The $787 Billion Stimulus Plan is signed and sealed with tax cuts and spending programs to help revive the US economy.
The package was scaled down from nearly 1 Trillion $ and stands as the largest anti-recession effort since World War !!.
What does this do for homeowners and home buyers? They stand to gain key provisions in this plan.
Let me show you how.
Home Buyers Tax CreditFirst-time home buyers who purchase homes until the end of November 2009 may be eligible for a $8,000 or 10% of the value of the home tax credit.
For couples with incomes above $150,000 and single filers with incomes above $75,000 the tax credit starts phasing out.
Buyers will have to repay the credit if they sell their homes within three years.
This is not a tax deduction which only reduces your taxable income. This is a tax credit which is equivalent to money in your hand.
Energy Savings and Green Jobs with Tax IncentivesBy extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation this will help to help promote energy-efficient investments in homes.
Energy Savings Landmark$5 Billion for energy efficient improvements that can help modest-income families save an average of $350 a year on heating and air conditioning bills according to some estimates.
Making Key Energy Efficiency Retrofits To HUD-Assisted Housing and Repairing Public Housing$6.3 Billion being offered for increasing energy efficiency in federally supported housing programs.It establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.
Expanding Housing AssistanceSupport for several critical housing programs with $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.
More Help for Homeowners in the FuturePresident Obama is looking to spend approximately $50 Billion to directly help homeowners before they face foreclosure and financial disaster.
This will also help borrowers who are struggling to stay afloat, but who have not yet fallen behind on their payments.
This is good for individual homeowners, it will likely be good for the housing industry as a whole, because, assisting struggling borrowers before they default should help stop the wave of foreclosures, which are estimated to top two million this year. That, in turn, will help stabilize home prices.
To Your Success,
Hunter Paschall
3 Days Live Training in Orlando, FlMarch 13-15thTechniques so Powerful they will change your life!Sign up now!bpomanager@cfl.rr.com407-772-2274
407-834-1325
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