More grant money might become available for Utahns looking to purchase a new home!

In a recent Salt Lake Tribune article, Lt. Gov. Herbert indicated that additional funds may become available to further boost the Utah housing market. This is fantastic news for home builders and those looking to purchase a new home. The following is quoted from the Salt Lake Tribune Article by Robert Gehrke:

Lt. Gov. Gary Herbert said Tuesday he is considering a second round of state stimulus to the housing market, similar to the $6,000 Home Run Grant incentive to homebuyers that helped generate $376.7 million in home sales in the past three months.
"Housing led us into the recession and housing will lead us out," Herbert, a past president of the Utah Association of Realtors, said in a statement. He is expected to become governor should Gov. Jon Huntsman Jr. be confirmed as U.S. ambassador to China.

The specifics of the new stimulus program are still being worked out with a working group, led by Utah Housing Corporation CEO Grant Whitaker, that convened last week.

Jason Perry, Herbert's transition director, said the lieutenant governor wants to make sure any additional housing stimulus is specifically tailored to have the best possible impact.

Perry would not comment on specifics, but one possibility the group is considering would be a smaller grant that could be given to more people and could potentially include the purchase of existing homes. The Home Run grant was limited to purchase of a new, never-lived-in home.

Another option would use state funds to provide an advance on the $8,000 federal tax credit to first-time homebuyers, who would then have to repay the state when the federal money arrived.

Perry said that the governor would have the authority to implement the new program without further approval by the Legislature.

For more information, you can contact a knowledgeable McArthur Homes Community Sales Manager, or visit www.mcarthurhomes.com