New Housing Stimulus for Utah? There Might Be a New Home Run Grant

• Utah Lt. Gov. Herbert eyes boost for housing – Salt Lake Tribune

  • 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
  • The specifics of the new stimulus program are still being worked out
  • 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.
  • 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.
  • The Home Run Grant Program, proposed by Huntsman and approved by the Legislature earlier this year, used $10 million in federal stimulus money to entice prospective homebuyers into purchasing a never-lived-in home.
  • An economic analysis of the program projected that it would create more than 7,200 jobs, generate nearly $240 million in wages and $20 million in property taxes.