Another step in improving the housing stock in Great Bend received a boost this week with the approval of state tax credits for the Fairways at StoneRidge development.
StoneRidge Real Estate Development LLC announced the approval of the Rural Housing Incentive District designation. The subdivision is located along the Club at StoneRidge County Club golf course.
With the Rural Housing Incentive District (RHID) designation at The Fairways, homeowners can have instant equity in their new property, said Roger Sell of Coldwell Banker Sell Real Estate. With most lots originally listed between $50,000 and $60,000 (which included all the special assessments for improvements) home site lots can be chosen and acquired at no cost. The RHID program provides that homeowners will be receiving their chosen lot at no cost and no future payments to the developer. This will allow those interested in building a new home to build a dream home to their desired size and also pay less mortgage financing charges and homeowners should be able to use this ‘Instant Equity’ to assist them in obtaining financing at more attractive rates.
“This program is a unique opportunity for those ready to build a new home at StoneRidge,” Sell said. “No lot cost and no special assessment tax for streets and utilities is a terrific chance to build a new home, and the RHID program provides a great financial head start.”
“The chamber is excited about the potential to add quality housing sites to help us to attract individuals to fill spots in the growing business environment,” Jan Peters, president of the Great Bend Chamber of Commerce. “There are several opportunities that we are working on but housing continues to be an area of shortfall that we must address.”
Sell said this development is covenant controlled, which has minimum square footage and roof pitch requirements to both preserve the integrity of the entire development and protect the value of the homes built there. The entire subdivision has been completed with all infrastructure, including city streets, lighting and all local utilities, including cable and telephone services. Lots on average are quarter- to half-acre in size. A majority of the lots are directly adjacent to the golf course.
This marks the third active RHID in Great Bend, said City Administrator Howard Partington.
The first was for the city’s Amber Meadows Phase I development that was created on March 3, 2014. The second was for the Reserves at Trail Ridge apartment complex which was created on Sept. 7, 2014.
The application for the StoneRidge credits was initiated in April 2015.
The city has since supported an RHID for the second phase of the Trail Ridge apartments. This one is just in the beginning stages.
An RHID is a Kansas Department of Commerce program designed to aid developers in building new housing by assisting in the financing through tax credits that are returned to the developer until the project is completed. RHIDs are available for any small- to medium-sized city or county in Kansas.
All of the RHID projects were sent to Barton County, Unified School District 428 and Barton Community College for their review as taxing entities in the county, Partington said. The state statute requires the RHID information be sent to the county and school district, but it went to the college as a courtesy.
If the entities wish to respond they may. No response is understood as acceptance of the project.
Contact any local realtor for details concerning available lots and other details.