As announced by Gov. Gary R. Herbert, there is a new $4,000 grant (Home
Run 2 Grant Program) to assist home buyers who are:
1. Hiring a builder to construct a new personal residence,
2. Purchasing a partially-finished residence and contracting to have it completed, or
3. Purchasing a newly-built, never-occupied, completed residence.
This cash grant, coupled with low interest rates, stable home prices and the $8,000 Federal Tax Credit for first time home buyers will enable many Utahns to achieve the dream of owning a new home.
As with the original Home Run program, the Home Run 2 Grant will be administered by Utah Housing Corporation.
Grant funds will be wired to the settlement agent closing the home
purchase transaction. Funding will be available for approximately
1,950 grants. The approximate number of remaining grants may be viewed
at all times on the Utah Housing website at www.utahhousingcorp.org.
To expedite the Home Run 2 Grant Program, income calculations have been simplified and will now be verified based on the Adjusted Gross Income shown on the 2008 Federal Income Tax transcript for each person taking title.
To
become eligible to assist qualified clients in applying for this grant,
Utah lenders must execute a Home Run 2 Grant Funding Agreement
(“Agreement”) and furnish the original dated, signed copy to Utah
Housing.
The Agreement, together with the necessary program
forms, is available on the Utah Housing website by clicking on the link
for Program Forms in the Home Run 2 box. The Home Run 2 box also
contains a link for Information from which more detailed Home Run 2
information may be reviewed and from which the status of a particular
lender as an “Approved Lender” for Home Run 2 may be checked.
Call or e-mail for more information.