(KCPW News) Governor Huntsman is hopeful that his proposal to give $6,000 grants to Utahns buying a newly constructed home will reduce the inventory of unsold homes currently on the market. The legislature approved his proposal, which uses $10 million from the federal stimulus package, toward the end of the session earlier this month.
"We want to start blowing through inventory quickly," he said. "You've got qualified buyers who need a little additional incentive to get off the sidelines and into a new home, and we've got a lot of people very excited about moving into the marketplace ASAP, and that will begin to draw down the inventory, thereby allowing new home construction to pick up behind it."
The governor says his plan will create 8,500 jobs in the state by allowing for additional new home construction, after the current inventory of unsold new homes is whittled down.
Huntsman is also allocating $1.8 million of the stimulus money to help Utahns avoid foreclosure.
"That is, helping people understand their options. A lot of folks don't understand where to turn, where to go, HUD counselors that are available, refinancing options that might be available, do I rent, do I own, and so we've got $1.8 million that will address that kind of mitigation work," said the governor.
The governor also put $33 million dollars of the federal stimulus money toward the Utah Science Technology and Research initiative, or USTAR, and $15 million into the Motion Picture Incentive Fund to attract more film productions to the state.