The final provisions of the bill include:
· Tax Credit
· Restoration of 2008 Mortgage Limits
1. Tax Credit
Below is the link to the tax credit provision. (page 24)
The 2008 tax credit provision has been amended as follows:
a. Tax credit is increased to $8,000
b. The income limits remain the same: ($75,000 for an individual; $150,000 for a couple).
c. First-time homebuyers and principal residences only.
d. Tax credit is available until December 1st (previously it expired on July 1st).
e. Waiver of recapture (i.e. no repayment requirement) for properties purchased in 2009 prior to December 1st
1. The provision is retroactive to purchases made on or after January 1, 2009.
2. Recapture section does apply to properties sold in first three years.
f. Waiver of prohibition on financing by mortgage revenue bonds is included
2. FHA & GSE Mortgage Limits
Below is the link to the mortgage limit provision (page 282)
The President will be signing this puppy on Monday. This was passed late last night at 11 pm.
Stay tuned! :)