New program aims to stimulate Sandy's economy through real estate

(Sandy Journal) Buying a new home in Sandy City just got a little easier with the “Own in Sandy Program” which helps home buyers with a $5,000 zero-interest loan. The program is designed to try to stimulate the economy in Sandy and create jobs in the process.

The money can be used at closing as a down payment, to cover closing costs or to reduce the principle purchase price and becomes a grant if the applicant resides in the home for three years. There are 20 loans available to the public, 10 for purchasing a new home that has never been occupied that is currently on the market and 10 for construction of a new home in an approved Sandy subdivision.

“We have a few people that have already expressed interest in the program,” said Communication Manager Trina Duerksen. “We’re not surprised about the excitement it has generated already. This is a pilot program and if it works out, we are thinking about possibly doing it again.”

The loan does have some limitations such as annual income restrictions, which are based on the number of occupants in the home and ranges from $44,080 for a single person to $87,406 for a family of eight.The purchase price of the home cannot exceed $305,000.

The money is not coming from Sandy City’s general fund, but from ane Economic Development Agency fund which consists of 20 percent of the tax revenue collected from the several buildings around City Hall, Duerksen said.

“This is the first year we’ve used this, as it takes a little time for the tax revenue to accumulate enough to use it,” Duerksen said. “It is a unique twist that commercial development in the city is going to help fund residential projects.”

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