According to the all knowing Wikipedia, the term “burnout” is used to describe the experience of long-term exhaustion and diminished interest. Yup, I relate. Today the President is expected to sign the American Recovery and Reinvestment Act of 2009 and I couldn’t be happier to see the curtain go down on this particular debate! The Bill is pretty lengthy so I have only posted a PDF version of the second part. (You can download the first 496 pages on the Appropriations Committee website.) I haven’t read all of it yet but it is worth a peek since we are all paying for it!
The parts of the bill that address housing are minimal but full text of the $8,000 tax credit starts in part 2 on page 24. We have almost come full circle from the original $7,500 version and the key points are as follows:
- $8,000 in the form of a tax credit with NO repayment requirement IF you hold on to your property for at least three years.
- Available for first-time or RECENT (my phrase) buyers ONLY. What is a recent buyer? Someone who has not owned in at least 3 years. That’s right, if you have not owned property in at least 3 years you are considered a first-time home buyer who is eligible for this tax credit.
- The credit will remain in effect until November 30, 2009. My understanding is that it will go into effect the day the bill is signed, could be today.
Yesterday I was working with a buyer who asked me if I thought this bill was going to help the housing crisis. Nope. I fear it will have about as much effect as the original $7,500 credit did which was extremely minimal. HOWEVER, it seems this particular stimulus was never intended to focus on housing. Apparently the folks in Washington have also been working on a separate housing bill and the President is expected to release details tomorrow.
Time for more coffee…it’s gonna be another long week!
More related information:
American Housing Recovery 2.0
What is the $7,500 Tax Credit
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Get to know Jacob Clayton (155 Posts)Hi, I'm Jake...and that's my dog! By day I'm founder and Chief Geek at MyUntangled Media, LLC and Executive Director of Business Development at Barrett & Company Real Estate . By night I am part struggling musician, frustrated writer, wanna-be chef and obsessed dog owner. I started this site mainly to learn WordPress, work on my design and writing skills, and showcase some folks with all kinds of talents and great stuff to say. (Read the long version if you dare) and please introduce yourself over on my Google+ Profile!
