COLDWATER, MI (WTVB) – The Coldwater City Council is scheduled on Monday night to formally approve the sale for the new modular home at 74 Thompson Boulevard which was financed by a re-payable grant through the Michigan State Housing Development Authority.
Coldwater City Manager Keith Baker says in his report to the Council that Jeremy and Katrina Winright have agreed to purchase the home for $209,000.
The city will be responsible for up to $7,000 in closing costs to assist the buyer as part of the purchase agreement.
The Council placed a draft purchase agreement on the table for 30 days as required by the City Charter. The City received no further offers to purchase the property since that time.
Coldwater was the first community in the state to receive funding through the COL MOD program since it met the necessary criteria of having a workforce housing shortage, is an income-eligible community and has available sites for in-fill or new construction. The house was manufactured by the General Housing Corporation in Bay City.
The City was also awarded $40,000 from M.S.H.D.A. for single family residential repairs and pedestrian upgrades in the neighborhood immediately surrounding the home.
The City acquired the property from the James Weiss Trust and built the house on the property through a M.S.H.D.A. grant with the intention of selling it as an affordable single family home.
