South Sioux City neighborhood offers new housing option - KTIV News 4 Sioux City IA: News, Weather and Sports

South Sioux City neighborhood offers new housing option

Most of these homes in the new South Sioux City subdivision will sell for about $120,000. Most of these homes in the new South Sioux City subdivision will sell for about $120,000.

Buying a home can be expensive, but now South Sioux City, Neb., has a program that can make things for one neighborhood a little easier on the buyer now and in the future.

The New Neighborhoods Housing Initiative was first presented to South Sioux City about six years ago, but because of a down turn in the economy was tabled until recently.

The program brings together funds from local contractors with state money and grants to help families save on the cost of purchasing a new home, on things like down payment assistance and closing costs.

The latest addition is a brand new subdivision on Le Mesa Drive and 39th Street. Those behind this program say it's a great option for families looking to save money on the mortgage process.

"A lot of times people pay rent and that's kind of a waste of money. This is an opportunity for them to convert that rent into an investment into their families and into their futures," said Tami Bailey, grant administrator for the city of South Sioux City.

Local contractors started building in this neighborhood over the winter. The first home could be ready in just a few weeks.

Most of the homes in this new subdivision are about 1,400 square feet and will sell for about $120,000.

"And of course, we've got some young families with kids. It's about the same mix that we had with our last project on East 25th and Sixth. There's a good combination of empty nesters and young families," said Terry Muff, contractor.

When this section of the subdivision is completed, there will be eight homes, but there's potential for 22 more.

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