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East Grand Forks News and Announcements

Posted on: February 8, 2017

EDA NEWS RELEASE

EGF Renews Builders Incentives Program for Housing

RELEASE 

EAST GRAND FORKS RENEWS BUILDERS INCENTIVES PROGRAM FOR HOUSING
 February 7, 2017

The East Grand Forks Economic Development Authority today renewed two housing programs aimed at incenting builders to construct new homes on City-owned lots.

One program provides up to $100,000 at no interest to reduce the construction loan usually used by builders while the home is under construction.  In addition, the builder puts $1000 down on the lot.  The City carries the rest of the lot price, including specials, at no interest until the home is sold or two years, whichever is first.  Three homes were built in East Grand Forks in 2016 under the program.  The City will soon be soliciting interest for participation in this program. 

Because funds for the first program are limited, the second program is a scaled down version.  The builder can acquire the lot for $1000.  The City carries the rest of the lot price, including specials, at no interest to the builder, until the home is sold or two years, whichever comes first.  One home was built under this program in 2016.  This program is ongoing, with no waiting.

The prices for City lots can be found on the City website, www.egf.mn, or by contacting Paul Gorte, Economic Development Director at 216/773-8939 or pgorte@egf.mn.

The City also has other programs oriented to the buyers of new homes.  The City, Polk County, and the School District rebate the first two years of property taxes at full taxation.  The City provides a $5000 forgivable loan.  And the City rebates $500 for trees and shrubs used in landscaping.


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City of East Grand Forks | 600 DeMers Ave. | East Grand Forks, MN 56721
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