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EDA explores adapting New Home Rebate to support residential rehabilitation projects
Summary
EDA staff and a local contractor discussed modifying the New Home Rebate to incentivize substantial residential rehabs after an example project was said to add an estimated $125,000–$150,000 in taxable value; the board asked staff to develop a proposal for the next meeting.
At its July 2 meeting the Harmony Economic Development Authority discussed whether the existing New Home Rebate could be updated to support residential rehabilitation projects.
Staff member Chris Giesen presented a memo noting that contractor Brent Hjelmeland had asked whether the EDA could provide assistance for rehab work that can create taxable-value gains similar to new construction. Giesen told the board the topic had been raised in prior meetings but the board had not acted; he said one recent Hjelmeland project reportedly added an estimated $125,000–$150,000 in new taxable value and brought a new resident into the house, making rehab a possible avenue to achieve the Experience Harmony goals.
Board members discussed program design at length and reached consensus that any rehab-focused program should be tied to new taxable value created, encourage substantial private investment, and not be written for a single business model. The board asked Giesen to work with Hjelmeland and return with a program idea at the next meeting.
