September 11, 2009

City offers new home rebate

The city of Lockport, Ill. is offering cash to the first 100 people who buy new single-family homes, duplexes or townhouses, a city official says.

City Manager Tim Schloneger says the move was approved on a 5-3 vote by the city council after months of consideration, the Chicago Sun-Times News Group reported Friday.

The deal provides the first 100 buyers of new construction with $10,000 for a single-family home or $7,500 for townhouses or duplexes.

The cost of the gift will be split evenly between the city of Lockport and the developer.

Similar deals are being offered in Manhattan, Shorewood and New Lenox, all located in Will County, Ill., just south of Chicago, the report said.

Will County was experiencing explosive growth until the housing boom turned into a housing bust.