A recent bill was passed which provided for tax-exempt interest earned on certain state and local bonds issued during 2009 and 2010 to b exempt from Alternative Minimum Tax. In addition financial institutions will have greater capacity to purchase these tax-exempt state and local bonds.
Summary of provisions will include:
Renewed investment in America’s Historic and Older Pubic Buildings and Infrastructure to fund:
• School Modernization and Repair program
• Renovations to federal buildings focused on energy efficiency
• Financial Assistance for National Recovery Zones created two new types of bonds; Recovery zone infrastructure bonds and Recovery zone facility bonds.
• Energy-efficient retrofitting of public and low-income housing
Main Street Reinvestment Grants for Strengthening Communities:
• Neighborhood Stabilization to create affordable housing and reduce neighborhood blight by rehabilitating foreclosed, vacant properties
• HUDs Home investment partnerships to help communities rehab low-income housing and increase energy efficiency
• Community Development Block Grants
Real estate professionals should learn all they can about the stimulus plan and programs that can be of benefit to their clients. Many of the programs will create jobs to help the economy. Real estate agents can assist their clients by encouraging them to utilize the appropriate program to help them with their individual needs.
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
Low Income Housing Grants
Energy Efficient Housing Tax Credits and Grants
Transportation Investments
Broadband Deployment
Mark Goedert of Goedert Real Estate has been a real estate professional for over 50 years. His clients include first-time home buyers, home sellers, real estate developers, REO agents and real estate agents. His site is a one-stop real estate website for all your home buying and selling needs in South-East Michigan and the Down River areas.
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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