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Ellis County Housing Rehab Program

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The Grow Hays Housing Rehab Program was initiated via a Dane G. Hansen Foundation grant with the primary purpose of increasing the supply of affordable housing in Ellis County. The program funds developers for the purchase, renovation and resale of distressed properties.

 

Goals

  1. Provide more affordable housing to the Ellis County Real Estate Market
  2. Improve distressed properties thus improving neighborhoods
  3. Generate sales and financial impact for local contractors and material providers
  4. Generate sales tax for the City of Hays via the sale of materials used for improvements
  5. Increase the taxable value of properties thus increasing the overall tax base in Ellis County.
  6. Provide an opportunity for an entrepreneurial developer to make a profit

Program Parameters

  1. Properties must be located within Ellis County
  2. Grow Hays provides interest free financing to eligible developers for 100% of the purchase price, rehab costs and holding costs
  3. Developers must be able to demonstrate experience in the area of property rehab or present a plan utilizing resources to accomplish the rehab process
  4. Properties currently owned by the developer are eligible for the program
  5. The property must be purchased, renovated and resold in 9 months or less
  6. The property must sell to an owner occupant
  7. The end sales price of the property cannot exceed $145,000
  8. Upon sale Grow Hays will charge a $2,500 administrative fee

Process

  1. A developer finds a suitable property that fits the program
  2. The developer places the property under contract with the clause that they purchase is subject to approval and financing from the Grow Hays Housing Rehab Program.
  3. The developer submits an executed contract, developer application and all of the required items specified in the application to the Grow Hays Housing Rehab Committee for their review.
  4. The Grow Hays Housing Rehab committee approves or rejects the application. Upon approval the developer is notified and one of the local title companies prepares a title commitment and schedules a closing time.
  5. Closing takes place and the rehab process begins. The funds needed to close are disbursed on the day of closing. The rehab funds are held in escrow and disbursed as the project progresses. Lien waivers from subcontractors are required at the time of payments. Grow Hays staff will perform inspections throughout the project.
  6. Upon completion the property is to be listed and sold, the closing of which is to be completed within 9 months of the original closing date.
  7. Upon closing, the loan to Grow Hays is paid in full along with the $2,500 administrative fee.

 

BROCHURE w/details

 

2017 Housing Needs Study

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The City of Hays has released the 2017 Housing Needs Study generated by The Docking Institute.  The study provides good information on the gaps in the Hays housing market, in terms of need, pricing, under-served demographics, etc. This is good information for any business dealing with the housing industry.

 

Please call us to get a copy of the report. 

Contact us at 785.628.3102 with any questions.

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**Photos courtesy of B. Reed and project


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