The Sherman County Economic Development (SCED) Board owns an 1100-1200 sq. ft. house and a garage that the board is offering for free if you pay to move the buildings. The house has original wood floors and wood trim throughout the structure.
Repairs would be required to the windows, roof, and doors. The garage will also require repairs. The house has two bedrooms and one bath with a possible third bedroom/office space upstairs. These buildings have been available for about nine months and there is currently no deadline for their removal. The buildings are located at 405 N 11th Street.
This small town, Loup City, of less than 1,000 people located 45 miles north of Kearney is also giving away free lots. The town’s location is also 45 miles from Grand Island and is the closest town (7 miles) to the Sherman Reservoir. The free lots are being offered to encourage more people to move to the town. The new owners must build and live in the homes. The houses must be a minimum 1100 sq. ft. and meet additional restrictive covenants of the subdivision. Apart from those covenants, owners are allowed to select the type of house, which can range from a modular or pre-manufactured house to a ranch or two-story home and can include a basement. However, mobile homes do not meet the requirements. Although the square foot cost will ultimately depend on building type and materials, it is estimated to be around $108 per square foot. Using the minimum required 1100 sq. ft. for the subdivision, the cost to build would be around $118,800. This estimated square foot cost will tend to decrease as the building increases in size. Additional housing costs would include taxes and insurance.
Only new homes can be built on these lots, so the offer for free lots can’t be combined with the free house offer. According to Jill Young, executive director of the SCED, “The Sherman County Economic Development Board owns this property and would come up with a deadline should someone be seriously interested in this property. I'm guessing they would give approximately 60-90 days to have it removed . . . [also] we have two lots available which are free. We no longer have the down payment assistance program available, just the lots. People are required to build a new home on these lots. You would not be able to move an existing home onto the lots in the John Subdivision.”
Although the Workforce housing offer for up to $20,000 in down payment and building costs is no longer available, prospective homeowners should check to find out if they qualify for assistance from the United States Department of Agriculture (USDA). This assistance could include a Direct Loan with subsidized payments. The USDA could also provide a Guaranteed Loan through your local bank which would reduce the required down payment, help with qualifying for the loan, and reduce the interest rate. Heritage Bank and Citizen’s Bank in Loup City are approved lenders.
Two lots are currently available, but there is the possibility of additional lots being offered in the future. The lots are in the John Subdivision and located north of 10th & G streets. They are within two blocks of Loup City Schools and adjacent to Peterson Park. There are two baseball fields and a playground in the park. Interested applicants for the free lots are required to make a refundable $1,000 deposit.
The Johnson Subdivision was built “to improve the availability of housing, provide financial assistance to eligible families, promote home ownership, create new housing stock, and increase attractiveness of designated underdeveloped neighborhoods while increasing local employment.“ This free lot program is connected to the Nebraska Affordable Housing Trust Fund grant received by Loup City and SCED to fund a new subdivision with affordable housing incentives. The program was in response to a Fall 2008 extensive housing study and survey in Loup City revealing the limited housing options for first-time homebuyers and the overall decline in housing choices.
CONTACT INFO
Jill Young
Executive Director
Sherman County Economic Development
308-745-5040
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