1701 Prospect St

New construction for sale by the City! This home was constructed in partnership with Western Technical College. The actual sale price is $190,000 however qualified Purchasers will be eligible to receive a deferred 2nd mortgage of up to $45,000 and a forgivable 3rd mortgage of $25,000 to help make monthly mortgage payments affordable. The deferred 2nd mortgage accrues at 3% simple interest capping at 50% of principal; monthly payments are not required until the first mortgage is paid off. The forgivable 3rd mortgage is 0% interest, forgiven over 15 years. Purchaser shall have financing of at least $120,000 and must meet the gross income eligibility requirements to be eligible for the City's Replacement Housing Program. Must remain single family owner occupied. 1st round of apps due 6/18/24