Gov. Herbert Expands Home Run Grant Program

09.04.2009 by Jeff Robinson

(KCPW News) If you’re looking to buy a new home, but missed out on the state’s Home Run grant earlier this year, you now have a second chance.  Governor Gary Herbert is using $8 million from the federal stimulus package to offer an additional 2,000 homebuyer grants, each worth $4,000.  Jim Wood, Director of the Bureau of Economic and Business Research, says it’s an important measure for home buyers and home builders.

“It’s a terrific opportunity providing them with $4,000 which they can use as a down payment, and it is really important for the homebuilding industry,” he told KCPW.  “It’ll help builders clear their excess inventory, which is really important at this point.”

The first phase of the Home Run program earlier this year offered 1,650 grants at $6,000 apiece.  Homebuyers in South Jordan took the largest number of grants, with 142 total.  Wood notes that because the grant is specifically for newly built homes, the largest economic impact will be felt in areas where there’s more development.

“Because it is for new homes, it’s going to be tilted a little bit towards those communities where we’ve had rapid growth and lots of new residential construction,” he said.  “That’s where the vacant homes are and that’s where new homes are going to be built.”

Governor Herbert now has about $9 million left to spend in discretionary stimulus funds.  You do not have to be a first-time homebuyer to take advantage of the offer, but there’s an income limit of $75,000 per person or $150,000 per couple.  To apply, visit the Utah Housing Corporation online.