The rising rate of foreclosures has left vacant homes that become dangerous eye-sores in neighborhoods and further decrease values of nearby properties. As a result of the mortgage melt-down these foreclosed, vacant and abandoned homes were clustered in areas making it difficult to market and sell property in an entire neighborhood. Recovery strategies are critical to address the neighborhood impacts of foreclosures and assist in rebuilding a healthy real estate and financial market.
In September of 2008, HUD released regulations to provide local governments across the country with supplemental grant money to assist in stabilizing neighborhoods suffering the effects of high foreclosures. Entire communities are affected as foreclosed homes become vacant and fall into disrepair and neighboring homeowners’ property values decline. The vacant properties are a danger to the area and they are subject to vandalism and fire.
Realtors can play an important role in contributing their efforts to support neighborhood recovery and stabilization and utilizing NSP funds. They are professionals who know the neighborhoods and have worked with the community for years.
Realtors can help local officials understand the local housing market in particular neighborhoods and monitor property conditions to ensure effectiveness of these programs.
Realtors can help target the programs to certain areas that will benefit most from stabilization programs. They can monitor changes in the market so efforts can be adjusted to accomplish the intended goal.
Realtors are often working with mortgage servicers who are responsible for the upkeep of some of the foreclosed homes. They can help local officials enforce their efforts in neighborhoods that have a high percentage of vacant and foreclosed homes.
Realtors can offer their assistance with working with REO agents, lenders and servicers, creating lines of communication and helping with the acquisition process.
Real estate agents can play a huge role in marketing properties that have been rehabilitated with NSP funds. Realtors should be familiar with utilizing the different loan programs, grants and tax credits available to home buyers.
With their knowledge of the area, understanding the market and how to access and utilize federal program funds and grants, Realtors can contribute a lot to the Neighborhood Recovery and Stabilization Programs.
Mark Goedert is the founder of Goedert Real Estate providing many valuable resources to South East Michigan realtors and home buyers for over 50 years. Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Ingham, Lansing, Okemos, Mason, Jackson, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
Thursday, July 30, 2009
Stimulus Package - Tax Credit for First-Time Home Buyers - Learn More by Working with a Realtor in South East Michigan
The Senate passed a bill in February of 2009 that would provide tax credits for first-time home buyers for purchase made between January 1 and December 1 of 2009.
First-time home buyers purchasing a home are eligible for the tax credit. The purchase must occur between 1/1/09 and 12/1/10. The law defines a first-time home buyer as one who has not owned a principal residence during the three-year period of time prior to the purchase. With married couples, both spouses must meet the 3-year requirement to qualify for this credit.
The credit is a refundable income tax credit. This means that if the amount of credit you claim on your 2009 income tax return is more than your tax liability, the difference is paid to you in your income tax refund.
The tax credit is equal to 10% of the purchase price of the home up to a maximum credit of $8,000. There are modified gross income requirements to be eligible for the credit; single tax payers’ limit is $75,000 and married tax payers’ limit is $150,000. The credit is reduced for tax payers whose income is higher and the phase out range is $20,000; therefore, reducing the credit to zero for those with income of $95,000 if single and $170,000 if married.
The tax credit is claimed by filling out the IRS tax Form 5405. The IRS.gov website will have details and instructions for completing this form.
Revisions to Tax Credit for 2009
There were several modifications made to the First-Time Homebuyer Tax Credit for 2009.
• Amount of maximum credit increased to $8,000
• Purchasers utilizing revenue bond financing are eligible for the tax credit
• No repayment requirements on purchases from 1/1/09 – 12/1/09.
• Recapture provision states if your home is sold within 3 years of purchase, the entire amount of credit is recaptured on the sale (this applies only to homes purchased in 2009)
• The termination date is 12/1/09 and the effective date for all revisions is 1/1/09.
Other provisions of the Stimulus Plan include:
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Commercial Real Estate
Rural Housing Services
Low Income Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
This information is provided by Mark Goedert of Goedert Real Estate. Mark has been serving customers in South East Michigan for over 50 years. Their offices are open 7days a week, providing the most innovative technological services available to REO property managers, banks, first-time homebuyers and home sellers.
Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Ingham, Lansing, Okemos, Mason, Jackson, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
First-time home buyers purchasing a home are eligible for the tax credit. The purchase must occur between 1/1/09 and 12/1/10. The law defines a first-time home buyer as one who has not owned a principal residence during the three-year period of time prior to the purchase. With married couples, both spouses must meet the 3-year requirement to qualify for this credit.
The credit is a refundable income tax credit. This means that if the amount of credit you claim on your 2009 income tax return is more than your tax liability, the difference is paid to you in your income tax refund.
The tax credit is equal to 10% of the purchase price of the home up to a maximum credit of $8,000. There are modified gross income requirements to be eligible for the credit; single tax payers’ limit is $75,000 and married tax payers’ limit is $150,000. The credit is reduced for tax payers whose income is higher and the phase out range is $20,000; therefore, reducing the credit to zero for those with income of $95,000 if single and $170,000 if married.
The tax credit is claimed by filling out the IRS tax Form 5405. The IRS.gov website will have details and instructions for completing this form.
Revisions to Tax Credit for 2009
There were several modifications made to the First-Time Homebuyer Tax Credit for 2009.
• Amount of maximum credit increased to $8,000
• Purchasers utilizing revenue bond financing are eligible for the tax credit
• No repayment requirements on purchases from 1/1/09 – 12/1/09.
• Recapture provision states if your home is sold within 3 years of purchase, the entire amount of credit is recaptured on the sale (this applies only to homes purchased in 2009)
• The termination date is 12/1/09 and the effective date for all revisions is 1/1/09.
Other provisions of the Stimulus Plan include:
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Commercial Real Estate
Rural Housing Services
Low Income Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
This information is provided by Mark Goedert of Goedert Real Estate. Mark has been serving customers in South East Michigan for over 50 years. Their offices are open 7days a week, providing the most innovative technological services available to REO property managers, banks, first-time homebuyers and home sellers.
Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Ingham, Lansing, Okemos, Mason, Jackson, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
Stimulus Package - FHA, Fannie Mae and Freddie Mac Loan Limits - Increase helps First Time Home Buyers in Jackson, Michigan
The American Recovery and Reinvestment Act of 2009 passed the House in February. The mix of provisions of interest to real estate agents and homebuyers changes frequently throughout the legislative process.
The new bill reinstates last year’s 2008 loan limits for FHA, Freddie Mac and Fannie Mae loans. The limits were equal to or greater than 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie Mae and Freddie Mac, with an overall maximum cap of $729,750.
The higher limits apply in areas where the 2009 limits were higher. The bill also includes a clause providing the HUD Secretary with the authority to increase the loan limit for any sub-area. The authority is limited to the cap of $729,750. The 2009 limits are in effect through 12/31/2009.
With this program more American families will be eligible to purchase or refinance their home using FHA-insured mortgages. This program will allow HUD to increase its loan limits and insure larger mortgages at a more affordable price, helping families across the nation over come problems with today’s volatile mortgage market.
The reverse mortgage product known as the Home Equity Conversion Mortgage will also have a new national limit of $625,000, a significant increase from the previous limit of $417,000. Some areas may have higher limits.
House and Senate approval of the loan limits provided in the final bill is a benefit to homeowners, buyers and real estate agents. NAR’s Call for Action to both the House and the Senate showed their strong support for the provisions that were included in the final bill to be approved by both Chambers.
Other provisions of the Stimulus Plan include:
First Time Homebuyer Tax Credit
Neighborhood Stabilization
Commercial Real Estate
Rural Housing Services
Low Income Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert has been in the real estate industry serving Michigan’s Down River Clients for over 50 years. Goedert Real Estate professionals are constantly keeping up with changes in the industry and new techniques for utilizing federal and community programs for home buyers and sellers. Visit his website for access to innovative technological services available to real estate investors.
Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Ingham, Lansing, Okemos, Mason, Jackson, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
The new bill reinstates last year’s 2008 loan limits for FHA, Freddie Mac and Fannie Mae loans. The limits were equal to or greater than 125% of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie Mae and Freddie Mac, with an overall maximum cap of $729,750.
The higher limits apply in areas where the 2009 limits were higher. The bill also includes a clause providing the HUD Secretary with the authority to increase the loan limit for any sub-area. The authority is limited to the cap of $729,750. The 2009 limits are in effect through 12/31/2009.
