The Newton Housing Initiative, approved by City Council in 2014, provides incentives to home builders, real estate developers, property owners, and homebuyers to expand the quantity and, perhaps more importantly, the quality of our available housing inventory.
A major goal of the initiative is to create momentum for housing development within the community; to develop and ensure a stable and growing population in the community by having housing readily available.
When you buy a new home in Newton, you will receive up to $10,000 cash plus a “Get to Know Newton" Welcome Package!
For single-family homes beginning construction in the City of Newton through 2023 (as long as funding is available) the following incentive will be offered:
For homes valued at $190,000* or more, homebuyers will receive a $10,000 cash incentive and the Get to Know Newton Welcome Package.
*updated on August 3, 2021 by City Council
Please note: The home values that qualify for incentives DO NOT include land value.
Subject to the following rules:
- The incentive is provided at the time and place of closing on the permanent financing of the home.
- The value of the improvements (exclusive of land value) must be evidenced by an appraisal or assessment.
- The construction of the home must be fully completed, as evidenced by the issuance of a Certificate of Occupancy by the City of Newton. A radon remediation system shall be installed in the new home.
- Rental properties are not eligible for the Home Buyer Incentive.
- New single-family, owner occupied as primary residence, home construction with a value under $190,000.00 shall be eligible for tax abatement in accordance with the current City-Wide Urban Revitalization Plan.