Oelwein has a lot to offer in Real Estate. Professional REALTORS are dedicated to making Oelwein the best it can be and they are ready to be of service to you.
* Wide selection for first time home buyer
* Exclusive design homes and condos
* Traditional homes
* Modern designs
* Selection of rental homes and apartments
* Development land for the investor
Fayette County Local Housing Fund
The Fayette County Local Housing Trust Fund will assist individuals, community organizations, non-profit and for-profit developers in rehabilitation and repair projects that improve the condition of both rental and owner occupied affordable housing in Fayette County.
Projects and activities funded must serve Fayette County households with incomes less than 80% of the statewide median family income. At least 30% of the distributions will be used to benefit extremely low income households (households with less than 30% of the statewide median family income).
See our brochure for more information and feel free to contact our office for any questions you may have at 1-800-477-5073.
New Housing Incentives
City of Oelwein
Application for Tax Abatement
Under The Urban Revitalization Plan For The City Of Oelwein, Iowa Residential Revitalization Area
All real estate assessed as residential property; assessed as commercial property, if the commercial property consists of three or more separate living quarters with at least 75% of the space used for residential purposes; or assessed as multi-residential property, is eligible to receive a partial exemption from taxation on the actual value added by new construction or improvements. The exemption is for a period of five years and is applicable to the first $75,000 of value added.
Assessed value added must exceed $10,000 for all remodels in order to be eligible for a tax abatement.
New construction applicants are also eligible for 90 percent reimbursement of city property taxes. Value added must exceed $75,000 for the city reimbursement portion. Applicants will pay their city taxes then be reimbursed by bringing in a receipt to City Hall.
Applications must be turned in to City Hall in the month of January. All properties started after January 1, 2017 may apply for the tax abatement. Applicants are encouraged to apply for the abatement the January after they start construction. Applications are only accepted in the month of January each year.
The Oelwein Residential Tax Abatement runs from January of 2018 to January of 2022. The tax abatement lasts for 5 years per application. The tax abatement will stay with the property regardless of the owner.
|Estimates for Abatement/ Reimbursement*|
|Type||Assessed Value Added||Tax Abatement||City Reimbursement||Total Five Year Savings|
*Estimates based on 2016 County/City Tax Rates, Actuals Will Vary
Name of Applicant:
Address of Property:
Legal Description of Property:
Address of Applicant (if different from above):
Phone Number (to be reached during day):
Type of Property: Single-family Residential Commercial or multi-residential
Type of Project: New Construction
Specify details of construction or improvements:
Estimated or Actual Date of Completion:
Signature of Applicant
Click here to find out about the Fayette County Local Housing Trust Fund.
Fayette County is a certified Enterprise Zone that allows developers additional benefits to qualified projects. Developers and contractors either building or rehabilitating housing may be eligible to receive:
- Refund of state sales, service or use taxes paid during construction
- Investment Tax Credit up to 10% of investment directly related to construction or rehabilitation on the first $140,000 of value for each home or unit. This credit may be carried forward up to seven years.
Projects must meet Eligibility Requirements established by the City of Oelwein and/or Fayette County Enterprise Zone Commission. Prior approval must be determined prior to construction. This is for information use only.
Call 319-283-1105 to find out how to apply for benefits.
The Trees Forever Program
The program will provide two free trees (of your choice) as an added benefit for any new house built within city limits. Contact City Hall at 319-283-5440 for more information.
Oelwein has numerous lending institutions that can handle your financing and help you through the application process. The friendly and experienced lending officers can often make local decisions, faster loan approvals and competitive interest rates. Contact a local lending institution of your choice.
See our Member Directory and choose a Category: Banks, Insurance/Investments or Professional.