Tag Archives: FirstTime

Housing Grants

Low Income Housing Grants for First-time Home Buyers in the Down River Area

Low Income Housing Grants for First-time Home Buyers in the Down River Area

The new bill passed by Senate earlier in the year allows states to trade in a portion of their 2009 low-income housing tax credits for Treasury Grants.  These grants would be used to finance the construction, or purchase and rehab of low-income housing, including those with or without tax credit allocations.

The low housing grants will include funding for the following causes:

Pontiac Housing Capital Fund for rehabilitating and retrofitting public housing units, making critical safety repairs and increasing their energy efficiency Community Development Block Grant Program for funding the Neighborhood Stabilization Program Home Investment Partnerships Programs to provide funds to state housing credit agencies for capital investments in low-income housing tax credit projects Assisted Housing Stability and Energy and Green Retrofit investments to provide funds to property owners for rental assistance and grants or loans for energy and green retrofit investments Funds to local governments and non-profit organizations for removal of lead-based paint hazards in low-income housing.

Real estate professionals should be familiar with the many grants and programs that are in effect to help first-time home buyers.  Real estate agents and developers can benefit from many of these programs as well by helping their clients utilize these funds.

Other provisions of the Stimulus Plan include:

First Time Homebuyer Tax Credit

FHA, Fannie Mae and Freddie Mac Loan Limits

Neighborhood Stabilization

Commercial Real Estate

Rural Housing Services

Tax Exempt Housing Bonds

Energy Efficient Housing Tax Credits and Grants

Transportation Investments

Broadband Deployment

Mark Goedert of Goedert Real Estate has been an active professional in the real estate industry for over 50 years, serving realtors and home buyers in South East Michigan and the Down River area.  Mark encourages you to check out his website at http://www.under100000realestate.com/ for local neighborhood and school details, mortgage information, interactive maps, investment property listings, home listings and many more resources.

First Time Home Buyer Programs

Mark Goedert of Goedert Real Estate has been an active professional in the real estate industry for over 50 years, serving realtors and home buyers in South East Michigan and the Down River area. Mark encourages you to check out his website at http://www.under100000realestate.com/ for local neighborhood and school details, mortgage information, interactive maps, investment property listings, home listings and many more resources.

More Housing Grants Articles

First Time Home Buyer Programs

First-Time Home Buyer Tax Credit Audits

First-Time Home Buyer Tax Credit Audits

The federal government has initiated a host of programs trying to rev up the government. From Cash for Clunkers to the First-Time Home Buyer tax credit, these programs have in fact revved up the auto and real estate markets. Alas, the IRS is starting to take a keen interest in those claiming the first-time home buyer tax credit and is, in fact, starting to audit returns where the credit claim is questionable.

A down payment is obviously one of the big hurdles to buying a home. Faced with a real estate market that could only be called morbid, the federal government came up with the first-time home buyer tax credit. This essentially provided ,000 for a down payment so long as certain requirements were meant. The program has been a huge hit and real estate markets across the country are starting to come back a bit. The only problem is many people just assumed they could claim the credit so long as the home was their first. This is wrong and leading the IRS to start scrutinizing tax returns that include a claim.

I am looking to buy my first home. My parents own their home and a second rental property in town. Given the economic mess, the rental market has been down. After talking about it, we agree that I will buy their rental property as my first home. I claim the first-time home buyer tax credit, get a loan and move into my first home. Everything is fine, right? Unfortunately, it is not. I cannot claim the tax credit if I by from a related person. Arguably, I’ve just committed tax fraud!

There are a host of rules that apply to the first-time home buyer program. They are easy to understand, but few people realize they exist. Make sure to cover them with your tax professional before you buy that first home or you could really regret it.

First Time Home Buyer Programs

Thomas Ajava writes for TaxAttorneyinNewYork.com – locate a tax attorney in New York to represent you in tax disputes with the IRS, state and local agencies.