An extra $50,000 worth of housing for the same cost sounds too good to be true, but it could actually happen with a program approved in November by the Hutchinson City Council.
For someone building a home in a new subdivision, a rural housing incentive district could save them from paying special assessments for the street, curb and gutter and sewer and water lines. Normally a homeowner in a subdivision with all of those improvements would pay $2,500 to $3,000 a year in special assessments, City Finance Director Frank Edwards said.
Assuming someone is able to make a $30,000 down payment, with a 700 credit score and no other significant debt, $3,000 a year in special assessments could be the difference between qualifying for a $150,000 home and a $200,000 home…
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