Residential Urban Revitalization (Tax Abatement)Housing Down Payment Assistance
The City's Residential Urban Revitalization program is designed to encourage new residential construction and significant improvements to existing homes by providing exemption from property tax on the value added to a property by qualifying improvements. Under the program, an owner may choose to property tax exemption on the value added to the property at a rate of either 100% for five years or a sliding scale (80%-20%) over 10 years. Contact City Hall for additional program information.
Residential Urban Revitalization Program Overview
Residential Urban Revitalization Application
The City of Algona encourages home ownership and, for households earning at or below 120% of the Kossuth County Low-to-Moderate Income rate, offers the Housing Down Payment Assistance Revolving Loan Fund (program. Applicants meeting program requirements may receive up to $7,500 or 10% of the purchase price (whichever is less) toward the down payment and eligible closing costs to purchase a home in Algona. The home must be owner-occupied. Interest rates vary from 1% to 3% based on income.
Down Payment Assistance Program Overview
Down Payment Assistance Application
Housing Rehabilitation Loan
The purpose of the City of Algona's Housing Rehabilitation Revolving Loan Fund is to provide an affordable source of loan monies to very low-, low- and moderate-income households to rehabilitate and make livability improvements to their owner-occupied, single-family dwelling.
The maximum loan amount available to any one borrower/home is $15,000. The minimum loan amount is $1,000. Maximum term of the loan repayment is 10 years. Interest rates range from 1% to 3% based on income.
Loaned funds may only be used to finance property improvements which substantially protect or improve the basic livability or utility of the property. Use of improvement funds include but are not limited to: plumbing; furnace work; siding or external painting; roof repair; insulation; window replacement/repair; electrical work; water drainage; foundation repair; and floor coverings due to repair.
Housing Rehabilitation Program Overview
Housing Rehabilitation Application