MANHATTAN: Borgo announces homebuyer stimulus

MANHATTAN -- In an effort to stimulate the local economy, encourage commercial retail development and create construction jobs for the trades who live in town, the Manhattan Village Board has approved a new Economic Stimulus Program.

Mayor William Borgo said the economic stimulus package will start immediately, to maximize the rebates effectiveness.

"According to homebuilders associations, approximately 70 percent of new homes sales occur between the months of April and August," he said. "Thus, we want to make sure we offer our economic stimulus during the time when the majority of residential sale contracts are being signed by families."

Effective today, any homebuyer who purchases a new single-family home, duplex or townhome will be eligible for a rebate of up to $5,000. Each of these homebuyers, for approximately the next 14 months will receive a check from the Village of Manhattan at closing. These funds may be used at the homebuyer’s discretion for such things as down payment assistance, closing costs, mortgage points, and construction options. Families who purchase a new single-family home will receive a check for $5,000, and those who buy a townhome or duplex will be eligible for a $3,500 check.

"We believe this new stimulus package will help our local economy and gain the attention of commercial and retail developers looking to develop in emerging, vibrant communities, and Manhattan certainly fits the bill," emphasized Borgo.

Manhattan officials believe this stimulus package will help local residential builders and developers market their homes more effectively and convince new homebuyers to purchase a home in Manhattan instead of anywhere else in the area.

This stimulus package was specifically designed to: benefit buyers directly, maintain high assessed values, attract commercial and retail, be easily marketable, and increase sales traffic in Manhattan area developments.

In an effort to help the struggling residential homebuilding economy, the village is also allowing residential builders/developers to pay for their building permits in two installments. The first installment will be at the time of permit and the second will be due 90 days after the permit is issued.