A small northern Illinois town has a proactive new plan it hopes will attract new homeowners to build: $10,000 in cold, hard cash.
Yorkville, Ill., a Kendall County city with a population of just more than 6,000, narrowly approved the plan, aimed at stimulating development on the city's almost 9,000 vacant lots, during a City Council meeting this week, the Chicago Sun-Times reports.
The program, drawing funding from both the city and from developers, will offer a $10,000 check to new homeowners upon the time they occupy a new house in their city, according to CBS Chicago. It will be limited to the first 30 projects that apply within the program's first year, upon which time the program will be re-evaluated by the city.
In addition to the new incentive, the city also proposed drastically lowering its current municipal building fee -- from $5,509 to $1,759, the Sun-Times reports.
The offer is modeled after a similar stimulus program which was considered a success in nearby Minooka, Ill. Approved in early 2010, the program initially offered $100,000 to 20 homes built that year and was extended through early this year, Channahon-Minooka Patch reported.
Photo by Loco Steve via Flickr.
Start your workday the right way with the news that matters most. Learn more