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  #1  
Old 11/14/07, 12:44 PM
 
Join Date: Jul 2006
Location: northcentral MN
Posts: 14,048
Free land in MN

I stumbled on this and thought someone here might be interested in living in a small town.

http://www.cityofnewrichlandmn.com/

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Old 11/14/07, 12:50 PM
AngieM2's Avatar
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Join Date: May 2002
Location: N. Alabama
Posts: 43,612

Maybe not quite free:
from their website:::

"Assessments
You will get the land for FREE!

However, you will be assessed for part of the cost to develop your property with streets, curb & gutter and water & sewer.

Total estimated cost per lot for development is approximately $25,000. Through the use of Tax Increment Financing (TIF) we will be able to reduce this cost to about $14,000*. This will be payable, by you over a 15 year period. It is simply collected semi-annually with your Real Estate Taxes.

Instant Equity
Some lenders will allow the FREE land to be used as equity (down payment) for a home construction loan, allowing the Assessments to continue to amortize to the City."


Angie

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Old 11/14/07, 03:20 PM
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Join Date: Dec 2006
Location: Wisconsin
Posts: 3,408

You have to qualify and have a low enough income.
Then you have to have that house built in one yr.
Then you get taxed out or kicked out by the homeowners association this subdivision probably has.

So, what are the catches?
Nothings free without a catch.

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Old 11/14/07, 09:37 PM
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Join Date: Apr 2007
Location: Ozark Mountains, Madison County Ark.
Posts: 276

seems like we've heard this a time or two, "...there ain't no free lunch, cars, houses, land, etc.
We were given a free house once, just for moving it. Beautiful windows, 1943 factory finished oak flooring, such a sweet deal...until the house movers tried to raise the beast and it disintegrated on the beams...12 inch foundation, 50 odd years of termites...we were heartbroken.

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  #5  
Old 11/17/07, 12:17 AM
 
Join Date: May 2002
Posts: 388

I thought free meant you didn't have to pay anything?

I know of a few towns in Kansas that tried this. It hasn't worked out all that great for either party.

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