Governor Herbert announced he will make available $8 Million in Federal Stimulus Funds to help kickstart Utah’s struggling housing market. The $10 Million that Governor Huntsman used on 1,600 of the 3,000 newly built and never occupied homes was gobbled up in less than 12 weeks. The first version of the grant resulted in $367 Million in home sales according to Utah Housing Corporation.
The grant works the same way as the last one, except as follows:
Restrictions:
• 1,950 Grants will be available (instead of 1,600)
• $4,000 Amount (instead of $6,000)
• Newly built, never occupied
• SFR, Condo, PUD
• Fixed Rate Mortgage Only
• Income cap of $75K (single) or $150K (joint)
• NO limit to sales price
• No First Time Homebuyer restriction
• If the home is completed, the commitment expires 10 days after issuance.
• If the home is NEW CONSTRUCTION, the commitment expires June 30, 2010.
• Last date to apply is November 30, 2009.
• 3rd Party IRS verification will be used to ensure borrowers are under the income limit.
• The grant will probably be taxable.
Governor Herbert said the new grants will lead to 9,000 jobs either being saved or created and $25 million in income and sales tax revenue.
For details visit www.utahhousingcorp.org
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