Montezuma Housing Initiative 2019-2020
After extensive collaboration with Montezuma Community Development, Montezuma City Council formally approved the Housing Initiative on March 5th, 2018. The initiative provides for two different incentives, both aimed at stimulating new construction inside city limits. Through the home-buyer incentive, a $5,000 cash payment will be provided to buyers of any ‘new construction’ homes. The incentive check will be delivered at the time and place of closing on the permanent financing of the home.
The second incentive is meant to encourage speculative home construction in the community. The City of Montezuma will reimburse all construction loan interest on each new qualifying speculative home for a period of up to 12 months from the time a building permit is issued and up to a maximum of $7,500.
To be eligible for incentives, homes (exclusive of land value) must be valued at least at $160,000 as evidenced by an appraisal or assessment. This program shall sunset when five of each type of incentive are awarded by the city.As an additional benefit, builders of any new homes that qualify for the home-buyer or home-builder incentive will have all building permit and utility tap fees (exculding electric) discounted by 50% for the calendar year 2019.