by Kevin Hughes
on Sunday, July 10th, 2011 at 12:20pm.
Idaho’s State Government Idaho Governor C.L. “Butch” Otter has taken large steps to develop Idaho’s economy. Governor Otter has looked to tax cuts and private industry growth to boost the state’s economic outlook. He has also utilized state finances to fund large projects in infrastructure and technological development in the state’s business-heavy regions. Governor Otter has promised to continue his opposition to the recent health care reforms, an action he believes will help local businesses save money during the recent U.S. financial downturn.
How do all these facts affect potential investors in the Gem State? Idaho’s pro-business, pro-investment governance style means that potential investors can count on state support from the commerce department as well as large tax breaks to incoming businesses. Governor Otter is strongly supported in his private industry endorsements by a long list of Republicans throughout the state legislature (both the Idaho House and Senate are 75%+ Republican). Idaho can therefore be expected to remain friendly to both entrepreneurs and investors.
Idaho Land and Home Prices Perhaps the real draw to Idaho for investors is its currently low prices for open land, property and homes. Idaho real estate has taken a hit due to the housing recession of the past 5 years. This means that investors will be pleased to find many low priced Idaho properties. The state has been affected by an increase in distress home sales so many Idaho properties can be purchased for record-low prices. The Gem State could therefore represent an excellent investment opportunity for potential buyers.
Idaho Governmental Programs Good land prices in Idaho are not just for big business, however. The state of Idaho has taken increasing measures to ensure home ownership becomes a reality for many middle class and underprivileged individual citizens. Governor Otter and his supporters believe that this will lead to a boom in Idaho real estate purchases.
Led by the Idaho Housing and Finance Association, the Gem State has established multiple means of securing first and second mortgages for first time buyers in the state. The Home Down Payment Closing Cost (DPCC) Assistance Program was established to ensure those making less than 80% of the state’s median income can still become buyers in the Idaho real estate market. Finally, the Home Partnership Foundation has established a tax-advantaged land donation system that will create an eased market for the affordable housing industry.
Idaho has shown its desire to become a pro-business, pro-investment state through large improvements in infrastructure, lowered tax burdens and eased real estate markets. Low-priced land and housing markets should help Idaho to become become a prime area for property investment. The effects of Governor Otter’s investment programs in combination with low property prices should create a stable Idaho real estate maket providing a unique opportunity for potential long term investors.