Plano Rolls Out New Urban Renewal Plan
PLANO (CBS 11) – Monday marks day one of a new program rolled out by the city of Plano aimed at sprucing up older neighborhoods.
City officials say with so much development in the area it's time to focus on fixing up homes that are eyesores. Their hope is to revitalize the entire city and increase property values.
City of Plano Community Services Manager Shanette Brown says they want to help their older neighborhoods age "gracefully."
Under the new plan named the "Great Update Rebate Program" some 16,000 homeowners could qualify for rebates to interior and exterior home improvements. Plano officials have set aside $617,000 to be given during the program's first year of implementation.
In order to qualify the value of the home can't exceed $200,900. It must be at least 35 years old, and the total cost of renovations to the home should be at least 10 percent of the home's value.
The program is open to home owners, and real estate investors alike.
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