Financial incentives offered through the Marysville Home Ownership Pilot Program assisted in the purchase of 17 homes in the community since February 2018.
The program provided home buyers with down payment and closing cost assistance. The total of the 17 homes was just over $2 million, with $186,400 coming from the pilot program.
Primary objectives of the program were to help make home ownership more affordable, be a catalyst for first time home buyers, benefit employers in recruiting and retaining employees, reduce employee time spent commuting to work, and market the program to alumni considering a move to live closer to friends and family.
Grant funds for the program were provided through contributions from the Marysville Community Foundation, Guise-Weber Foundation, R.L. and Elsa Helvering Trust, Citizens State Bank, First Commerce Bank, and United Bank & Trust, all of Marysville. Loan funds were provided by the North Central Kansas Community Network, Co. (NCKCN)-Four Rivers Business Loan Pool. NCRPC administered the program. NCKCN is an affiliate of the NCRPC.
According to NCRPC Home Ownership Program Manager Debra Peters, survey results of home buyers who accessed the program indicate positive local impacts. “The employment impact was good,” Peters said. “Of the home buyers, 50% reported taking a new job in the last 12 months and 39% reported the program was a factor in their decision to take the job. We are pleased with the results.”
Other program outcomes include 86% of home buyers reported the program was a factor in their decision to purchase a home at this time, 57% bought their first home, 17% graduated from Marysville Senior High School, and 57% moved from outside of the NCRPC 12-county service area — including Clay, Cloud, Dickinson, Ellsworth, Jewell, Lincoln, Marshall, Mitchell, Ottawa, Republic, Saline and Washington Counties. In addition, the program had an impact on education in the community. Five children were new to the local schools and program applicants indicated 8 more will be entering school within the next 5 years.
Similar pilot programs have been completed in Cloud, Ellsworth, Lincoln and Mitchell Counties. Future plans include the expansion of pilot home ownership programs to each of the remaining counties in the NCRPC 12-county service area, pending the availability of funding. Results of these pilot programs will be used to develop a permanent regional home ownership program.
This article appeared in the January 2020 NCRPC Newsletter.
Once eligible, participants can open a special savings account that is eligible for a 2:1 match for every dollar saved, up to $3,000. For example, $3,000 in savings will be matched with $6,000 for a total of $9,000. Accrued savings can be used to purchase a first home, pay for home repairs, open a small business, or pay for college or specialized training.