A bill in the Utah legislature, Senate Bill 260, would give first time Utah Home Buyers a $6,000 down payment grant. This money would come from the federal stimulus package as a 10 million dollar grant to distribute for housing assistance. The money would go to more than 1,600 buyers on a first-come, first-served basis.
Realtors and economists say this program could really help the housing market. The University of Utah’s Bureau of Economic and Business Research told the Standard Examiner the program could create 8,000 jobs in Utah’s housing sector and add $27 million in income tax revenue for the state.
This would help with the number of new homes that have been sitting on the market the last few years. If the bill is passed, it would be administered through the nonprofit Utah Housing Corporation.
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