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According to the NATIONAL ASSOCIATION OF REALTORS®, there are several pieces of the economic stimulus package that are beneficial to homebuyers, homesellers, and the real estate community. Click on the links below to gain more information.
Here are the provisions in the American Recovery and Reinvestment Act, signed into law by President Barack Obama yesterday, that will help residential and commercial real estate:
1) Home buyer tax credit: increased to $8,000 and repayment requirement eliminated
2) Conforming and FHA loan limits: last year's high-cost limits of $729,750 restored
3) Neighborhood stabilization: $2 billion in new funds authorized
4) Commercial real estate: tax credits allocated for business investment, green building, and energy efficiency
5) Rural housing development: $500 million in funds authorized
6) Low-income rental housing: Treasury grants authorized
7) Tax-exempt housing bonds: tax rules eased
8) Energy efficiency: grants and credits authorized
9) Transportation: $47 billion in infrastructure development and rehabilitation funds authorized
10) Broadband: $7 billion authorized to expand and upgrade infrastructure.
