Ebby Halliday

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TAX CREDIT PROVISIONS OF THE 2008 STIMULUS BILL

The President signed into law the Stimulus bill early the week of February 18th. In addition, the President announced the Administration's comprehensive housing recovery program during the same week. It focuses on foreclosure relief and the modification of existing loans (delinquent and possibly current). As new information becomes available, we will post any updates on this site.

The final provisions of the bill include:

1. Tax Credit

2. Restoration of 2008 Mortgage Limits

3. Increase of Reverse Mortgage Limit to $625,500

4. Rural Housing Service Funding

TAX CREDIT

The 2008 tax credit provision has been amended as follows:

1. Tax credit is increased to $8,000

2. the income limits remain the same: ($75,000 for an individual; $150,000 for a couple).

3. First-time homebuyers and principal residences only.

4. Tax credit is available until December 1st (previously it expired on July 1st).

5. Waiver of recapture (i.e. no repayment requirement) for properties purchased in 2009 prior
                  to December 1st.

        a. The provision is retroactive to purchases made on or after January 1, 2009.

        b. Recapture section does apply to properties sold in first three years.

6. Waiver of prohibition on financing by mortgage revenue bonds is included.

                            Information provided by The Lending Partners, LTD and Home Team Mortgage