Happy Halloween!
First-Time Homebuyer Tax Credit Status Update
With the November 30th deadline just over a month away and now virtually out of reach for any qualified buyers who have not signed an offer, there has been a lot of discussion of the First-Time Homebuyer Tax Credit and its future. I would like to briefly update you on that status and what GRAR is doing to push it along.
THIS JUST IN...
The United States Senate is expected to vote, later today, on a bill to extend Unemployment Insurance benefits. This bill will contain the Dodd - Lieberman - Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit.The Extended and Expanded Tax Credit will contain the following provisions:Amount: $8,000Eligibility: ALL HOME BUYERS (Step-up buyers will have to have lived in their current home for SEVEN* years to be eligible)Income Limits: $125,000 for single filers / $225,000 for joint filersTime Frame: December 1, 2009 to April 30, 2010 plus 60 Day extension if binding contract is in place by April 30, 2010*The 7 year ownership requirement is designed to lower the "score" or cost of the tax credit. This is still open to change. The Congressional Budget Office is going to "score" the cost of 3 year and 5 year requirements. We are continuing to push for step-up buyers to be required be in their current home for three year period.
Sincerely,
Peter Stoller
Director, Communications & Government Affairs
There will be a "Meet and Greet" Networking Event Wed. Oct.28th Put on by The Italian American Business Network 5-8pm @ 1250 Buffalo Rd.(Gates)
Free to attend, vendor table is $15.00
This event is intended to allow the general public an opportunity to meet and greet people from businesses in our community, as well as allow a business to business networking opportunity. We want to make this networking a "live yellow book experience".
Follow this link to read about Rochester
http://money.cnn.com/galleries/2009/real_estate/0910/gallery.housing_price_forecast/4.html
Follow this link to read the full article
http://money.cnn.com/galleries/2009/real_estate/0910/gallery.housing_price_forecast/index.html
In August, Governor David Paterson announced that New York will be offering a federal income tax credit to first-time homebuyers to encourage home sales in New York State. The New York State Mortgage Credit Certificate Program (MCC) was designed to enable first-time homebuyers to claim a tax credit equal to 20 percent of their annual mortgage interest costs saving the average homebuyer around $1,500 a year. The program expanded the $8,000 First-Time Homebuyer Credit, which expires on November 30, 2009.
As of October 19th, the New York State Mortgage Certificate Program funds have been exhausted and are only available in target areas. Your lender can determine if the property you are purchasing is located in a target area.
Sweden Clarkson Community Center
located at 4927 Lake Road South in Brockport will be having a couple of Halloween events for area children.
The Community Halloween Party will be on Thursday, October 29th from 6 pm - 8 pm. This event is for children grades 4 & under. There will be games, food, haunted Toddler Gym and Haunted Hallway.
The Teen Halloween Dance on Friday, October 30th from 7 pm - 10 pm is for children 12 & over. Cost is $2.
What events are happening in your area?
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