Jan
13

Small Town Offering Cash to Home Buyers

January 13, 2012

One Illinois city is offering some incentives to spur housing growth.

The City Council in Yorkville has approved a program that hands over $10,000 to home buyers when they take occupancy of a new area home.

City officials initiated the program to try to get some new homes built on 9,000 vacant plots throughout Yorkville, a city with a population of just over 6,000, located 50 miles west of any Chicago new homes along the Fox River in Kendall County.

There's lots of open land in Yorkville.

According to the Aurora Beacon-News, the $10,000 for each home would be split between the city and the developer.

To entice developers, the city is allowing them to begin construction on new homes without paying building permit fees. The fees are normally due before construction begins, but the City Council voted to put off collecting those fees until the homeowners take possession of the completed homes.

The city is also proposing lowering the municipal building fee from $5,509 to $1,759.

The Yorkville program will be available on 30 lots over the next 12 months. If all goes well, the program could continue.

This idea is not a new one. Nearby Minooka had a similar program in 2010, in which homeowners got $10,000 for a home or $5,000 for a townhome upon closing. The program, which offered a total of $100,000 to 20 new homeowners, was a success and was extended.

Let’s hope this one is too.

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Tracey

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