that Bancroft may be interested. Three of the programs are available to residents of Bancroft right now.
1. Home purchase/rehab/resale program for first time home buyers- Qualified applicants (based on income) will be eligible for up to $10,000 in down payment and closing cost assistance. The assistance is in the form of a grant that is forgiven by 10% each year of ownership. The first time buyer can also qualify for up to $10,000 for repairs and rehabilitation in the form of a loan at 0% interest. The loan does not need to be repaid until the home is sold or the owner is no longer the primary resident. This program is available through three Rivers Housing.
2.Owner occupied rehabilitation. The owner can obtain funds to repair or rehabilitate their home. This program is available through the Northeast Development District.
3. New home construction. A contractor can get a no interest loan of up to $100,000 to construct a home. It is recommended that the home be built with a particular buyer in mind. Potential funding will be provided through either development subsidy,down payment assistance, or a combination of both not to exceed $75,000. The loan will be used towards the down payment of one housing unit and associated closing costs. The applicant is required to provide $1,000 to cover a portion of the required closing fees and prepaid escrow accounts. NED, Inc. will charge a $500 closing fee which can be used
toward the $1,000 requirement.
There are two possible projects that Three rivers could assist with- Elderly housing units or Affordable Housing Units. The type of project Bancroft could pursue will depend on the results of the Housing survey that will be done later this year.
Reports:
School- An application for the Backpack program has been submitted. This would provide up to 20 students with backpacks of food over the weekend.
Cuming County Economic Development- Mr. Clark discussed the business training workshop that is being offered in the county and new businesses that have started. Two residents of Bancroft will be asked to attend a meeting to organize a Cuming County Foundation.
Neihardt Center- Author Allison Hedge-Coke on February 20.
Recycling- Received $68.75 from the Fall Green Fiber Drive. It is recommended that the money be used for incentives to turn in Housing Surveys.
Community Theater- Danny Bridges has volunteered to direct the next production. A date will be discussed.
It was also mentioned that members of the community were organizing a community club to carry on the work of the Young Women's Club and the Q-125 committee.
Deb Bonsall has volunteered to chair the Food Pantry Committee. Amber Bridges and Jon Bailey have volunteered to serve on the committee. Deb will present the program at the March Betterment meeting. The committee is looking for a place in town to store and distribute the food.
The next meeting will be March 8 at 5:15 pm at the Country Pub.
