York’s Incentives For Home Ownership
The York Homebuyer Assistance Program (YHAP) is a down payment and closing cost program to households who are interested in purchasing a property in the City of York. The assistance, up to $7,000 is in the form of a 5 year forgivable loan. The Community Progress Council is the facilitator of the program and also offers Homebuyer Education as a requirement for the program.
The nation’s only city wide Artist Homestead Program provides financial incentives and amenity incentives to juried live/work artists. Along with financial incentives this program includes marketing for artists who decided to make York City their home.
The Residential Tax Abatement Program (RETAP) applies tax abatement to the value of the increase in property tax assessment due to property rehabilitation or new construction. The major improvement will cause a reassessment from the York County Assessment office. The 10 year abatement stays with the property so subsequent owners will benefit from the incentive. The companion York City School District RETAP provides ten year phased out exemptions, 100% the first year, 90% the second year and so forth until 10% is granted in year ten.
York’s City Homeownership Employee Incentive Program is currently used by WellSpan Health and York College. The York Revolution have joined this program introduced in May of 2014 will now offer York Revolution employees who buy city homes a grant of 15 percent of the purchase price, or up to $10,000. The grant is designed for first-time homebuyers and would apply to down payments and closing costs, Menzer said.