Building a new home is expensive, there can be no denying this. Once you have paid for all of the materials, labour and permits, there often isn’t much left for anything else and this often leads to budget blowouts. There are, however, some government grants available to home builders that help them to recover some of the construction costs, providing that they follow some simple rules first.
- Community block development grants
These programs provide different councils with grants so that they can build homes for low-income residents. To help keep the rental and mortgage prices low in these areas, home builders are reimbursed a portion of the cost of construction. Residents who are interested in this sort of funding should contact their local councils to find out more information.
- State and local grants
There are a number of grants available from the state government that are to be used for the construction of homes in urban areas. The difference is that they aren’t necessarily reserved for low-income properties. An example of this is suburbs that aren’t too popular – they will offer builders help with landscaping costs or street improvements to entice them to build there.
Whilst you might be interested in the government grants that are offered to home builders, it is important to keep in mind that not everyone will be eligible for one. And, even if you are, there is only so much money set aside for grants each year, so you still might luck out. The best way to find out more information is to contact your local council or state government.