Moderate Income Housing (MIH) Grant
The City of McPherson was recently awarded a Moderate Income Housing (MIH) Grant through the Kansas Housing Resource Corporation (KHRC). This grant allows for $20,000.00 down payment assistance for qualified applicants. The grant has allowed the City to partnered with Strawn Homes for construction of five (5) homes along the south side of Genesis Drive in McPherson. The homes are 1,300 sq. ft. in size with three (3) bedrooms, two (2) bathrooms, and a full unfinished basement. The base price for the homes before the grant and other occupant options is $198,500. Between this Grant and the City's New Construction Homebuyers Incentive Program (NCHIP) which requires separate application, succesful grantees have a possibility of saving up to $24,500 from a combination of down payment assistance and rebates.
Qualified grant applicants must make no more than 150% and no less than 60% of the State Median income based on family size. Applicants will be required to show proof of earnings as part of the application process and will be required to secure pre-approval of financing from a bank or mortgage company prior to award. Grants will be available until all contracts have been signed for the five (5) available lots.
Income Limits for eligibility are the table below.