With this program more American families will be eligible to purchase or refinance their home using FHA-insured mortgages. This program will allow HUD to increase its loan limits and insure larger mortgages at a more affordable price, helping families across the nation over come problems with today’s volatile mortgage market.
The reverse mortgage product known as the Home Equity Conversion Mortgage will also have a new national limit of $625,000, a significant increase from the previous limit of $417,000. Some areas may have higher limits.
House and Senate approval of the loan limits provided in the final bill is a benefit to homeowners, buyers and real estate agents. NAR’s Call for Action to both the House and the Senate showed their strong support for the provisions that were included in the final bill to be approved by both Chambers.
Other provisions of the Stimulus Plan include:
First Time Homebuyer Tax Credit
Neighborhood Stabilization
Commercial Real Estate
Rural Housing Services
Low Income Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert has been in the real estate industry serving Michigan’s Down River Clients for over 50 years. Goedert Real Estate professionals are constantly keeping up with changes in the industry and new techniques for utilizing federal and community programs for home buyers and sellers. Visit his website for access to innovative technological services available to real estate investors.
Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Ingham, Lansing, Okemos, Mason, Jackson, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
Stimulus Package: Neighborhood Stabilization Plans - Benefits to Realtors and First-time Home Buyers in Down River, Washtenaw County, Michigan
A bill passed in February to provide funding for the Neighborhood Stabilization Program (NSP), which was created to provide grants to address problems created when entire neighborhoods are decimated by foreclosures.
The funds can be used to purchase, manage, maintain, demolish or repair and resell foreclosed and abandoned properties. States and localities can use these funds to establish financing methods for the purchase and redevelopment of foreclosed houses.
Funds can also be used to offer financial assistance to low and middle income home buyers. After purchase with these funds the homes must be used to assist qualifying families who are considered to be low-income and 25% of the funds must be used to help households with income at or below 50% of the area median.
Funding will be focused on areas that need it the most with need-calculations being determined by HUD based on the capacity of the lead applicant to execute projects, leverage potential and concentration of investment to achieve neighborhood stabilization.
Realtors who are knowledgeable of the different provisions in the Stimulus Package can make important contributions to their local community neighborhood stabilization program. They can provide advice to home buyers about utilizing helpful programs that they may not be aware of.
Realtors can use their knowledge of the neighborhoods to stimulate sales in neighborhoods where there are a lot of foreclosures and vacant houses. Unoccupied homes destroy property values; neighborhoods are much more desirable when there are no rundown properties suffering from lack of maintenance.
Other provisions of the Stimulus Plan include:
First Time Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Commercial Real Estate
Rural Housing Services
Low Income Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert of Goedert Real Estate provides information, products and resources for real estate investors, REO agents, first-time home buyers and individuals who are selling their home.
Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Ingham, Lansing, Okemos, Mason, Jackson, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
The funds can be used to purchase, manage, maintain, demolish or repair and resell foreclosed and abandoned properties. States and localities can use these funds to establish financing methods for the purchase and redevelopment of foreclosed houses.
Funds can also be used to offer financial assistance to low and middle income home buyers. After purchase with these funds the homes must be used to assist qualifying families who are considered to be low-income and 25% of the funds must be used to help households with income at or below 50% of the area median.
Funding will be focused on areas that need it the most with need-calculations being determined by HUD based on the capacity of the lead applicant to execute projects, leverage potential and concentration of investment to achieve neighborhood stabilization.
Realtors who are knowledgeable of the different provisions in the Stimulus Package can make important contributions to their local community neighborhood stabilization program. They can provide advice to home buyers about utilizing helpful programs that they may not be aware of.
Realtors can use their knowledge of the neighborhoods to stimulate sales in neighborhoods where there are a lot of foreclosures and vacant houses. Unoccupied homes destroy property values; neighborhoods are much more desirable when there are no rundown properties suffering from lack of maintenance.
Other provisions of the Stimulus Plan include:
First Time Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Commercial Real Estate
Rural Housing Services
Low Income Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert of Goedert Real Estate provides information, products and resources for real estate investors, REO agents, first-time home buyers and individuals who are selling their home.
Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Ingham, Lansing, Okemos, Mason, Jackson, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
Stimulus Package: Provisions for Commercial Real Estate in South East Michigan
A large part of the stimulus package is related to residential housing and home owners; however, many industry experts will claim that this assistance indirectly benefits the commercial real estate market.
