A bill making its way through the Utah Legislature would create a first-time homebuyer assistance program.
"In America, we believe in home ownership, and in Utah, we believe in home ownership," Senate President Stuart Adams, R-Layton, said.which would create the assistance program using $50 million. The proposed funding is enough to help with the purchase of 2,500 homes in Utah."We may be losing our middle class," he said. "Most of people's net worth is in their home.
"It remains a lien on the house," Adams explained. "So, if they happen to get a better rate or they want to refinance at some point in time it has to be paid back. Or if they sell the home it needs to be returned." "By doing this, we are helping address Utah's housing shortage and providing an opportunity for families to build equity."
Realtor Stephanie Grable said the program could help more first-time buyers enter the market who have been priced out by higher interest rates and higher home prices.
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