Residents may have noticed an increase in home teardowns as of late, especially in west Richardson.
Some real estate agents attribute this to the city’s lack of vacant residential land. But an economic incentive provided by the city may also be at play.
The city’s Home Improvement Incentive Program rewards eligible homeowners for renovations by providing a one-time rebate equal to 10 times the property taxes incurred as a result of single-family home improvements. The program is intended to spark reinvestment and redevelopment in Richardson neighborhoods.
Scrape-and-builds also qualify for the incentive. Deputy City Manager Don Magner thinks the program is a factor in redevelopment.
Since the program began in 2007, the city has received applications from 1,428 homeowners looking to enroll. So far this year, it has received 118 applications, Magner said.