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House approves $50 million first-time homebuyer assistance program to spur new starter homes
Summary
The House passed first substitute SB240 to allocate $50 million to a Utah Housing Corporation program offering up to $20,000 per qualifying first-time buyer for new-construction starter homes; recipients must repay the full amount on sale or refinance so the funds recycle into the program.
The Utah House of Representatives on Feb. 28 approved first substitute Senate Bill 240, a $50 million first-time homebuyer assistance program intended to spur construction of starter homes and help qualifying Utahns buy their first house.
Representative White, the bill’s sponsor on the House floor, said the program would allow qualifying applicants to receive up to $20,000 toward interest rate buy-downs, down payments or closing costs and would be limited to new construction. “This simple bill…will allocate $50,000,000 to the first-time homebuyer assistance…
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