Mississippi County Ignites Homeownership Dreams with Exciting Incentives
Welcome to Mississippi County, located about 60 miles north of Memphis, where a buzz of excitement surrounds the local economy and housing market! Officials are rolling out an innovative program that encourages employees of participating companies to become homeowners right in the community where they work. It’s not just about buying houses; it’s about nurturing a thriving community for everyone.
The “Work Here Live Here” Program
Three years ago, the county launched the “Work Here Live Here” program after recognizing a growing need to attract a skilled workforce to the steel industry. With the arrival of major players like Big River Steel and U.S. Steel, the opportunity for growth was apparent, but so was the challenge of recruiting skilled workers willing to make the area their home.
So, what does this program offer? Employees at participating companies can get up to $50,000 toward their mortgage for new home construction or renovations. If they prefer to buy an existing home, they can pocket up to $25,000. Now, if you’re wondering about the mechanics—here’s where it gets truly interesting! If an employee buys a new home worth $300,000, they would qualify for a forgivable loan of $30,000 after staying in the home and with the company for four years. Think of it as a golden ticket to homeownership!
Building the Community
Clif Chitwood, President of Economic Development in Mississippi County, shares his excitement about the program’s impact. “It’s proving quite an effective tool in helping our companies recruit the quality of labor they need,” he remarked, highlighting the increasing demand for skilled workers due to recent expansions in the steel industry.
In fact, since the inception of the program, 108 homes have already been purchased. Approximately 60% of these purchases were made by first-time homebuyers, which is fantastic news for the future of the county, and 38% of the buyers moved from outside the county. These new residents come from various states, including Texas, Louisiana, Illinois, and Oklahoma.
A Look at the Numbers
To date, the homes purchased through the program have a total value of $26.7 million—a clear indicator that Mississippi County is not just growing but thriving! Chitwood noted that the program has provided a burst of confidence in the housing market, particularly with an additional 58 homes built and sold outside of the “Work Here Live Here” program.
In the past 16 to 17 months, the area has seen around 153 housing starts, a figure that more than doubles the total of all housing starts recorded over the past 25 years. It’s hard to overstate what a significant turnaround this is for Mississippi County!
Moving Forward
Dan Brown, COO of Big River Steel, explained how crucial this program has been for employees commuting long distances to work. “This program has been huge for current employees who wanted to move closer [to work],” he shared. Moreover, it’s attracting new hires looking for stability in their professional lives.
What’s more uplifting is that this initiative is entirely funded by private donations to Grow Mississippi County, a nonprofit foundation dedicated to local development. Companies contribute to this foundation, which then disperses funds as forgivable loans to employees based on their tenure and mortgage choice.
This unique program not only shows the dedication of Mississippi County to its residents but also demonstrates a model that could inspire other regions facing similar challenges in economic development. All in all, it’s an exciting time in Mississippi County as the community grows together!
