|RURAL DEVELOPMENT PARTNERS WITH CENTERVILLE DEVELOPMENT CORPORATION TO MEET HOUSING NEEDS IN CENTERVILLE, SD|
|, Aug 24, 2011
Development of affordable, single family housing was identified by the Centerville citizens as the top priority at the community assessment that Centerville hosted in November of 2004. Community members overwhelmingly viewed housing as the most important economic development activity to improve our community of 900.
Since then, the Centerville Development Corporation has built 6 new spec homes and rehabbed another. All seven houses have been sold to young families. Most have moved into Centerville from surrounding areas. The average age of our homebuyers is 26. Occupations represented by these homebuyers include; agronomists, farmer, nurse, bookkeeper, engineer, teacher and electrician. So far there are 9 children from these families to help support our school system. We are in the process of working on our eighth home.
The Centerville Development Corporation hires local contractors, providing work for carpenters, electricians, plumbers, HVAC, cement contractors and excavators in our community. We build according to Rural Development specifications, allowing the opportunity for homebuyers to finance with Rural Development through 502 direct or guaranteed loan programs. Rural Development financing is a very attractive option for young and first-time homebuyers because of low interest rates, minimal down payments and no requirement for mortgage insurance. We have an excellent working relationship with our local USDA Rural Development office. We partner with Hanson Communications, Inc. and South Dakota Housing Development Authority for our construction financing. We also work with the Sioux Empire Housing Partnership for homebuyer education and marketing our houses.
One of our most rewarding projects was to be able to build a new home for a young couple just in time for the arrival of their first child. Without Rural Development financing their dream of owning a new home would not have been possible.