New Local Stimulus Fund

SALT LAKE CITY (AP) -- Utah Gov. Gary Herbert says he'll use $8 million in federal stimulus funds to help kick start the state's sluggish housing market.

Herbert's office released a statement Friday saying that the state will offer $4,000 grants to 2,000 home buyers.

The program comes on the heels of one started by former Gov. Jon Huntsman, who used $10 million in stimulus funds offer $6,000 grants.

The state awarded those 1,600 grants in less than 12 weeks earlier this year.

The Utah Housing Corporation says the grants have led to home sales of $376.7 million, creating thousands of jobs and millions of dollars in wages.

Home Run Grant to Purchase property in Utah

Besides $8,000 federal tax credit that applies to first time home buyers or those who haven't owned the home in the past three years:

Utah Governor in March signed local grant - award - $6,000 So called home run grant is a mortgage assistance program for home buyers who purchase a newly-constructed, never occupied primary, single family residence in Utah. Home buyers must meet following income restrictions: single person - $75,000 and married couple - $150,000. Again, this grant is additional and separate from federal grant, you have to work directly with mortgage banker, for step-by-step instruction visit utahhousingcorp.org...