Myrtle Beach Real Estate by Mirela

House Passes Stimulus Bill 01/28/2009

Last night, the U.S. House of Representative passed H.R. 1, the Economic Recovery Package, by a 244 to 188 vote. The bill contains a number of issues critical to REALTORS® and the industry, including the extension, until the end of 2009, of all Metropolitan Statistical Area's (MSA's) 2008 Fannie Mae, Freddie Mac and FHA loan limits. The proposed legislation also will eliminate an existing payback requirement on the first-time homebuyer tax credit for qualified buyers who purchase a home between Dec. 31, 2008 and July 1 this year.

Congress included these provisions as a direct result of the grassroots efforts put forward by REALTORS®, and the advocacy efforts of both NAR and C.A.R. Congress elected not to include numerous housing provisions beyond those previously mentioned. Instead, Congress will address housing issues in other legislation next week when the Financial Services Committee meets.

In addition to tax credits for individuals and married couples, other provisions in the bill include funds for increasing access to high-speed and broadband; highways and roads; railroads; alternative energy incentives; unemployment insurance; Medicaid insurance, health care technology upgrades; childcare; education; and low-income and affordable housing programs. The bill is expected to be voted on by the Senate sometime next week.

www.PedersonPropertiesInc.com

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Comment balloon 3 commentsMirela Monte • January 29 2009 09:34AM

Comments

Mirela, Excellent news. Can you provide a link or where you got the info on the tax credit not having to be paid back!  That will make a HUGE incentive to anyone on the fence about buying a home.

Posted by Larry Story, Total Care Realty, LLC, Greensboro, NC Real Estate (Total Care Realty) over 11 years ago

Hi Mirela,

Good news for the home buyers...glad Realtor's efforts had an impact. I would feel so much better if the money, in it's entirety, were being used for worthwhile causes rather then to satisfy some political commitments.

Posted by Harold "Hal" Place (A1 Connection Realty, Inc.) over 11 years ago

Aloha Mirela!

We updated this Blog and included the following in the post:

H.R. 1 Bill in its entirety: http://tinyurl.com/dy7nz6

H.R. 1 Bill [EH] - Table of Contents: http://tinyurl.com/bedjwv (There are two versions, click on the second one, marked H.R.1.EH which was passed by the House 1/28/09) 

Sec. 1301.: http://tinyurl.com/cpdc5y (If this link is dead scroll down a little more then half the page to Section TWO, Title ONE, Subtitle D which is labeled HOUSING INCENTIVES)

The Library of Congress Documents time-out which is why the last link may be 'dead' ..so if everyone could note when looking at the table of contents our golden nugget is found in: Section TWO, Title ONE, Subtitle D; SEC.1301. 

. ..If anyone cannot attain this information by direction we would be more then happy to email it to you:)

Pederson Properties,

www.PedersonPropertiesInc.com

Posted by Pederson Properties Inc. (HK Lane La Quinta & Prudential Maui Realtors) over 11 years ago

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