The Economic Stimulus Bill (The American Recovery and Reinvestment Act of 2009, H.R. 1.) has been reconciled by the House and Senate. The details of the legislation are now being reviewed by House and Senate offices, as well as NAR staff experts. Congress will likely pass the package in the next 24 hours. We expect the legislation to include a number of important housing provisions, including the remedies for the housing crisis that NAR has been pushing.
Homebuyer Tax Credit – an $8000 tax credit that will be available for qualified purchase of a principal residence by a first time homebuyer between January 1, 2009 and December 1, 2009. The credit does not require repayment. Individuals who purchase in 2009 using financing assistance from state and local mortgage bonds will be permitted to use the credit as well.
FHA, Fannie and Freddie Loan Limits – Revised loan limits for FHA, Freddie Mac, and Fannie Mae. Reports indicate that the 2008 limits have been reinstated for 2009 except in those communities where the 2009 limits are higher. Additional increases in individual communities may also be available at the discretion of the HUD Secretary.
Foreclosure Mitigation & Neighborhood Stabilization – Funding for states and local communities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized.
President Obama has indicated he expects a final bill on his desk for signing on Monday, Feb. 16.
More Information on the Stimulus Plan
Your friend in the Real Estate business,
Shelli Dore
Find me on Facebook!
Connect with me on LinkedIn!
...Remember! The next time you are in a conversation with someone who is thinking about a move - IN ANY CITY OR STATE IN THE US OR CANADA - call me first! I can help make sure your friends, family members and work associates are very well taken care of.