There are several ways to get renovation loans for rehabbing land bank homes in Kansas City. This post will talk about loans for individuals, and loans that can be used by investors (including nonprofit investors).
These loans are designed so that the buyer has funds available to renovate the house included with the mortgage. City and business leaders are supporting these efforts, and trying to work together with residents to improve the quality of life in their neighborhoods. However, many community leaders don’t have enough information to successfully acquire and renovate the homes. There are two often-mentioned loans that are helping to finance the home renovations; the FHA 203k loan, and the Fannie Mae Homepath.
For individuals who are interested in rehabbing land bank homes in Kansas City, I recommend attending a homebuyer’s education class offered through the Neighborhood Housing Services of Kansas City, Missouri. They are an accredited housing counselor under the Neighborworks America Network of Affordable Housing Providers. As always, be on the lookout for scams from people who claim to be selling land bank homes. You can qualify for these loans with some moderate credit strength, and the loans can provide up to 97.7% of the total costs of the after-renovation value of the home. (HUD has recently changed some of the value limits for eligible KC Dream or HUD Home funds).
For neighborhood groups and nonprofits who are interested in rehabbing land bank homes in Kansas City, you have many good resources available. You will want to first check if there is a more established nonprofit that you may work with. It is a lot of work to manage the financing and project management, especially when FHA or other HUD financing is involved. You may want to decide if this is a long term goal for your organization.
If the answer is yes, there are ways for Community Development Corporations to help allocate the funds available for home renovations. A strong organization is a must. Neighborhood associations will not usually be strong enough to handle the complex financial and organizational tasks that are necessary to manage the properties. Get some training at this year’s Neighborworks Training Institute. The institute is online all year long, but will be making a special one time appearance in Kansas City this December. Make sure you have strong agreement among members regarding incorporation and role definition, and then register as a 501c3. Find a strong board. Make sure you have some financial strength, and then start buying homes. You will have many great resources available. These include the Missouri Housing Development Commission, the land bank, and Neighborworks America.
Nonprofit developers will be able to acquire and rehab these homes using the Fannie Mae loan, but not the FHA 203k loan. Each of these loans ask for an estimate from a licensed and accredited contractor to provide the value of the estimated renovation. There is a lot fine fine print, too much to go into here. I hope this helps. You can sign up for updates by signing up for our newsletter.
At Restoration Carpentry, we are committed to being a reliable contractor Kansas City.
What does it take to be a Reliable Contractor Kansas City?
Obviously, a knowledge of search techniques on Google (and a sense of humor). Beyond that, it requires a strong work ethic and the willingness to meet the client’s expectations, no matter what the cost. It is hard to describe the particular combination of circumstances that make up a reliable contractor Kansas City. Definitely humor.
However, this commitment goes beyond the basic keyword seeding that is required to show up on Google (what ever happened to the Yellow Pages? I miss those days). We are committed to building both homes and communities. This is a commitment that can get a little bit messy, and can lead to conversations about poverty, blight, economics, or race. The home base for these activities is the missions base at Rock Solid Urban Impact. As volunteers with Rock Solid Urban Impact (RSUI), we work for unity and growth in the northeast neighborhood of Kansas City. We are committed to getting to know our neighbors and to supporting education efforts in our neighborhood.
Rock Solid Urban Impact is developing mentoring opportunities and training at-risk youth to live and work successfully. It is designed to connect our inner-city youth to positive role models and resources in metropolitan areas. Many youth are “at-risk” due to negative role models, chronic poverty, poor parenting, crime filled environments, and drug abuse. These circumstances have drastically hindered development among youth and have fostered poor social and life skills. Without these valuable skill sets, urban youth are limited in their ability to succeed in life.
If you would like to learn more, you might like to check out the KC Design Center, the Hardesty Renaissance, the Northeast Alliance Together, or Rock Solid Urban Impact.
I moved to Kansas City in 2013 with my wife and our 6 children. I am committed to being the most reliable contractor Kansas City. This means a commitment to upholding the highest levels of honesty, patience, and fair dealing with everyone in the community. If you are looking for estimates from reliable contractor Kansas City, call me at (970) 581-2033 now. My workload fills up quickly, so you will be glad you called when you did.
David Bandimere, Owner
Restoration Carpentry and Tile
Kansas City, Missouri
4.0 | 01-31-2013
Review by Bill K. in Fort Collins, CO
Project: Remodel a Basement
Good job! David knew when to consult and when to act and converted our conceptual plans into reality–on time and on budget.
4.17 | 12-08-2012
Review by Ralph P. in Fort Collins, CO
Project: Install Ceramic or Porcelain Tile
He did very good work, is an honest man, and worked with me on the bid to my satisfaction.
4.33 | 07-31-2012
Review by David B. in Fort Collins, CO
Project: Install Ceramic or Porcelain Tile
He was prompt and called if he was going to be late.
Post Tagged with contractors, kansas city
Welcome to Restoration Carpentry & Tile, a Kansas City based company specializing in an array of residential and commercial tile and remodeling services. We have over 18 years experience in the industry and take great pride in our quality craftsmanship and excellent customer care.
We are fully licensed (Lic # D2-40) and insured. We welcome the opportunity to speak with you regarding your remodeling and tile projects.