April 29th, 2009
Professor buys first home with city’s $5,000 incentive

PHOTO by DON ANDERS

San Marcos Mayor Susan Narvaiz, holding baby Abigail, welcomes Jiong Hu and his family to their new home as the first Texas State University professor to receive a $5,000 economic development incentive from the city of San Marcos. Pictured left to right are City Clerk Sherry Mashburn; Assistant City Manager Laurie Moyer; City Manager Rick Menchaca; Narvaiz and Abigail; Jiong Hu; Yaoling Wang; Fenghua Wu; Texas State University Provost Perry Moore; Randall Morris Real Estate broker associate Monica McNabb; Bank of America account executive Paula New; and program administrator Janis Hendrix.

—

SUBMITTED REPORT

The city of San Marcos celebrated the first home purchase by a Texas State University professor aided by a $5,000 incentive from the city of San Marcos.

Four other home purchases by professors with city incentives are in process and are expected to close between now and August.

Mayor Susan Narvaiz presented Dr. Jiong Hu and his wife Yaoling Wang with a welcome basket on Tuesday following their recent move to a home on Deer Stand Loop with their infant daughter. Dr. Hu is an assistant professor in the Concrete Industry Management Program in Texas State University’s Department of Engineering Technology.

Their home purchase was assisted by a $5,000 forgivable loan from the city, in an incentive program to encourage Texas State University professors to invest and live in San Marcos.

“We are delighted that we are receiving such a great response to this unique economic development program,” Narvaiz said. “Our goal is to encourage professors at Texas State to live in our community and become active residents of San Marcos.”

The city council funded $50,000 for the program in the 2009 city budget as an economic development tool. Half the funds are now committed for home purchases by five faculty members.

“We feel very lucky to receive this incentive, especially to be the first one,” Hu said. “We are truly grateful to the efforts that the City of San Marcos put together this program, and very honored to be part of it. We are glad to join this wonderful community, and expect more excitement in the near future. ”

The incentive program offers a zero interest, $5,000 five-year forgivable loan to professors at Texas State University to encourage their personal investment in San Marcos. To qualify, they may not have owned a home in San Marcos for the last three years.

The program is administered by Janis Hendrix, Community Development Block Grant administrator. For information, contact Hendrix at (512) 393-8147.

The city also offers incentive programs for infill development for the construction of homes in existing neighborhoods and first time homebuyer programs aimed at low to moderate income families. In addition, the city has funded from $60,000 to $100,000 annually in recent years for the Southside Community Center housing rehabilitation project from CDBG funds.

— FROM THE CITY OF SAN MARCOS/MELISSA MILLECAM