There has been much information about the Economic Stimulus Package and how it affects realestate. According to NAR, some key provisions as it relates to real estate are summarized below. The United States House of Representatives passed, on a vote of 244-188, HR 1, the American Recovery and Reinvestment Act of 2009.
• Restoration of the 2008 Loan Limits for FHA, Fannie Mae and Freddie Mac to 25% of median home price up to a limit of $729,750
• Elimination of the repayment provision of the $7,500 first time home buyer tax credit
• Expansion of tax-exempt housing bonds
• Increased funding for the Rural Housing Service program
• Additional funding for neighborhood stabilization activities under the Community Development Block Grant program
• Incentives to promote weatherization and energy efficiency
• Retrofitting federally assisted housing for energy efficiency
The House has also addressed a number of housing issues in legislation revamping the Trouble Asset Relief Program (TARP). Among the housing provision off interest in the TARP Reform and Accountability Act of 2009, HR 384 are:
• A mortgage buy-down program to reduce rates below current prevailing market rates
• Increased foreclosure prevention and mitigation efforts
• Ensuring liquidity in the residential and commercial mortgage markets
• Streamlining efforts to "unclog" the credit markets and increase the availability of credit to worthy customers.
This still has been signed off by Obama, but it is working through the system!
For all your Winter Park Real Estate needs, contact Winter Park Partners.
Tollfree 866-538-8666
www.winterparkpartners.com
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