YORKVILLE, Ill. (CBS) — The Illinois town of Yorkville is looking to do something about the depressed new home market.
As WBBM Newsradio’s Mike Krauser reports, Yorkville is offering cash to try to get people to buy new homes — $10,000 at the time of occupancy.
LISTEN: WBBM Newsradio’s Mike Krauser reports
The City of Yorkville and developers are sharing the cost.
The developers will benefit from deferred building permit fees, the Aurora Beacon-News reports. The fees would be due at the time of occupancy, rather than before construction.
The City of Yorkville also plans to cut the municipal building fee from $5,509 all the way down to $1,759, the Beacon-News reports.
The newspaper reports the town has about 9,000 vacant lots.
The program will be limited 30 projects in the first year. It is modeled after a similar program in nearby Minooka that was considered a success, the Beacon-News reported.