As you probably have heard, both the House and Senate have passed the Stimulus bill yesterday (with the Senate finally passing the bill just before 11:00 p.m.) . In addition, the President is scheduled to announce the Administration’s comprehensive housing recovery program next Wednesday. We believe it will focus on foreclosure relief and the modification of existing loans (delinquent and possibly current).
Tax Credit
Below is the link to the tax credit provision. (page 24)
http://thomas.loc.gov/home/h1/Recovery_Bill_Div_B.pdf
The 2008 tax credit provision has been amended as follows:
a. Tax credit is increased to $8,000
b. The income limits remain the same: ($75,000 for an individual; $150,000 for a couple).
c. First-time homebuyers and principal residences only.
d. Tax credit is available until December 1st (previously it expired on July 1st).
e. Waiver of recapture (i.e. no repayment requirement) for properties purchased in 2009 prior to December 1st. The provision is retroactive to purchases made on or after January 1, 2009. Recapture section does apply to properties sold in first three years.
f. Waiver of prohibition on financing by mortgage revenue bonds is included
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