First Time Homebuyer Federal Tax Credit

http://www.maloofrealty.com/search/listing.asp?mls=1104933&MLSArea=1

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What does the new federal housing tax credit mean for you?

  

In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000* for first-time home buyers.

But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible. 

  

$8,000 Home Buyer Tax Credit at a Glance

  

· The tax credit is for first-time home buyers: defined as a purchaser not having owned a home within the previous 3-year period. 

· The tax credit does not have to be repaid.

· The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000. 

· The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. 

· The tax credit can be claimed on 2008 income tax forms even if the purchase took place in 2009.

· Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.

 

 

visit 

http://www.federalhousingtaxcredit.com/

 for more information

The City of Peoria also has some great programs to help people buy homes.  Read down for more information.

Amazing Home Values in Peoria

MLS #1104617 List Price $99,900

A 4 bedroom, 1 half baths, 1 full baths, 2 Story home

with 3,280 square feet of total living space.

http://www.maloofrealty.com/search/listing.asp?mls=1104617&MLSArea=1

Housing Prices

Very interesting graphic above.

The source of the image and some interesting info about Peoria on the page below:

http://www.city-data.com/city/Peoria-Illinois.html

Market Research - Power Point

http://www.ci.peoria.il.us/economic-development-department

Market Research Peoria Housing

Complete Report & Executive Summary

http://www.marketresearchpeoria.blogspot.com/

HOME PURCHASE ASSISTANCE

FOR THE FIRST TIME HOME BUYER

PEORIA, ILLINOIS

The City of Peoria, the State of Illinois, the Federal Government, and private agencies have numerous programs to help people buy their first home. A low and moderate income person or family could be eligible for down payment assistance from 10,000 to $20,000, a Federal tax credit of $7,500, a low interest loan, and up to $20,000 to help rehabilitate a home. A person of any income level can get the Federal Tax Credit.

Income Limits 2008 For the Rehab Program - Some Programs Differ

1 person - $35,550; 2 - $40,550, 3 - $45,650, 4 - $50,700, 5 - $54,750, 6 - $58,800

http://www.federalhousingtaxcredit.com/

http://movetopeoria.blogspot.com/

http://cityofpeoria.blogspot.com/search?q=home+purchase

http://buseybank.com/mortgagelend.asp

For development and management of residential rehabilitation programs in community development areas, including loans and grants, contact Neighborhood Development, Twin Towers, Room 402, 494-8656.

For Mortgages, IDHA Trust, and FHLB Grants, call any local bank. Peoria County has developed a list of banks knowledgeable about some of the programs:

http://www.peoriacounty.org/planningAndZoning/firstHome/?&q=first+time+home

Federal Tax Credits for the Redevelopment of Older Buildings

The Federal Government provides 10% to 20% tax credits to help rehabilitate buildings built before 1936. The National Park Service has administered the program in partnership with the Internal Revenue Service and with State Historic Preservation Officers.

The tax incentives have spurred the rehabilitation of historic structures of every period, size, style and type. They have been instrumental in preserving the historic places that give cities, towns and rural areas their special character. The tax incentives for preservation attract new private investment to the historic cores of cities and towns. They also generate jobs, enhance property values, and augment revenues for State and local governments through increased property, business and income taxes.

The Preservation Tax Incentives also help create moderate and low-income housing in historic buildings. Through this program, abandoned or under used schools, warehouses, factories, churches, retail stores, apartments, hotels, houses, and offices throughout the country have been restored to life in a manner that maintains their historic character.

Current tax incentives for preservation, established by the Tax Reform Act of 1986 (PL 99-514; Internal Revenue Code Section 47 [formerly Section 48(g)]) include:
20% tax credit for the certified rehabilitation of certified historic structures.
a 10% tax credit for the rehabilitation of non-historic, non-residential buildings built before 1936.

For both credits, the rehabilitation must be a substantial one and must involve a depreciable building. You can read more about them at:

http://www.nps.gov/history/hps/tps/tax/brochure1.htm#intro


Great opportunities for a first time home buyer

The City of Peoria, the State of Illinois, and the Federal Government have numerous programs to help people buy their first home. Depending on your income and the location of the home, you could be eligible for downpayment assistance of up to $10,000, a Federal tax credit of $7,500, a low interest loan, and funds to help you rehabilitate an older home. SUCH A DEAL !!!

Up to $7,500 Federal tax credit for qualified first-time homebuyers. Act soon. If you're looking for a new home, there's reason to act now! Congress has just approveda tax credit to help first-time homebuyers (or those who have not owned a home within the past three years). Click here to learn more. The credit is a federal tax credit subject to qualifications, conditions and restrictions and repayment of the tax credit is required. The credit is only available for a limited time. Details are set forth in PL 110-289 and general information is available at

http://www.federalhousingtaxcredit.com/
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City of Peoria programs to help home buyers are shown on the links below:

http://spreadsheets.google.com/pub?key=pSt1ivzaCLuN5M0iZgBtABg

http://www.ci.peoria.il.us/index.php?

module=resourcesmodule&action=view&id=2860