PCDC Announces Updated GO! HOME, GO! DREAM Grants
7 Jul 2022
The Phelps County Development Corporation has added a “sales tax rebate” for residential construction materials to its GO! HOME incentives and has updated its GO! DREAM program.
The changes are intended to encourage the construction of new homes in the county and to increase the vitality and culture of the downtown areas of all Phelps County communities.
The GO! HOME program was introduced five years ago and includes several grant opportunities including home down payment and renter relocation assistance, site improvement and demolition grants, and renovation reimbursement grants.
The newest grant provides up to a $2,000 sales tax refund on building materials purchased in Phelps County. The materials must be used for residential projects in the county.
PCDC will match dollar for dollar in sales tax paid by the grantee up to $2,000.
“The intent is to further ‘de-risk’ projects for contractors and developers and also to incentivize companies to shop local,” PCDC Executive Director Ron Tillery said. “The sales tax rebate can be paired with the completion bonus program so a contractor could earn up to $7,000 for each living unit completed.”
There is no maximum home sales price to receive the sales tax rebate, but the home must be sold for less than $325,000 to receive the completion bonus.
This sales tax rebate is limited to developers or contractors building new multi- or single-family homes, including townhomes, duplexes and apartments for sale or rent. It does not apply to existing home renovations.
To receive the grant, applicants must submit the grant request before construction begins, and the project must be completed within one year of grant approval.
PCDC is also offering lots for $18,500 each in the new Crew Subdivision to encourage developers or contractors to build homes on the remaining lots there. The lots are fully developed and don’t include any assessments.
PCDC has also made minor adjustments to the GO! DREAM downtown development program to focus its limited funds on structural deficiencies.
GO! DREAM encourages downtown building owners to repair and renovate their buildings by providing matching grants. “A vibrant downtown is critical for the future health and prosperity for every community. If Phelps County intends to grow and be a viable option for young adults and new families, its downtown areas must present the kind of amenities they need and want.” according to Tillery.
GO! DREAM offers first impression grants, residential code compliance grants and building integrity grants. “Often, the condition of a building prevents owners from investing in their business. By helping to address that hurdle GO! DREAM helps jumpstart the growth process.“
Certain activities, such as roofing, HVAC replacement and routine deferred maintenance have been excluded from the program. “The intent of the program is to focus on structural deficiencies, so PCDC has updated the criteria to encourage those types of projects,” Tillery said.
The Building Integrity grants promote fire, life and safety upgrades required by code and regulating officials to make buildings functional and safe.
Projects may include structural, exterior wall or foundation improvements; major plumbing and electrical system upgrades; installing fire sprinkler systems; major remediation including asbestos and hazardous waste removal among other things.