History was made today when President Barack Obama signed into law the 2009 American Recovery and Reinvestment Act which was passed by Congress on February 13th.
This detailed bill aims to stimulate America’s economy for the future. The $780 billion bill is made up of tax cuts, mostly for 2009 and spending programs in 2009 and 2010. Tax cuts make up approximately 35% of the bill.
Naturally there are some detailed provisions for housing projects and programs to assist the real estate market and American homeowners.
There is the very much welcomed modification of the Homebuyer Tax Credit which is for a home purchased between January 1st 2009 and December 31st 2009 worth $8000.00 to the purchaser. The requirement to repay has been eliminated and if any portion of the credit is unused when claimed on the personal tax return of the purchaser, then the purchaser will receive the difference by way of a check! This is great news! The National Association of Realtors has been calling for modification of this new program for some time.
FHA, Fannie Mae and Freddie Mac loan limits will remain the same as 2008 levels. Also $2 billion has been made available for Neighborhood Stabilization programs where communities decimated by foreclosures can purchase those homes and then make them livable and use them to assist individuals looking for a home in that area who earn below 120% of the areas income level.
Here in Central Ohio, like most communities it will take some time for the Bill’s effects to come into play. Its passage into law will be watched with interest by all.
If you are looking to purchase a property in New Albany, Gahanna, Blacklick, Westerville, or another Central Ohio community, please contact The Raines Group. We offer professional real estate advice and are happy to help you achieve your real estate goals. Please contact us today via our online contact form or by calling The Raines Group at 614-418-7417.