COLDWATER, MI (WTVB) – Coldwater City Manager Keith Baker told the City Council on Monday night that a potential buyer has been found for the new modular home at 74 Thompson Boulevard which was financed by a re-payable grant through the Michigan State Housing Development Authority.
He told the Coldwater City Council Monday night that a Branch County family of five will be moving in.
Baker said the sale price was $209,000 and that the city would be responsible for up to $7,000 in closing costs to assist the buyer. Depending on how the closing costs shake out, Baker said the city would just about break even.
The Council placed the draft purchase agreement on the table for 30 days as required by the City Charter. Formal action is scheduled to take place by the Council on July 27.
The buyer of the home needed to meet certain income qualifications. The three bed room, two bath home has a full basement and large two car garage.
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 the Michigan State Housing Development Authority for single family residential repairs and pedestrian upgrades in the neighborhood immediately surrounding the home.
