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For more information on Economic Development contact Crista Bromley at (512) 756-6093 Ext. 217 or email at firstname.lastname@example.org
CITY DEPARTMENTS: Economic Development
Economic Development: Hometown Housing Program
To encourage the development of affordable housing options to residents of Burnet by encouraging the development and utilization of existing residential lots in an historically underutilized portion of the city, the City developed and adopted the Burnet Hometown Housing Program.
The program is designed to assist in the reduction of home construction costs by rebating 100% of the water, sewer, and electric tap fees; building, plumbing, and electrical permit fees; HVAC unit fees; and plan review fees for qualifying lots in the targeted area.
See the information below or click here for a copy of the ordinance establishing the program.
Lots must have a "standard connection" for city water, sewer, and electricity, and have existing streets, as of January 1, 2000. For the purposes of this chapter, a tap made on a water or wastewater line located between the boundary line of the property to be served and the right-of-way line of the street or alley abutting such lot, or a line located within the right-of-way of such street between the property boundary line and the traveled, paved portions of the street, shall also constitute a tap made at a "standard location".
A tap made at a "standard location" shall be a "standard connection".
Established Price Range
Homes must be considered affordable in accordance with the current U.S. Department of Housing and Urban Development guidelines for home affordability and as based on the Target Income Range, and shall be verified on the Closing Statement's Contract Sales Price. The target income range will be between 80% and 120% of the Area Median Income (AMI).
Target Area / Neighborhood
Primary Area -the Southeast Quadrant of Burnet. An area within the city limits of Burnet, encompassing areas East of Highway 281, South of Highway 29, West of Coke Street and CR 330 (Westfall St.), and North of the Railroad tracks. (See attached map.) Must consist of existing lots with existing streets, city water, sewer, and electricity already in-place as of January 1, 2000.
Click Here To View Larger Version
of the Target Area / Neighborhood
Primary Area Map »»
Target Income Range
The target income range will be between 80% and 120% of the Area Median Income (AMI) as defined by the Federal Housing Administration, to be adjusted on January 1, of each year.
(See the sample calculations below).
Targeted Buyers may consist of, but are not limited to;
a. City employees, firefighters and EMS personnel.
b. Teachers and school district employees.
c. County employees.
1) Homes must be single-family residences
2) Homes shall be the primary residence of the home buyer.
3) Homes shall not be initially sold as rental property.
4) All tap fees and permit fees shall be paid in advance. A rebate of any "waived" fees will be returned upon the City receiving a copy of the Final Closing Statement on the subject property. There will be no rebate on any waived tap fees or permit fees should the home's sales price exceed the upper limit of the price range established.
The City will provide:
1) Provide Information - The City shall make information on the program available to prospective homebuyers, developers and other interested parties;
2) Rebate of Tap Fees - On eligible lots, regardless of whether the lots are publicly owned, privately owned, or owned by a non-profit organization. 100% rebate of tap fees for lots in the "Primary" area
3) Rebate of Permit Fees - For Building Permit Fees; Plumbing Permit Fees; Electrical Permit Fees; HVAC unit fee; Building Department review of plans fee; and Fire Marshall review of plans fee for the eligible lots. 100% rebate of permit fees for lots located in the "Primary" area
Below is an example of how to determine the range of home that is eligible for the program. In this example, the median income is estimated to be $42,300.*
|@ 80% of AMI
||@ 120% of AMI
|$9,475 / 12
||$14,212 / 12
||Est. Monthly House Pmt
||Home Purchase Factor
||Established Price Range
*(Note: According to FHA, the Burnet Area Median Income (AMI), as of January 2007 for the City of Burnet is $42,300 per year. The assumptions used in estimating house payments; property taxes calculated at $2.4623/100, insurance calculated at 1% of house value for a home with 51% masonry and taking into account insurance scoring. Principal and Interest payments are based on a 30-year mortgage with a 6.5% interest rate.)
For more information on Economic Development contact Crista Bromley at (512) 756-6093 Ext. 217 or email at email@example.com.