Plano City Council received the update from staff, which included a higher maximum grant amount and updated rebate percentages, during its preliminary open meeting May 13.
What you need to know
Staff is continuing to work through feedback to the proposed changes, which would be the first to the program since 2017, according to city documents. New criteria of the program could include:
- Requiring the home be at least 30 years old
- A home cannot have an appraisal value higher than $478,975
- The minimum home improvement project must cost at least $20,000
- The maximum rebate is $6,500
- Homeowners 62 years old and older could receive a 30% rebate up to the cap for exterior and interior projects, while homeowners 62 years old and younger could receive a 25% rebate for exterior improvements and 15% for interior improvements
Some context
The program was originally designed in 2014 and last updated in 2017. When it first started, Howard said it was to incentivize young families buying a home to come to Plano instead of McKinney or Frisco.
“Originally, this program was designed to compete with some of those outer cities,” Howard said.
However, he said the nature of the program is evolving and can be used to help the city’s aging population remain in their existing homes by financing necessary renovations. Since its inception, more than $6.1 million has been rebated for more than 1,200 projects totaling, and over $36.2 million invested by homeowners for renovations during the lifespan of the program, per city documents.
What else?
Several council members sought clarity on the overall purpose of the program, eligibility for energy efficiency and ADA accessibility enhancement projects, and requirements of property to be owner-occupied. City staff are expected to address council members’ feedback and present a revised program at a future meeting.
