An Economic Boost For Utah's Housing Market!

Those buying a new home in Utah could get a grant of as much as $6,000 under a bill recently passed. If buyers are able to combine the grant with an $8,000 federal incentive, they could get $14,000 just for buying a home.
At the state level, SB260, sponsored by Sen. Scott Jenkins, R-Plain City, sets aside $10 million in federal stimulus money for the homebuyer grants. Enough money is theoretically available to provide grants to about 1,600 people. Both the state and federal incentives have income limits. But unlike the $8,000 federal tax credit, which is designed for first-time buyers or those who haven’t owned a home in the past three years, the state grant is not targeted toward any specific type of buyer. Another difference: The $8,000 federal tax credit is available to those who buy new or used homes, while the state grant is available only for those buying new construction.
Why new construction? The sector has been the hardest-hit sector of all Utah industries affected by the downturn.
Grants of $6,000 would be available to Utahans who buy newly constructed homes and who meet certain income criteria.