McCook Economic Development Corporation (MEDC) has established a Rural Workforce Housing Loan program to provide low interest capital to individuals and businesses improving McCook’s workforce housing.

Eligible Projects:

  1. New construction of owner-occupied or rental housing in a Red Willow community with demonstrated workforce housing needs, with an initial emphasis in McCook. New owner-occupied units can not be sold for more than $285,000 to qualify for this and new rental units can not exceed costs of $215,000 per unit for construction.
  2. Substantial repair or rehabilitation of dilapidated housing stock, for which the cost to rehabilitate exceeds fifty percent (50%) of the unit’s assessed value;.
  3. Upper story housing development.
  4. Rehabilitation that includes the conversion of an existing building into housing.

Loan Details

Amounts

Term

Fees:

Loan Process

  1. Application can be obtained from McCook Economic Development Corporation at 402 Norris Ave., Suite 301, or by calling 308-345-1200 or e-mailing andy@mccookne.org
  2. Application is confidentially reviewed by McCook Rural Workforce Housing Loan Committee
  3. Applications recommended by the loan committee will be confidentially reviewed by MEDC board
  4. Closing documents will be drawn up by MEDC staff and may include:
    • Title commitment
    • Promissory Note
    • Deed of Trust
    • Mechanics lien waivers or affidavit
    • Personal guarantee
    • ACH form for automatic payment
    • Appraisal
    • Subordination agreement if required and notice of default

Questions: Contact Andy Long at andy@mccookne.org or 308-345-1200