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 Holland, MI

Latitude: 42.777041 -- Longitude: -86.106617

Other Area Cities: Holland Grand Haven Jenison Hudsonville Zeeland

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Holland is a city in the western region of the U.S. state of Michigan. It is situated on Lake Macatawa and the Black River a few miles east of Lake Michigan. The city spans the Ottawa/Allegan county line, with 9.08 mi² in Ottawa and the remaining 8.13 mi² in Allegan. The population was 35,048 at the 2000 census. Holland has a large percentage of citizens of Dutch American heritage, many who still practice forms of the Dutch Reformed faith brought by the original settlers. It is home to Hope College and Western Theological Seminary, institutions of the Reformed Church in America. The city is best known for its Tulip Time Festival, the nationally-recognized downtown, and its rich Dutch history. The city is serviced by two public airports, the recreational Park Township Airport (IATA: HLM, ICAO: KHLM), and the larger, corporate and charter jet Tulip City Airport (IATA: BIV, ICAO: KBIV). Neither facility is served by regularly scheduled commercial carriers. -- Source: Wikipedia.com

Michigan 2000 Census Population Profile Map

	Holland	Michigan	United States
Population	35,048	9,938,444	281,421,906
Median age	29.2	35.5	35.3
Median age for Male	28.3	34.3	34
Median age for Female	30.2	36.6	36.5
Households	11,971	3,785,661	105,480,101
Household population	31,952	9,688,555	273,643,273
Average household size	2.67	2.56	2.59
Families	7,928	2,575,699	71,787,347
Average family size	3.24	3.1	3.14
Housing units	12,533	4,234,279	115,904,641
Occupied units	11,971	3,785,661	105,480,101
Vacant units	562	448,618	10,424,540

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