Arkansas real estate licenses will increase by two percentage points to 5,200 from 5,100, according to a new report by the Department of Administration.
“The increase reflects increased compliance and enforcement of the state’s real estate licensing laws and policies and the availability of a state-funded real estate tax credit program, which provides additional incentive to people to obtain real estate,” the report says.
The state’s Real Estate Tax Credit Program, or RET, is a $20 per year tax credit that helps low- and moderate-income Arkansan households with the cost of purchasing their first home.
The credits are awarded based on household size, income and property taxes, with an average credit of $1,500.
“These increases reflect the increased awareness of real estate issues among the general public, which is encouraging more people to become involved and participate in the conversation,” said Department of Admin.
Director Steve McCurry in a statement.
The real estate commission will also increase its outreach to the general population to encourage more people who are interested in buying a home to do so through the REACH program.
The REACH grants are distributed by the U.S. Department of Housing and Urban Development and are available for anyone interested in purchasing a home.
For more information, visit the Department’s website.