Some of those Stimulus packages affecting Real Estate!
Rural Housing Service – The bill provides an additional $500 million to existing USDA Rural Housing programs. The RHS provides both a guaranteed loan program and a direct housing loan program for those meeting the program’s eligibility criteria. The direct loan program will receive $270 million while $230 million will be allocated for unsubsidized guaranteed loans. It has been reported that this level of funding would provide for an additional 192,000 homeowners.
Energy Efficient Housing Tax Credits & Grants – To promote green jobs and energy independence, ARRA invests significantly in efforts to make homes and buildings more energy efficient. The bill provides state and local governments with $6 billion in energy efficiency and conservation grants for energy audits, retrofits and financial incentives. Through 2010, homeowners will be able to claim a 30% tax credit (up from 10%) for purchases of new furnaces, windows and insulation. Another $5 billion will be available to modernize the nation’s electricity grid and install smart meters on homes that help to save consumers money. There is also $5 billion for weatherization assistance for low income households and $2 billion for federally assisted housing (section 8) efficiency efforts.
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Homebuyer Tax Credit – The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
Neighborhood Stabilization – Division A, Title XII of the bill provides $2,000,000,000 in additional funding for the Neighborhood Stabilization Program (NSP). The NSP was created by the Housing and Economic Recovery Act of 2008 (Public Law 110–289) to provide grants through the Community Development Block Grant program (CDBG) to states and localities to address the problems that can be created when whole neighborhoods are decimated by foreclosures. The funds can be used to purchase, manage, repair and resell foreclosed and abandoned properties. In addition, the funds can also be used by states and localities to establish financing methods for the purchase and redevelopment of foreclosed properties. After purchase the homes must be used to assist individuals and families with incomes at or below 120% of area median income. Twenty-five percent of funds must be used for households with incomes at or below 50% of area median income. By leveraging their expertise in partnership with others from both the public and private sector, Realtors® in many communities have been making important contributions to their local communities’ neighborhood stabilization programs.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Stimulus: What’s in it for retirees?
On the face it of, the bill might not seem to offer much to those in their golden years, but
take a closer look and you may find a few goodies that can benefit you post career.
Question: What does the new stimulus package do for people receiving
Social Security benefits?
Answer: At first glance, it may seem like the giant stimulus bill president Obama signed on
February 17th doesn’t do a heck of a lot for people who have already retired. Indeed,
there’s only one provision targeted exclusively to Social Security recipients and other
retirees. Full Story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.
Aiken roads getting $17M from stimulus!
Millions of dollars of stimulus funds are headed to Aiken County to help improve roads and transportation.
The South Carolina Department of Transportation has released figures and the specific locations for projects where the money will be spent.
The list ranges from regional mass transit to road paving and was released for public comment so the public can share its two cents on how the billions are spent.
Aiken is a major recipient of this first wave of projects with a total value of $17,215,177.
All of these projects have been selected because they are “shovel ready,” meaning they could be started immediately with funding, according to Wayne Rogers with the Lower Savannah Council of Governments (LSCOG). Full Story.
Front Gate Properties, We’re selling the BEST Real Estate in Aiken, SC.