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City: Dumont Boro
Price: $455,000

Christopher Tausch

 Send Me an E-mail

(201) 571-0834

RE/MAX Elite Associates

The Stimulus Bill & Real Estate

The American Recovery and Reinvestment Act of 2009 (ARRA), was signed into law on Tuesday, February 17, 2009. The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts and the rest to spending.

The mix of provisions of interest to homeowners and buyers changed frequently throughout the legislative process, but in the end, the many elements recommended by the National Association of REALTORS® were included. The President has also announced that a finance and housing package will be the next "big" initiative, so more programs are expected for the housing industry.

Some of the provisions of interest to homeowners and buyers are:

• First-time 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.  Watch video
  
• FHA, Fannie Mae and Freddie Mac Loan Limits — The bill reinstates last year's 2008 loan limits for FHA, Freddie Mac, and Fannie Mae loans. These limits for the Bergen & Passaic County are set to the maximum cap of $729,750.  These 2009 limits will expire December 31, 2009.  The inclusion of these loan limit provisions in the final bill is a victory for homeowners and buyers as they make home financing accessable to more buyers.
  
• 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.