A $15 million initiative launched earlier this month aims to jump-start Missouri's home building market.
Gov. Jay Nixon and State Treasurer Clint Zweifel kicked off the Home Ownership Purchase Enhancement program during Jan. 13 meetings with skilled craftsmen in St. Louis and Kansas City.
Through the HOPE program, the Missouri Housing Development Commission provides a financial incentive equal to the cost of the homebuyer's first year of property taxes, up to $1,250. There also is an enhanced incentive - which could increase the total incentive to a maximum $1,750, for homeowners who purchase energy-efficient homes or who purchase and remodel existing homes or buy items such as Energy Star appliances, aimed increase the home's energy efficiency.
Beyond encouraging homeownership, the program is intended to create jobs.
"Missouri is home to highly skilled, highly professional workers from all types of trades, but too many of these men and women are currently out of work," Nixon said in a news release. "By sparking growth in our housing industry, we'll get these men and women back on the job ... ."
In August, Nixon formed the Home Building and Residential Energy Efficiency Advisory Panel to study ways to increase homeownership and home building in Missouri and increase homeowner access to energy-saving measures.
Using MHDC to promote homeownership and create incentives for energy efficiency was among the panel's recommendations.
Eligible energy efficiency improvements include high-performance windows, water-efficient plumbing fixtures and sealing heating and air conditioning ductwork.
"This property tax relief program gets MHDC off the sidelines by committing to put hardworking Missourians to work right now," said Zweifel, who also is chairman of MHDC.
Eligibility for HOPE is based on previously adopted MHDC guidelines and ranges from $58,300 to $98,560, depending on the counties in which the homes are sold.
The HOPE incentive is available only for owner-occupied purchases, the release said, for purchase contracts made on or after Jan. 1.
Funds will be available on a first-come, first, serve basis. The money comes from a MHDC reserve fund earned through mortgage loans to low- and middle-income families.
HOPE application forms are available at www.mo.gov, where there is a homebuyer incentive tab.[[In-content Ad]]Read more about the home market in SBJ's Jan. 25 issue.
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