Grants for new home-buyers nearly gone

The chances of nabbing a grant from the state worth $6,000 aimed at those buying a new home in Utah are dwindling.

Since mid-March, more than 1,000 Utahns have qualified for a grant under the state's Home Run program, which originally had 1,600 grants available.

The remaining 600 are expected to go quickly, officials say. "We expect the money will be all used up within a couple of weeks, at the most," said Grant S. Whitaker, president and CEO of Utah Housing Corp., which is managing the program for the state. "Anybody who is just starting now to look for a home probably is too late to receive a grant."

The program, designed to help jump-start the state's beleaguered home-building industry, is available only for those buying a new, never-occupied residence. Pushed by builders such as Ivory Homes in the past legislative session, the program does not apply to those buying existing homes.

It also is designed only for individuals earning $75,000 or less, or for households earning $150,000 or less, although there is no cap on the purchase price of the home.

Most buyers who have received the state money have purchased homes priced at less than $300,000, although there have been several who bought homes priced at more than $500,000; one was even above $700,000.

In any case, the program has been wildly popular. Original Article