Proposed Tax Credit 2009 Stimulus Package

November 20, 2008

Stimulus News: Currently the Stimulus package is considering a proposed $15,000 tax credit, which applies to all home purchases -- not just new homes and not just first time buyers. It is sponsored by Senator Johnny Isakson, Republican of Georgia, a former real estate broker. He said it was modeled after a similar, $2,000 homebuyer incentive that helped lead the country out of recession in 1975. The tax credit would give buyers 10 percent of the price of a primary residence bought within one year, up to $15,000, and is intended to stabilize plummeting home prices. The amendment would allow taxpayers to claim the credit on their 2008 income tax return and to spread the tax credit over two years. It also seeks to prevent misuse by only allowing purchases of a principle residence and by recapturing the credit if the home is sold within two years of purchase.

The U.S. Senate on Friday also approved an amendment to an economic stimulus bill that would direct $50 billion in funds from the Treasury Department's Troubled Asset Relief Program to foreclosure mitigation efforts. This program is estimated to prevent approximately 2 million foreclosures. The amendment also forces changes in the federal government's $300 billion Hope for Homeowners program to increase participation. Under the amendment, homeowners would have to share 25% of future equity in their home, rather than the current 50% requirement.

In other news:
The National Association of Realtors said Tuesday its index of pending home sales, which measures contracts signed but not closed, rose 6.3% to 87.7 in December from a month earlier.

Moody's Economy.com cites signs that home sales are stabilizing as people snap up bargains on foreclosures, a decline in the supply of unsold homes in many areas and expectations of moves by the Obama Administration "that will help place a floor under the housing downturn." Those measures could include lowering mortgage rates further, preventing more foreclosures and generating jobs through higher federal spending.

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Local Information for Avon, CT

Other Area Cities: Manchester Avon Canton Center East Hartford Farmington Hartford Harwinton New Hartford Newington Plainville Simsbury West Hartford Wethersfield Winsted Bloomfield Windsor Granby

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Avon is a town in Hartford County, Connecticut, United States. As of 2005, the town has an estimated total population of 17,209. Avon was settled in 1645 and was originally a part of Farmington but sold to the Puritans in a land charter granted by the Duke of York in 1830. Avon was originally called Northington (the north parish) before it broke off from Farmington. According to the Avon Historical Society, Avon's independence was rooted in the need for a church that was more accessible to the growing town's population than the Congregational Church in Farmington. They eventually commissioned someone to come north from the Yale Divinity School to found the first church. It is generally considered a suburb of Hartford. Avon Old Farms School, a prestigious boarding school, is located there. In 2005, Avon was named the 3rd safest town in America by Money Magazine. -- Source: Wikipedia.com

Connecticut 2000 Census Population Profile Map

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