Tuesday, January 22, 2008

Local Grants

I have not been a lifelong resident of Pottstown though I know its a great town that is working hard to improve all of the time.
One of the things the town offers is called The Homeownership Initiative Program. It pays up to $5,000 for home improvements. This is something I took advantage of Since I bought after January 1st of 05. Now technically its not a Grant. Its a SOFT LOAN. It requires no payments and no interest as long as you occupy for at least 7 years. Now if you leave before the 7 years is up then the amount you borrowed is prorated and the balance is paid back to the town at the settlement table.Its great for residents and Realtors alike. The bennefit is obvious for a resident. As a realtor I make sure all of my sellers know about the program and make sure its offered to all of my buyers as long as the home is in the 'Core Redevelopment District' and is occupied by the buyer. Maps and applications can be found at the borough website: http://www.pottstown.org/economic-Information.htm
There are 2 other programs that should be noted. One is the Facade Grant. It applies only to commercial buildings in the Historic District.This IS a Grant, though its a special kind. Its a 'matching grant'. This means that if you put $1,000 into the improvement of the outside of your building, Pottstown will match it if your application is accepted. The cap on this grant is $5,000. So if you wanted a $10,000.00 Improvement to the outside of your Commercial Building for half the price this is the Grant for you.The last program is the multi-unit version of the home-ownership initiative program that I first mentioned. It basically awards money the same way but allows its applicants upto $15,000.00 for converting a two-unit into a single. This could be a valuable tool for the savy owner occupant.Hope this helps and encourages some of you to take a closer look at Pottstown. A home search is available on my website: www.Iknowjackandtom.com

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