HURRICANE, UT, January 21, 2010. The City Council of Hurricane today voted to establish an affordable housing grant to provide qualifying first-time home buyers with up to $2,000 towards closing costs. Approximately 70 Grants will be available in 2010. Each January, the City will announce the number of grants available for the current calendar year.
The objectives of the Grant are to (1) improve the affordability of home ownership for Hurricane residents who have not previously owned a home and (2) to further strengthen the local economy, preserving and creating jobs.
To be eligible for the Grant, home buyers and the property must meet certain criteria:
• Buyers must not have previously owned a home (i.e. within 3 years prior to closing)
• Buyers must use a USDA 30-year fixed rate loan (Rural Housing Guaranteed or Direct Lending program) to acquire the home
• Home buyers must occupy the subject property as their primary, permanent residence
• The property must not have been previously occupied, must be permanently fixed to a foundation, and must be located within Hurricane City limits
Prospective home buyers should pick up the Grant application form from Hurricane City Offices at 147 North 870 West. The form should be filled out and submitted to the Buyer’s approved USDA lender in connection with the loan application. When the lender has the USDA Commitment, the lender will fax documentation to the City to enable closing. The Grants will be awarded on a first-come, first-served basis.
“The Rural Housing Loan Program serves to identify borrowers who are in greatest need of assistance” noted City Manager, Clark Fawcett. “By teaming with USDA, we streamline the process of identifying and helping citizens who need help to acquire their first home.”
