On July 10, 2012 the City of Claremont gained ownership of the failed RK&T Development. The development was forfeited to the city through unpaid taxes and assessments.
During the November 12, 2012 city council meeting, the council decided to work jointly with the EDA to come up with a way to promote the development in hopes of recouping some of the cities costs in the development and to build up the tax base in town.
Their solution? The Residential Lot Program.
The program is making residential lots available to qualified purchasers at a minimal cost.
The sale price for a lot is $28,637, however, to qualified buyers that price will waived. To be eligible for the waiver of the lot price, interested buyers must meet certain income guidelines. For a family of two the gross income can not exceed $74,000 for a family of three or more gross income can not exceed $85,100.
To qualify, interested parties must also provide proof of pre-approval letter from a mortgage lender, showing they are pre-approved to build the planned home. They must also sign a purchase agreement with the city and pay $1,000 in earnest monty upon signing the purchase agreement. The money is non-refundable and will be applied toward the city's administrative expenses including the creation of an abstract to the property that will be provided to the owners, all other administrative costs will be waived.