The Homeownership Initiative Program in Pottstown just got a healthy jolt--IT DOUBLED! This time it's in your favor, Mr. (and Miss-don't want to leave anyone out!) and Mrs. Homebuyer in Pottstown! Usually, we're dreading gas prices, taxes, food prices etc. doubling and we all know what it feels like when those prices are doubling by leaps and bounds these days. But this time you're receiving - not giving!
This program began several years ago with money that was received through the Montgomery County Revitalization Fund. It's purpose is to provide forgiveable loans to new homebuyers in Pottstown to make improvements to their homes. The original program was set up for a single residence to have a $5000 maximum available. That limit has just jumped to $10,000. How great is that? The program was also created to try and encourage the conversion of Pottstown's many multi-unit properties back into single family homes. Originally there was a $5000 limit per unit removed-that has just doubled for the first unit to $10,000 and remained at $5000 for each additional unit.
The new guidelines apply to all applications made on or after July 1 for any property located in the boundary area and purchased on or after July 1, 2007. As of this time, the program has been extended through Feb 1, 2010.
Sounds pretty good, doesn't it? For more details on Pottstown's Homeownership Initiative Program you can visit http://www.pottstown.org/economic-Information.htm