Lottery seeks to fuel housing growth in Perry County
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Only a few lots in a planned subdivision in Perry County were purchased in a lottery held Wednesday by the county’s redevelopment commission.
The lottery allowed residents to purchase one of 27 land lots in the Forest Canton Heights subdivision just north of Tell City for $15,000.
Our partners at WEHT-TV report only six of the lots were sold, but officials believe more buyers will pop up once construction begins. Redevelopment commissioner Tony Thomas said the lottery was created to give people an equal chance at buying the land but also to bring more people into the community.
“We have done, as a redevelopment commission, many, many things for major industry. They’re struggling for workers,” Thomas told WEHT. “What can we do to bring someone that’s community 60-70 miles a day? We can give them a place to build a home.”
The subdivision is located at the junction of State Roads 37 and 237. Each lot ranges from half an ace to an acre and will have access to electric, gas, water, wastewater and high-speed fiber internet.
Those who acquire a lot must begin construction on a single-family home within one year and be completed within a year and a half.
Thomas said this is the first time the county has taken a lottery approach to boost housing. He said the cost of each lot is about $25,000 less than the county average.
“[We’re] trying to find an area and make it affordable,” Thomas said. “If you look at the cost to build a home today, yes, it is dropping but of course, materials drop and interest is going up. So doing these lots at $15,000 with all that we’re offering is just unheard of.”
Erin Emerson, CEO of the Perry County Development Corp., said when the project was announced in June that the overall cost of the effort will be $1.8 million, but the project is expected to generate $5.8 million in additional investment.
The project is being funded with $775,000 in Regional Economic Acceleration & Development Initiative, or READI, grants, as well as American Rescue Plant Act funds from the county and Tell City, and excess TIF funds.