Part of the provisions of the recent bill that was passed will allow funding for the State energy programs to support green building and energy efficiency efforts of commercial property owners. The Department of Energy Renewable Energy Loan Guarantees Program benefits for commercial property owners seeking to invest in energy efficiency upgrades and alternative energy systems for onsite power generation.
Businesses will benefit from certain provisions of the bill that provides tax relief in the area of bonus depreciation and capital expenditures and the 5-year carry-back of net operation losses for small businesses.
There are also provisions in the plan to offer tax incentives to homeowners who make energy efficient improvements to their property.
Other provisions of the Stimulus Plan include:
First Time Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Rural Housing Services
Low Income Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert of Goedert Real Estate has been serving clients in the Down River Michigan area for over 50 years. Check out his site for local neighborhood and school details, mortgage information, interactive maps, listings of commercial and residential property for sale and a multitude of resources and information for realtors and home buyers.
Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Ingham, Lansing, Okemos, Mason, Jackson, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
Part of the provisions of the recent bill that was passed will allow funding for the State energy programs to support green building and energy efficiency efforts of commercial property owners. The Department of Energy Renewable Energy Loan Guarantees Program benefits for commercial property owners seeking to invest in energy efficiency upgrades and alternative energy systems for onsite power generation.
Businesses will benefit from certain provisions of the bill that provides tax relief in the area of bonus depreciation and capital expenditures and the 5-year carry-back of net operation losses for small businesses.
There are also provisions in the plan to offer tax incentives to homeowners who make energy efficient improvements to their property.
Other provisions of the Stimulus Plan include:
First Time Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Rural Housing Services
Low Income Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert of Goedert Real Estate has been serving clients in the Down River Michigan area for over 50 years. Check out his site for local neighborhood and school details, mortgage information, interactive maps, listings of commercial and residential property for sale and a multitude of resources and information for realtors and home buyers.
Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Ingham, Lansing, Okemos, Mason, Jackson, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
Federal Stimulus Pkg: Rural Housing Services for Home Buyers in Down River, Macomb Michigan
A recently passed bill provides funds to existing USDA Rural Housing Programs to be used for loan programs to finance homes for those meeting the eligibility criteria.
The guaranteed loan program and the direct housing loan program are the two main financing programs under this section of the bill. The direct loan program will be allocated for unsubsidized guaranteed loans to provide assistance for low to moderate-income families to own homes in rural areas.
The recovery package contains key provisions for direct funding toward rural development, nutrition and conservation initiatives. From increasing loans to rural businesses to ensuring broadband coverage, this economic recovery package connects rural America with services they need while at the same time creating jobs and improving lives.
The package includes nutrition assistance programs that will assist farmers who as a result of the economic downturn have experienced decreased demand for their products. It will also help families who have lost jobs to put food on their table.
Some key priorities that the plan will focus on are maintaining and upgrading USDA computer systems, direct farm operating loans and grants to accelerate broadband development in underserved and unserved areas.
Other provisions include funding for the Rural Utilities Service loans and grants for water disposal facilities and grants for essential rural community facilities including hospitals, health clinics, health and safety vehicles and equipment, public buildings, and child and elder care facilities.
Other provisions of the Stimulus Plan include:
First Time Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Commercial Real Estate
Low Income Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert of Goedert Real Estate provides information, products and resources for real estate investors, REO agents, first-time home buyers and individuals who are selling their home.
Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Huron, Bad Axe, Ingham, Lansing, Okemos, Mason, Jackson, Kent, Grand Rapids, Rockford, Byron Center, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
The guaranteed loan program and the direct housing loan program are the two main financing programs under this section of the bill. The direct loan program will be allocated for unsubsidized guaranteed loans to provide assistance for low to moderate-income families to own homes in rural areas.
The recovery package contains key provisions for direct funding toward rural development, nutrition and conservation initiatives. From increasing loans to rural businesses to ensuring broadband coverage, this economic recovery package connects rural America with services they need while at the same time creating jobs and improving lives.
The package includes nutrition assistance programs that will assist farmers who as a result of the economic downturn have experienced decreased demand for their products. It will also help families who have lost jobs to put food on their table.
