BUSINESS + ECONOMY

Davis County hopes to lower home prices by offering new loan

Oct 2, 2023, 6:00 PM

The Provo-Orem area is the second-best place in the nation to buy a house for first-time homebuyers...

The Provo-Orem area is the second-best place in the nation to buy a house for first-time homebuyers.(AP Photo/Matt Rourke)

(AP Photo/Matt Rourke)

DAVIS COUNTY, Utah — Wannabe homebuyers in Davis County can now apply for a new loan from the county. The hope is that this will help lower home prices over time.

The county is using federal funds to offer $50,000 loans.

Economic Development Director Chanel Flores said the county is already getting buy-in from developers who want to keep their new homes at or below the cutoff price for the loan.

“Those types of things are really what’s going to… help move the needle of getting more affordable housing into the state,” Flores said.

Flores said you don’t have to be a new homebuyer to qualify for the loan, but you do have to buy a home in Davis County. And, you’ll only have to pay the loan back when you sell the house again with 1% interest.

“[The loan] can be used downpayment, interest rate buy down, or principal reduction or a combination,” she said. “So, we really think this is one of those programs that could really help move the needle when it comes to homeownership and create that generational wealth.”

Applications open on Oct. 16 on the Davis County website.

Related stories

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

A car is filled at a gas pump in Sandy on Tuesday, March 19, 2024. Utah gas prices are currently be...

Allessandra Harris Gurr

Utah gas prices below national average in time for summer season

Utah gas prices are below the national average price for gas and the prices are expected to stay that way over the summer.

15 hours ago

Image of Temple Mountain found on BLM land within Emery County, Utah. (Mike Coronella)...

Aimee Cobabe

Utah files lawsuit over BLM Public Lands Rule

In the lawsuit, Utah accuses the BLM of taking a "museum-like" approach to the state's public lands.

1 day ago

Pioneer Stadium in Ogden is getting a $4.3 million upgrade, expected to be complete in time for the...

Tim Vandenack, KSL.com

Ogden’s Pioneer Stadium – site of a major annual rodeo – getting $4.3M upgrade, new name

The upgrade to Ogden's Pioneer Stadium includes additional seats and new equipment for rodeo participants.

2 days ago

Quishing...

Josuee Sanchez

Beware of “quishing” or QR code phishing says Better Business Bureau

Scammers are using "sqishing" or QR phishing to con people into giving personal their personal information.

3 days ago

The front of the Holladay Lions salt lake county recreation center...

Allessandra Harris Gurr

The hidden cost of recreation centers

A new report shows that several recreation centers in Utah operate at a deficit in the millions. Part of covering that gap comes via taxes.

3 days ago

The Utah Women & Leadership Project, based out of Utah State University in Logan, Utah, reports tha...

Alexandrea Bonilla

Report finds fewer Utah workers experiencing sexual harassment

For the first time in years, the number of sexual harassment reports filed with the EEOC places Utah in line with the national average.

3 days ago

Sponsored Articles

Underwater shot of the fisherman holding the fish...

Bear Lake Convention and Visitors Bureau

Your Bear Lake fishing guide

Bear Lake offers year-round fishing opportunities. By preparing ahead of time, you might go home with a big catch!

A group of people cut a purple ribbon...

Comcast

Comcast announces major fiber network expansion in Utah

Comcast's commitment to delivering extensive coverage signifies a monumental leap toward a digitally empowered future for Utahns.

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Davis County hopes to lower home prices by offering new loan