Financing Offered for Construction of New ‘Spec’ Homes

Mount Vernon Indiana Overhead

Mount Vernon may soon see an influx of new desirable, affordable housing.

A major housing project created by the Greater Mount Vernon Association is in the works and expected to begin by September 1, 2017.  This program was created to improve the quality of life in Mount Vernon, increasing its available housing inventory by building new homes. We recognize one of the largest obstacles for a builder in today’s market is securing financing for a ‘spec’ home.

Through this new program, the Greater Mount Vernon Association will select a builder and support as the guarantor of financing through collateral up to $250,000 toward the building of a ‘spec’ home.

If your business is interested in being considered for this program, GMVA asks that you send a letter of interest that includes the following information:

  1. Name, address and contact information for builder including email address if any.
  2. If incorporated or a limited liability company, the entity name, address and applicable officer or registered agent must also be included.
  3. Financial institution from which you seek financing. Note: a letter of commitment will be required from your financial institution prior to final selection.
  4. Address for the building of a ‘spec’ home with the name of the current lot owner.
  5. Approximate square footage, building materials to be used and amenities of the ‘spec’ home. The Greater Mount Vernon Association will require, at minimum, a review of building plans prior to final selection.
  6. Estimated start and end date of construction if selected for the build is September 1, 2017.
  7. Your sales plan for marketing the ‘spec’ home, including whether you will utilize a Realtor.

Letters of interest should be mailed to the Greater Mount Vernon Association, P.O. Box 209, Mount Vernon, IN 47620. Letters must be postmarked on or before July 31, 2017 for consideration.

All letters will be reviewed and applicants will be contacted personally if selected to meet for further discussion of interest. At that time, additional details as well as expectations will be discussed.

2017 Copyright Greater Mount Vernon. All rights reserved.