Downtown Muskegon - Home Buyer Resources

Tax-Free Renaissance Zone

The taxes that home owners do not pay comprise nearly all the state and local taxes levied on individual activity: state personal income tax, six-mill state education tax, local personal property tax, local real property tax, and local income tax.
This tax free status is applicable through 2014. In all cases, the tax relief will be phased out in 25% increments over the last three years of the program.

There are three Renaissance Zones downtown Muskegon, each having residential opportunities. The are pictured at right, but is necessary to confirm that the location you may be considering moving to is indeed located in a Renaissance Zone. The descriptions of homes available on the Downtown Living Opportunities page notes which properties are eligible for this incentive. To zoom in click on the map.

Downpayment Assistance
Income qualifying first time homebuyers are eligible for up to $5000 in downpayment and closing cost assistance from Neighborhood Investment Corporation. Home must be in North Nelson Neighborhood. Other restrictions apply.

Rehab Assistance
Income qualifying first time homebuyers are eligible for up to $20,000 in rehab assistance from Neighborhood Investment Corporation. Funds come in the form of a 0% interest loan. $5000 of the loan is forgiven after you occupy your home for five years. Remaining balance is due upon sale of home. Home must be in North Nelson Neighborhood. Other restrictions apply.

NIC Mortgage
Neighborhood Investment Corporation will finance both the purchase and the rehab of a fixer-upper home in Nelson Neighborhood for income-qualifying first-time homebuyers. Home must be in specific target area. Other restrictions apply.

Home Ownership Classes
Neighborhood Investment Corporation homebuyer education classes on a regular basis. These classes are open to the public and free of charge. Learn how to qualify for a fair mortgage, clean up bad credit, choose a real estate agent, and more. Call for reservations.

Individual Development Accounts(IDA)
Limited slots are available for families interesting in saving money for mortgage downpayment and closing costs. Save at least $20 a month in an IDA for at least six months, and every dollar that you saved will be matched with $2! Income restrictions apply.

Contact Jessica Elsey at j.elsey1@verizon.net, or 231.727.0809, to find out more