|SB 1052||Creates the "Live Near Your Work" program to facilitate neighborhood redevelopment|
|LR Number:||4232S.02I||Fiscal Note:||4232-02|
|Committee:||Insurance and Housing|
|Last Action:||03/06/00 - Referred S Insurance & Housing Committee||Journal page:||S385|
|Effective Date:||August 28, 2000|
SB 1052 - This act establishes the Live Near Your Work (LNYW) Program which is designed to encourage people to live within 10 miles of their employer by providing a grant of $3,000 for expenses related to closing costs for residential housing. The objective of the program is to arrest blight and maintain employment in certain areas encouraging employees to live in the area surrounding the employer.
The LNYW area is geographically defined by the governmental jurisdiction which then applies to the Department of Economic Development (DED) for the LNYW area designation and a grant allocation. The designated area must exhibit certain indications of relative decline or distress.
The LNYW grant is composed of funds contributed by the Department of Economic Development (DED), the governmental jurisdiction(s), and participating employer(s) in an amount of $1,000 each, for a total of $3,000. These funds are granted to an employee of a participating business to defray the costs of purchasing a home in the LNYW area. This grant may be in the form of a forgivable loan and must be used as a portion of the down payment or for closing costs.
In order for an employee to be eligible for this grant he or she must relocate to a home in the LNYW area from an area from an area with a higher per capita income than the LNYW area. The employee receiving the grant is required to hold title to an eligible residence for a specified period of time.
The Director of the Department of Economic Development may set periodic deadlines and content requirements for applications from local jurisdictions to participate in the LNYW program.
To participate in the LNYW program, an employer must work with the governmental jurisdiction to develop a program and execute an agreement. More than one employer may participate in the program. The program may also be used by a public sector employer. STEVE WITTE