The City of Racine believes that homeownership is part of the American Dream and a key asset for building generational wealth as a family. The Townhomes at Lincoln-King are being sold below market value, with $10,000 down payment assistance, to make homeownership attainable for more City residents. The first units become available in September, and all units will be available by the end of November.

Interested parties should follow this checklist:

  • Check for unit availability by visiting: https://www.buildupracine.org/lk-townhomes
  • Between September 14 (no earlier) and September 30 at midnight (no later), prospective purchaser(s) submit the following to lkplan@cityofracine.org:
    1. Preapproval letter from a valid financial institution (valid financial institutions provide accounts that are FDIC or NCUA insured). The strongest offers will include a preapproval amount at least 30% more than the requested unit asking price.
      • Interior units are $220,000.00 and end units are $240,000.00 and these prices are fixed. Note: There will be no bidding process; higher offers will not be considered.
      • If you need help finding a lender, Click Here
    2. Submit a letter of intent answering the following questions:
      • Write a narrative describing why your household wants to live in the neighborhood.
      • Are you a first-time homebuyer?
      • Are you or would you be the first member of your immediate family to purchase a home?
      • Do you work in the City of Racine?
      • Do you currently live in the Lincoln-King Neighborhood, or have you lived there in the past?
    3. Indication of which unit (address or unit number) you would like to purchase.

Once the City of Racine has received your letter of intent, preapproval letter, and preferred unit choice you will receive:

  • A purchase and sales agreement to review and sign, with instructions on how to return the document within 7 days of receipt.
    • If your offer does not qualify, you will be notified in writing as to why.

 

The Community Development Authority (CDA) will review and approve offers at their October meeting.

  • CDA-approved offers will receive closing information from Landmark Title to sign documents and obtain the property.
    • Please note that closing will take at least 2-3 weeks to schedule after the CDA makes a decision.
  • The City will work with you and your selected lender to finalize a loan and bring necessary funds to the closing.
    • The City will provide $10,000 down payment assistance
  • After the closing, you will receive keys, garage door openers, appliance/building materials manuals and warranty information, and the City will welcome you to the neighborhood!

 

Lincoln-King Townhomes