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IT'S OFFICIAL! President Obama has signed the bill...

President Obama signed HR 3548 (The Worker, Homeownership, and Business Assistance Act of 2009)

This bill extends unemployment benefits and includes an amendment to also extend and expand the federal tax credit.

Here is my previous post from yesterday which outlined the variations between the old tax credit and the new one:

One MAJOR change is: Existing homeowners who have lived in their homes for at least five consecutive years, (out of the last eight) will be eligible for a credit that can total $6,500.

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ToulaRosebrock.com

Toula N. Rosebrock (of Diane Turton, Realtors) - Broker / Sales Associate

Specializing in all of Ocean County - Lacey Township Real Estate, Forked River / Lanoka Harbor

Unique Name ... Unique Agent ... Unique Service!

My Websites:

www.Toula.org

www.ToulaRosebrock.com

www.OceanCountyNJRealEstateSales.com

Waterfront Properties, Single Family Homes, Multi Family Homes, Condos, Townhomes, Adult Communities, Vacant Land, Commercial Properties, 1031 Exchanges

Posted by Toula Rosebrock -Broker/Sales Associate, Realtor, Lacey Township, Ocean County, on 11/06/2009 03:06 PM

Comments (16)

$8000 Tax Credit in the ActiveRain Channel

8, 000 tax credit

This post has been included in New Jersey Information Ocean County, NJ Information
Post is included in group: Realtors®

16 Comments on IT'S OFFICIAL! President Obama has signed the bill...

NOV

I am wondering if it will help. I havent seen a big increase with the FTBC up to this point, but maybe the move up credit may help sellers consider pricing near reality, or helping with closing costs?

Great news Toula- we had some momentum going with the first incentive so hopefully we can keep it going and do our part to help bring back the economy.

Get ready. Now that they've included the $6,500 for existing homeowners we're going to be even more busy than we are now!

Toula

What a great thing that the President signed this; existing buyers are not also going to benefit.

Toula:

It is great that it is finally official - it's been signed. I only wonder why they have limited it to people who have owned for five years. That seems to be a bit restrictive. I would have thought that a three year limitation would have been sufficient.

NOV

Whether you think it's a good idea or not, it's law. We'll see what happens and I guess we'll worry about the costs later!

I am so glad he did this, and I am also glad that some current home owners can benefit as well...

Hi Rob - Thanks for stopping by three times! I think it has helped some buyers get off the fence...but you're right, not all of them!

Hi Gloria - That is definitely our hopes!

Hi Craig - I'm looking forward to it!!!

Hi Tom - That's a major change...

Hi Claudette - It's a good question...I really don't know the logic behind that.

Hi Laura - You make a great point....

Hi Kristin - It should make a big difference!

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