The Great Update Rebate was created to assist Plano homeowners with the financial burden of caring for older homes. This popular program won the 2016 City Livability Award from the United States Conference of Mayors. More than $2.5 million has been dedicated since its inception in 2014, which is distributed to program participants in the form of a rebate.
Enter your address on the Great Update Rebate eligibility map to see if your property qualifies.
Requirements for this program include:
- Single-family houses, duplexes, townhouses, and condominiums qualify
- Houses must be 35 years or older
- Any occupancy and ownership qualifies (owner-occupied, tenant-occupied, or vacant)
- Current on taxes and insurance
- The County Appraisal District appraised market value of the property must be less than or equal to 85% of the Federal Housing Administration single-family mortgage limit for Collin County for the current year.
- Year 2023 FHA limit of $531,300 times 85% equals $451,605 maximum property value for 2023.
Eligible Improvements include:
- Both interior and exterior improvements qualify, with exceptions noted on the list of Ineligible Improvements below
- Minimum property improvements must be at least 10% of the CAD appraised market value or $20,000, whichever is less
- For example, a $150,000 property must have a minimum investment of $15,000 to qualify; a $250,000 property must have a minimum investment of $20,000 to qualify
- Qualified updates may start only after receiving a Notice To Proceed from the City (this includes deposits, down payments, and purchased items)
- Complete within three months of start, although extensions are allowed with demonstrated need
- Must result in a livable unit
- Repairs to individual condominium units not covered by the property owner association
- Landscaping is eligible only per plan approved by the City’s Landscape Architect
This is a great program that is beneficial to Plano homeowners, so take advantage! Click here for more information about criteria, eligibility, documents, and important links. You can also contact the Community Services Division at 972-208-8150.
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