November, 2009
The tax credit has officially been extended for buyers who are in a purchase agreement prior to May 1, 2010 and close prior July 1, 2010. For full details as to how it applies to buyers here in the Fredericksburg real estate market, click the following link to see a flyer regarding the details of the extended tax credit. tax-credit-extension-flyer
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After months of waiting, some home owners are now receiving the benefits from the HAP program which was signed into law February 2, 2009 as part of the American Recovery and Reinvestment Act. These checks would have been mailed out sooner, but the tax requirement (discussed in previous HAP blogs) delayed the process as officials attempted to remove it from the legislation.
An Air Force Major in Colorado Springs, Colorado received the first check issued by HAP. He and his wife incurred their loss back in March 2008 when they sold their home due to a PCS move. They received a check that covered about 45 percent of their losses. HAP can cover up to 90 percent of losses, but benefits are taxable and withheld up-front. A new bill has been proposed which will amend these taxes and exclude HAP benefits from tax withholding, but this issue is still pending resolution.
To date, there are approximately 4,500 filed applications for HAP. Of those 4,500 applications, about 2,500 are eligible at this time. All the checks that have been paid-out so far are for homeowners who have already soldtheir homes. Hopefully, we’ll soon see some families from the Fredericksburg Real Estate Market receive benefits from the HAP Program.
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