If you’re in the market for a new home, the unique opportunity to get anywhere from $2,000 to $10,000 in free money to be used towards the purchase of a new union-built home has been extended into the month of June – or until the funds run out. The first-in-America program, now in its third year, began last month.
“Neighborhoods Built By Your Neighbors” has pooled $1.2 million from eight unions involved in home construction to be available to homebuyers at closing for whatever the homebuyer’s desire: closing cost, additional down payment, interest rate reduction, buying extras for the home, making upgrades such as a brick front or different flooring, a finished basement. The amount varies depending on the price of the home but has averaged $5,000.
The free money is available to buyers only at the Missouri subdivisions of the seven participating builders: Bridgewater Communities, Dettmer Homes, Fischer & Frichtel, McBride & Son Homes, McKelvey Homes, Payne Family Homes and Simon Homes. These builders are providing an additional $100,000 in marketing funds over and above their normal marking budgets for this program.
“It’s hard to beat free money and there have been a lot of people who have taken advantage of the opportunity, but the funds are not endless,” said John F. Eilermann Jr. Chairman and CEO of McBride & Son Companies. “Be sure to buy your new home this month and ensure you get your share of the Union Funds.” McBride originated the program.
The union-provided funds are distributed on a first-come first-serve basis and are available only while funds remain.
“Savvy homebuyers know a great deal when they see one and the response has been nothing short of incredible,” Eilermann added.
MAKING IT POSSIBLE
Participating unions are the Painters & Allied Trades District 2, Plumbers & Pipefitters Local 562, International Brotherhood of Electrical Workers Local 1, Sheet Metal Workers Local 36, Greater St. Louis Construction Laborers, Operating Engineers Local 513, Cement Mason’s Local 527 and the Carpenters’ District Council of Greater St. Louis.
The unions will provide the funds based on the number of hours they have in an average home. The actual dollars will come from either from the local’s treasury, their local or national market recovery programs, or from their industry market recovery programs.