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Boone council agrees to continue $10,000 housing incentive program and allocates $100,000 to support it
Summary
City administrator asked council whether to continue a longstanding $10,000 housing incentive grant; council approved continuation and agreed to set aside $100,000 from available general-fund money to support the program.
City Administrator Andrea told the council that the city’s $10,000 housing incentive grant—offered since 2018—had one of its last grants recently issued and that staff had two new applications pending. She asked council whether to continue the program and whether to keep the current guidelines.
Andrea explained the mechanics used in the program: when a developer builds a spec home, the $10,000 incentive is split—$5,000 to the home buyer and $5,000 to the builder (plus reimbursement of the building permit) per the city’s existing program structure. She said the county also returns its share of property taxes to the city for the first three years for homes created under the program.
Council voted to continue the program and authorized staff to post an application with a proposed funding allocation of $100,000 from general-fund money that had previously been earmarked for land purchase. Andrea said two applications were already expected.
Why it matters: The incentive program helps encourage new housing construction, including infill and market-rate homes, by reducing development costs and promoting a supply of homes for the local market.
Provenance: See transcript blocks where Andrea described the program and council approved continuation and funding.
