Buying a Home
Attention Home Buyers:
Did you know that first time home buyers are eligble for an $8,000 deduction on their taxes?
Download the FIRST-TIME HOMEBUYER TAX CREDIT chart here.
PDF, 316 kb
An Economic Stimulus Plan Update
The Economic Stimulus Bill (The American Recovery and Reinvestment Act of 2009, H.R. 1.) has been reconciled by the House and Senate. The details of the legislation are now being reviewed by House and Senate offices, as well as NAR staff experts. Congress will likely pass the package in the next 24 hours. We expect the legislation to include a number of important housing provisions, including the remedies for the housing crisis that NAR has been pushing.
- Homebuyer Tax Credit - an $8,000 tax credit that will be available for qualified purchase of a principal residence by a first time homebuyer between January 1, 2009 and December 1, 2009. The credit does not require repayment. Individuals who purchase in 2009 using financing assistance from state and local mortgage bonds will be permitted to use the credit as well.
- FHA, Fannie and Freddie Loan Limits - Revised loan limits for FHA, Freddie Mac, and Fannie Mae. Reports indicate that the 2008 limits have been reinstated for 2009 except in those communities where the 2009 limits are higher. Additional increases in individual communities may also be available at the discretion of the HUD Secretary.
- Foreclosure Mitigation & Neighborhood Stabilization - Funding for states and local communities to be used for neighborhood stabilization activities for the redevelopment of abandoned and foreclosed homes are authorized.
To see all the information on the stimulus plan, please visit REALTOR.org. Any questions about the tax implications of the plan can be directed to Linda Goold at lgoold [at] realtors.org. Questions about the stimulus plan in general can be directed to Tony Hutchinson at thutchinson [at] realtors.org.
About Rochester
Rochester is a medium sized city, with the neighborly aspect of a small town and the cultural advantages of a major metropolis. Public parks, outdoor concert areas and bike paths along the Genesee River make it amenable to walking, biking and gathering with friends and family.
Institutions such as The Geva Theater, The Eastman School of Music, The University of Rochester, Rochester Institute of Technology, Nazareth College, and nonprofits like Writers & Books - offer lectures, film-screenings and other cultural events. Our colleges are also some of the best in the country.
Rochester is home to many locally owned small businesses: cafés that roast their own coffee, antique shops and bookstores, five star restaurants, and a vibrant downtown music scene. Year round, the Rochester Public Market features local farmers and regional produce. And, similar markets take place in nearly every neighboring town.
Other local events include the Fingerlakes Arts Festival, Rochester MusicFest, and The Lilac Festival. Visit the Local Links page to find out more.