Some key priorities that the plan will focus on are maintaining and upgrading USDA computer systems, direct farm operating loans and grants to accelerate broadband development in underserved and unserved areas.
Other provisions include funding for the Rural Utilities Service loans and grants for water disposal facilities and grants for essential rural community facilities including hospitals, health clinics, health and safety vehicles and equipment, public buildings, and child and elder care facilities.
Other provisions of the Stimulus Plan include:
First Time Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Commercial Real Estate
Low Income Housing Grants
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert of Goedert Real Estate provides information, products and resources for real estate investors, REO agents, first-time home buyers and individuals who are selling their home.
Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Huron, Bad Axe, Ingham, Lansing, Okemos, Mason, Jackson, Kent, Grand Rapids, Rockford, Byron Center, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
Stimulus Package: Low Income Housing Grants - How Realtors can help First-time Home Buyers in Oakland County and Down River, Michigan
The new bill passed by Senate earlier in the year allows states to trade in a portion of their 2009 low-income housing tax credits for Treasury Grants. These grants would be used to finance the construction, or purchase and rehab of low-income housing, including those with or without tax credit allocations.
The low housing grants will include funding for the following causes:
• Pontiac Housing Capital Fund for rehabilitating and retrofitting public housing units, making critical safety repairs and increasing their energy efficiency
• Community Development Block Grant Program for funding the Neighborhood Stabilization Program
• Home Investment Partnerships Programs to provide funds to state housing credit agencies for capital investments in low-income housing tax credit projects
• Assisted Housing Stability and Energy and Green Retrofit investments to provide funds to property owners for rental assistance and grants or loans for energy and green retrofit investments
• Funds to local governments and non-profit organizations for removal of lead-based paint hazards in low-income housing.
Real estate professionals should be familiar with the many grants and programs that are in effect to help first-time home buyers. Real estate agents and developers can benefit from many of these programs as well by helping their clients utilize these funds.
Other provisions of the Stimulus Plan include:
First Time Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Commercial Real Estate
Rural Housing Services
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert of Goedert Real Estate has been an active professional in the real estate industry for over 50 years, serving realtors and home buyers in South East Michigan and the Down River area. Mark encourages you to check out his website for local neighborhood and school details, mortgage information, interactive maps, investment property listings, home listings and many more resources.
Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Ingham, Lansing, Okemos, Mason, Jackson, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
The low housing grants will include funding for the following causes:
• Pontiac Housing Capital Fund for rehabilitating and retrofitting public housing units, making critical safety repairs and increasing their energy efficiency
• Community Development Block Grant Program for funding the Neighborhood Stabilization Program
• Home Investment Partnerships Programs to provide funds to state housing credit agencies for capital investments in low-income housing tax credit projects
• Assisted Housing Stability and Energy and Green Retrofit investments to provide funds to property owners for rental assistance and grants or loans for energy and green retrofit investments
• Funds to local governments and non-profit organizations for removal of lead-based paint hazards in low-income housing.
Real estate professionals should be familiar with the many grants and programs that are in effect to help first-time home buyers. Real estate agents and developers can benefit from many of these programs as well by helping their clients utilize these funds.
Other provisions of the Stimulus Plan include:
First Time Homebuyer Tax Credit
FHA, Fannie Mae and Freddie Mac Loan Limits
Neighborhood Stabilization
Commercial Real Estate
Rural Housing Services
Tax Exempt Housing Bonds
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert of Goedert Real Estate has been an active professional in the real estate industry for over 50 years, serving realtors and home buyers in South East Michigan and the Down River area. Mark encourages you to check out his website for local neighborhood and school details, mortgage information, interactive maps, investment property listings, home listings and many more resources.
Mark Goedert serves clients in the Down River area, Calhoun, Battle Creek, Marshall, Albion, Hillsdale, Ingham, Lansing, Okemos, Mason, Jackson, Lenawee, Adrian, Tecumseh, Hudson, Livingston, Howell, Brighton, Pinckney, Macomb, Sterling Heights, Warren, St. Clair Shores, Monroe, Temperance, Bedford, Oakland, Farmington Hills, Royal Oak, Southfield, Washtenaw, Ann Arbor, Ypsilanti, Saline, Wayne, Detroit, Dearborn, Livonia, Canton, Trenton and more in South East Michigan.
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