Luverne expands housing tax creditLUVERNE — With the extension of the Federal Homebuyers Tax Credit until April 2010, the City of Luverne is once again getting creative with its Housing Incentive Program, according to Economic Development Director Ted LaFrance.
LUVERNE — With the extension of the Federal Homebuyers Tax Credit until April 2010, the City of Luverne is once again getting creative with its Housing Incentive Program, according to Economic Development Director Ted LaFrance.
The newly revised incentive program covers all lots available and provides a variety of choices for any buyer or developer,
“There are 50 plus lots available,” LaFrance said. “Prices range from $5,000 to $45,000.”
There have already been inquiries into the new program, he added.
The response to such program in the past has been good, which is why the city continues to take part in residential development.
“It has worked well in the past, helps create a residential tax base and directly benefits our school district, which is great,” LaFrance explained. “It is also a great opportunity for families or individuals to bridge that financial gap on a new home or get into a more efficient home.”
The city is offering three incentive packages, and will continue the program through Dec. 31, 2011.
“At $3,000 per dependent, great financing options with the city, the federal tax credit and a new home in Luverne, you can’t go wrong,” LaFrance stated. “Local community businesses have also collaborated to provide a coupon package valued at over $10,000.”
One example he provided was based on a family of four.
“If the family was to develop a lot in the Evergreen First Addition, they would be eligible for a $12,000 credit, a business coupon package, the new homebuyer’s federal tax credit and financing totaling more than $30,000 in value,” he explained. “With five subdivisions, so many lots and the amenities of Luverne, your choices and opportunities abound.”
Anyone interested in the housing incentive program can contact LaFrance at the Economic Development Authority at (507) 449-5033 or by email at email@example.com. Check for more information at the city’s Web site, www.cityofluverne.org.