Downtown Condos Try To Break Into Housing Market - FOX 18 Quad Cities News and Weather

Downtown Condos Try To Break Into Housing Market

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Moline city leaders are discussing what to do with residential living space at the KONE building.

The property was originally intended to be condominiums for people to buy, but the developer is having a hard time selling units and is asking the city allow the units to be rented out.
     
Some local realtors say many people are not looking to buy because the finances are not there yet. They say it's harder now than before the recession for banks to approve loans for people because of stricter requirements.

"Originally, government-backed financing tightened up considerably on credit, all the way to the point where they just weren't comfortable doing mortgages period on condos," said Matt McCombs, President/COO of DHCU Community Credit Union.

But realtors say there are grants and federal programs that can help potential buyers get funding. 
     
Moline's committee of the whole is considering the options for the KONE residential building but a final decision will come from the full council at a later date.  

 

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