City of Harmony, EDA announce new home incentive program
The Harmony EDA says anyone building a new home in Harmony, on a qualified lot, or those renovating a seriously dilapidated home can qualify for a cash rebate ranging from $1,500 to $20,000.
According to the Harmony EDA, there are no income limits, residency, or age restrictions to qualify. The amount of the rebate is dependent on the final taxable value of the new or renovated structure. In most instances will be paid to the property owner once 100% of the exterior features are complete (roof, siding, soffits, windows, doors, etc.) or the final assessed value has been determined. In order to qualify for a $20,000 rebate, the taxable value of a new home must exceed $500,001.
In addition to new home construction, rehabilitation of dilapidated homes also qualifies provided that it creates new living units in the community and increases the building’s taxable value by at least $40,000. Rebates will not be awarded for general repairs or improvements such as finishing basements, kitchen remodels, or other projects, as determined by the City.
The new program expands on the original program that was started in 2014 and awarded up to $12,000 to new homes built with at least a $125,000 taxable value. Harmony was one of only three cities in Fillmore County to see population growth in the 2020 Census. To date, the program has created 19 new units in Harmony, added over $3.3 million in new tax base, and has attracted new residents.
The Harmony EDA says the goal of the program is to increase the inventory of living units in the community, maximize existing public infrastructure and service investments, and grow the population of the city in support of the local economy.
More information can be found on the City of Harmony’s website, HERE.