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Better Hurry! 2009 opportunity for new home buyers !
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1. First-time Home Buyer Tax Credit
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Key Changes |
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2008 Credit |
2009 Credit |
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Credit Amount |
Maximum of $7,500 |
Maximum of $8,00 |
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Effective Date |
Purchase between Apr. 9,2008 to july1 2009 |
Purchase between Jan. 1 to Dec. 1, 2009 |
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Repayment |
Yes (over 15 Years) |
No |
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Recapture |
If home sold before 15 years, outstanding balance is captured at sale. |
If home sold within 3 years, of purchase, entire credit is recaptured at sale. |
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Revenue Bond Financing |
No credit if home is financed with state/local bond funding |
Buyers who use revenue bond financing are eligible for credit. |
- American Recovery and Reinvestment Act of 2009 Six Key Housing-Related Provisions .
- FHA, Fannie Mae, and Freddie Mac Loan Limits Extends
-expiration date of 2008 conforming loan limits to December 31, 2009 .
- Neighborhood Stabilization
- $2 billion in grants to address the problems that arise when whole neighborhoods are engulfed by foreclosures
- Funds can be used to purchase, manage, repair, and resell foreclosed and abandoned properties.
- Commercial Real Estate
-Funds for state energy programs to support commercial property owners’ investment in energy efficiency upgrades.
-Potential tax relief for small business owners:
. Bonus depreciation and capital expenditures
. 5-year carry back of net operating losses
- Energy Efficient Housing Tax Credits and Grants
-Homeowners will be able to claim a 30% tax credit for purchases of new furnaces, windows, and insulation through 2010.
- Rural Housing Service
-$500 million for existing USDA Rural Housing programs Expectations that financing would be available to fund an additional 192,000 homeowners
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