Single Family Developer Program
This program matches professional developers with run-down properties and helps finance affordable renovations
For a number of reasons, many once-grand houses in Des Moines have become neglected, run-down and a blight on their neighborhood. But the high cost of restoring them to their prior glory is not economically viable.
This is where the Invest DSM Single Family Developer Program comes in. It provides financing for qualified developers to restore these homes to their original charm; but with upgrades to modern technology and construction practices.
How the Program Works
The Invest DSM Single Family Developer Program is a way to help bring new life to older homes in historic Des Moines neighborhoods, known, in Invest DSM vernacular, as Special Investment Districts (SIDs). The program encourages developers to buy rundown houses, restore them to high standards, and sell them to new owners who enjoy living in these older, urban areas.
However, renovating these homes is expensive; and professional developers spend more renovating them than they can sell them for. The difference between what they spend and what they make is called the Appraisal Gap. To make it worth the developer's time and effort, Invest DSM offers a grant that covers this gap.
Only experienced, qualified developers can participate, ensuring that the homes are renovated to a professional standard. No flippers allowed! This means buyers get high-quality homes at prices below the usual market value.
Here’s how the Invest DSM Single Family Developer Program can help you land your dream home
1nvest DSM does not abide shoddy workmanship! They hold the developer to stringent design and construction standards that utilize:
professional architectural and design services
high end appliances, lighting, plumbing, electrical HVAC and energy-savings features
proper remediation of any hazardous materials
skilled tradespeople committed to quality workmanship
The new owner will enjoy a beautiful home that retains the property’s old-world charm while integrating contemporary construction practices and technology.
Through The City of Des Moines Tab Abatement Program, the new owner will enjoy a significant property tax reduction for the first ten years of ownership. Here’s how the abatement saves on your property taxes.
For the first ten years you own the house, your tax basis will be the pre-renovation valuation; as opposed to the much higher post-renovation valuation. This can result in a significant savings on your property taxes and can be a real game changer in terms of affordability.
Explore Our Renovation Portfolio
Choosing the right partner for your home renovation is a big decision, and we want you to feel confident in your choice. Take a look at some of the transformations we've delivered for other clients.
If our work resonates with you, we'd love to talk to you about how we can bring your vision to life!
