David McGirr, President/CEO Greater Huron Development Corporation
Census officials estimate that Huron’s population will have grown 12% when the 2020 census is completed, and we are poised for even more growth from new and expanding businesses in our community.
In response to that growth, Greater Huron has acquired 55 long-dormant lots from the City of Huron in the Southtown Development and created an incentive plan to encourage construction of new homes on those lots. In June that incentive plan was reviewed, tweaked, and unanimously endorsed by the Southtown Housing Task Force, a group of community members that represents local realtors, housing groups, mortgage companies, the city, and the school.
Officially launched on July 1, the program offers up to $10,000 in “down payment assistance” plus up to $2,000 in “closing cost assistance” to buyers of new single-family homes on lots in the Huron Southtown Development, located south and east of Coborn’s Superstore.
Patterned after similar programs that have been successful at “Homes Are Possible” in Aberdeen, the “SD Housing Authority” in Pierre, and “GrowSD” in northeastern South Dakota, our goal is to encourage the development of new single-family housing for an expanding Huron workforce. These programs have been proven to make owning a new home possible for many low and moderate-income residents that otherwise couldn’t qualify for a home loan.
As an additional incentive, buyers of Greater Huron lots will get interest free financing with only 10% down. The balance of the lot price is due when a new home is occupied, or 24 months, whichever comes first.
These incentives are in the form of a “silent second loan” with no monthly payments and 0% interest. The loan is repaid when the home is sold or refinanced – regardless if that is 1 year or 20 years later.
I encourage housing developers to give us a call about participating in this program. Extended eligibility for incentives is provided for a developer to sell completed homes.
These incentives are only available to the first owner-occupants of new single-family homes that meet program guidelines. To learn more, go to www.huronsd.com/homes or stop in and visit with us at Greater Huron.