Home Purchase Grant Policy – Non-Principal Residence (ED-002) — full text

This is the exact embedded text of the captured official document. Snapshot ab59b0d791be · verified 2026-06-10 · original document · archived snapshot · unofficial consolidation, the official version is held by the municipal clerk.

Page 1 of 2 Economic Development Content Updated: 11/12/2015 HOME PURCHASE GRANT POLICY Supersedes: NEW NON-PRINCIPAL RESIDENCE Approved by Resolution No. 34/12/10 Policy No: ED-002 Amended by: Resolution No. 2014 02 36 Resolution No. 2015 11 32 Pages: 2 Approval: 11/12/2015 HOME PURCHASE GRANT POLICY - NON-PRINCIPAL RESIDENCE PURPOSE The purpose of the policy is to encourage residential development and provide a format for individuals to apply for a municipal grant based on the purchase price of existing Non-Principal residences or the construction of new Non-Principal properties. POLICY The applicant shall submit a grant request to the Chief Administrative Officer of the municipality providing the following information: - Full Legal name and mailing address of applicant - Roll Number and legal description of the property for which the said grant is applied - Purchase price of property (copy of certificate of title) - For newly constructed homes, a copy of the building permit application and final inspection report provided by the building inspector/development officer - All lot grading completed to the specifications and satisfaction of the Dennis County Planning District Grant amounts shall be determined as follows: - New Homes - 3% on the building cost* only of the home up to $6,000.00 - Existing Homes - 3% on the purchase price** up to $4,000.00 - Pre-existing Acreages - All land is allowed to be included in the purchase price. Acreage status will be determined by the CDC Board - Farm Homes - Assessed value of the principal residence shall be used as the purchase price. Page 2 of 2 - Multi-Family Dwelling - Grant is based on the same criteria as a single family dwelling. Building cost or purchase price is evenly divided between units to determine a grant per unit amount (example: $400,000.00 construction of 4 units = $100,000.00/unit. $100,000.00 x 3% = $3,000.00 x 4 units = $12,000.00 total grant). *Building costs shall be the value listed on the building permit for the construction **Proof of purchase price shall be verified by copy of certificate of title provided to the municipality showing the transfer of title. ***The purchase or construction of a residence for the purpose of re-sale is not a permitted use of this policy The value determined by a current/valid appraisal can be used for granting purposes. Application Deadline for purchase of Existing Homes and acreages - 6 months after the purchase date. Application Deadline for purchase of New Homes - 6 months after the purchase date. A final inspection must be provided prior to submitting an application. A final inspection must be obtained within 2.5 years from the date a building permit is issued or the property becomes ineligible under the home purchase grant program. Grant applications shall be reviewed by the CDC Board once suitable proof of purchase price or building costs are available. Approval of grants in whole or in part is at the discretion of the CDC Board. Homes purchased or constructed for the purpose of re-sale are not permitted under this policy.