On Tuesday 17 Feb 2009, President Obama heads to Denver , Colorado to sign the controversial American Recovery and Reinvestment Act of 2009.  Passed in the House of Representatives with no GOP support and in the Senate with only three republican votes, the stimulus package aims to guide the United States out of the economic troubles it currently faces. 

Here are some highlights of the stimulus package relating to real estate:

·         Refundable First-Time Home Buyer Credit: Homes bought after January 1, 2009 are not required to repay the 10% of home purchase price tax credit granted by Congress last year.  Also, the limit of the tax credit was increased from $7,500 to $8,000

·         Tax Credits for Energy-Efficient Improvements to Existing Homes: Extends tax credits for improvements to energy-efficient existing homes through 2010.   The tax credit can qualify homeowners to receive tax credits up to 30% (previously, it was 10%)

To discuss how the economic stimulus package will help you and your real estate dreams, please contact Susie at SusieKang@JoaRealty.com