Plano City Council empowered the Neighborhood Services Department to create a program to assist Plano homeowners with the financial burden of caring for older homes in the City. More than $1,500,000 has been dedicated to this program which will be distributed to program participants in the form of a rebate.
Single family houses, duplexes, townhouses and condominiums qualify
House is 35 years or older
Any occupancy and ownership qualifies (Owner-occupied, tenant-occupied, or vacant)
Current on taxes and insurance
The County Appraisal District (CAD) appraised market value of the property must be less than or equal to 70% of the FHA single-family mortgage limit for Collin County for the current year. 2016 FHA limit of $334,650 * 70% = $234,255 maximum property value for 2016.
Both interior and exterior improvements qualify, with exceptions noted below under “INELIGIBLE”
Expenditures on the property update must total 10% or more of the CAD appraised market value of the property. For example, a $150,000 property must have $15,000 invested into the property 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
New pools, hot tubs, spas and water features
Any landscaping plan that includes the following:
Plants that are not native or naturalized; prefer Texas Smartscape plants
Irrigation system that does not allow plants to become established under current water restrictions at the time of plan approval; may require drip irrigation or soaker hoses
Repair or replacement of sprinkler systems lacking digital controllers with functional rain and temperature sensors
Detached accessory structures
Exterior improvements or other items covered by the HOA for condominium units
Any project started before receiving your Notice to Proceed is ineligible for the rebate (this includes deposits, down payments and purchased items)
$5,000 limit per property per year
25% rebate on exterior improvements
10% rebate on interior improvements
All improvements must be completed once agreement is signed, or the project is wholly disqualified; no partial rebates