Local banks are banding together in a new initiative that aims to make residential construction in Carroll even more attractive for contractors. Five community banks, including Availa Bank, Commercial Savings Bank, Iowa Savings Bank, United Bank of Iowa, and Westside State Bank, are partnering to create the Speculative Home Construction Loan Assistance Program. The premise is simple. Build a speculative home in Carroll, and local banks will make interest payments for the contractor for up to six months if the structure is not sold within six months of being listed. Carroll Mayor Mark Beardmore says, “The City of Carroll has developed a number of programs to help encourage new housing in Carroll, including the $20,000 infill housing program and the residential tax abatement that provides another $5,300 in property tax savings for new homes over five years. The lack of housing in Carroll is known throughout the community and the commitment being announced by the five community banks in their Speculative Home Construction Loan Assistance Program is a great private partnership to address the housing need in Carroll.” Leaders from the participating banks note the community’s housing shortage is apparent, and they are committed to the ongoing efforts to approach the issue in the community. For more information on this program, contact Carroll City Hall at 712-775-7505 or one of the participating banks.
