BRITT, Iowa – Two community entities are coming together in Britt in hopes of bringing more folks to town. The city, and the Britt Industrial Development Corporation, or BIDCO, have started a new loan program for licensed contractors wanting to build new residential housing.
This unique program will allow a licensed contractor to borrow up to $100,000 with a below market interest rate of 2% for the first two years. Also, if residential housing is built in the city owned Sunset Ridge subdivision, they will not have to purchase the lot until the unit is sold.
It’s all about creating quality housing. One BIDCO representative says, with area businesses expanding, they want to be able to provide homes for new employees.
“Britt’s had very little new housing the past few years. Garner and Algona have done well, so we’re right in the middle. Michael’s Foods is hiring more employees, so there’s more need for housing,” says Eric Newton, Treasurer of BIDCO.
Application packets are available at Britt city hall for those who are interested.