Have you checked to see if your city has any live and/or work incentives? Cities need for you to live and work in them because you pay the bills and generate tax revenue for wherever you live. In this economy, many cities are beginning to compete, not only for industry, but for population. There just may be incentives to live where you want.
St. Louis Park, Minnesota, has just such programs. The population is 47,000 and St. Louis Park is located just 10 minutes from downtown Minneapolis. If you work for a local business there, you qualify for a $2500 loan toward buying a home and an additional $1000 if you buy a foreclosure. Don’t like that it’s just a loan? Stay in the home for at least 3 years and the loan is forgiven! Great way to improve their economy and sell distressed properties!
The City of Cleveland offers residential tax abatement on newly constructed and rehabilitated homes in all 36 neighborhoods. A newly constructed home in Cleveland receives 100 percent, 15-year tax abatement for construction of the home. Rehabilitated properties receive a 100 percent, 10-year abatement on the increased value of their property after the work has been completed.
As an example, a $150,000 home without the tax abatement pays $2970 per year in tax. With the abatement, they pay $594 for a savings of $198/month!
Baltimore offers incentives for home purchase loans, down payment & closing costs, renovations and more.
Knoxville is encouraging people to live downtown. They’re offering tax abatements, low interest loans and parking assistance to residents who live in and renovate downtown historical districts.
The Maryland Department of Housing and Community Development provides a minimum $2,000 cash grant to home buyers for down payment and/or settlement expenses. Maryland also has a list of employers who will contribute $1000.
New Brunswick, NJ, is one of at least 12 municipalities in the state to participate in the Live Where You Work program which provides low-interest loans and other assistance to for people who work in the city and buy a home there. Prospective homeowners can apply for a 30-year, fixed-rate mortgage and can receive up to 5 percent of the mortgage’s value in down payment and closing cost assistance.
Somewhere you want to live, work, renovate? Check with the city to find what incentives may be available to you!
