Homeowners looking to spruce up their property can do so through the City of Richardson’s Home Improvement Incentive Program (HIIP).
The program encourages residents to reinvest in their properties by offering an economic incentive that lowers the financial hurdle homeowners face when looking to make significant investments to their property. The result is an increase in value of the Richardson’s housing stock and the overall betterment of the neighborhoods.
“This is another way for the City to show its commitment to redevelopment and reinvestment in our neighborhoods,” said Community Services Administrator Lindsay Turman. “This has helped distinguish Richardson from its neighbors by offering an incentive for new homebuyers to purchase fixer-uppers and improve the overall quality of the home, which improves the overall quality of the block and neighborhood.”
Since the program began in 2007, 1,289 homeowners have applied for the program and a total of $4.7 million in incentive payments have been made to participants. Projects have ranged in scope from interior remodeling of kitchens and bathrooms to the complete tear down and reconstruction of homes and have increased appraised values by almost $74 million.
All homeowners who live in single-family zoned areas and are not delinquent on their taxes may participate in the program, regardless of the appraised value or age of the house. Prior to beginning construction, homeowners must fill out an application and submit it to the Community Services Division. The total value of the improvement project must be at least $20,000 and be completed within two years of approval by City staff. Once the work is finished, the homeowner should contact Community Services staff so an inspector can be sent to the home to confirm the project is complete. Please note that the HIIP inspection is separate from the standard building inspection process.
The homeowner will receive a one-time incentive payment equal to 10 times the amount of the increase in City taxes based on the pre-renovation and post-renovation appraised value, with no cap on the maximum payment. The appraised value will be determined by the appraisal district in the county where the property is located. The incentive will be paid on April 1 of the first full calendar year following the project’s completion.
For more information or to download an application, visit www.cor.net/hiip or call 972-744-4180.