Plano Considers Housing Reinvestment Incentive Program
PLANO (CBSDFW.COM) - The city of Plano is considering reimbursing some homeowners who remodel their houses.
Homeowners like Mike Konold who wanted to update his home.
"If it turned out great we'll probably be there the rest of our lives," said Konold, who expects to receive several thousand dollars back from his remodeling work. "I think it works great for the city."
It was a project that he spent more than $60,000 on but part of that will be paid for by the City of Richardson, which given homeowners rebates for years.
"The program has been extremely successful since its inception in April 2007. We've had over 450 projects through the program,"said Assistant City Manager of Richardson, Don Magner.
Now Plano is considering a similar program. A home improvement incentive proposal would offer ten percent rebates if the house is:
- 25 years or older
- has a mortgage less than $287,000
- improvement costs exceed 10 percent of the home's value
Improving property values is a priority in Plano, which will see taxes level off as the city ages and growth slows down.
"We want to make sure long term we have the best neighborhoods wonderful diverse housing options," said Plano Planning Director, Christina Day.
Richardson has already handed out $1.3 million through its program.
The proposed rebates still must receive approval from the city council. But for residents who have a kitchen or bathroom in need of updating, they could be reimbursed for up to $5,000 of the cost.
The program is expected to start later this year.
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