The dream of homeownership is now even closer to buyers: Home Buyer Tax Credit Extended into 2010.
On November 6, 2009 the administration signed The Worker, Homeownership, and Business Assistance Act of 2009 into law which has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. To qualify as a “first time home buyer” the purchaser (or his/her spouse) can not have owned a home in the three years prior to purchase.
Under the new law the tax credit has also been expanded to current home owners purchasing a replacement principal residence. The amount of this credit is up to $6500 and to qualify the current home owner must have lived in their home for any five consecutive year period in the eight years prior to purchase.
To take advantage of the credit, an eligible taxpayer needs to enter into a binding agreement on or before April 30, 2010 and the closing on the home needs to occur no later than June 30, 2010. The tax credit can be claimed on either the 2009 or 2010 tax return.
In order for a home to be eligible for the credit the purchase price needs to be $800,000 or less.
Now people with higher annual incomes can qualify. To get to the full extend of the credit, a taxpayer needs to have modified adjusted gross income (MAGI) of $125,000 or $225,000 for joint filers.
The credit does not have to be repaid if the buyer occupies the home for at least three years.
In addition to that, the new regulations provide for some new benefits for members of the military and certain government workers.
To get more details on the home buyer tax credit please visit:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html
For extended questions and answers session please follow:
http://www.federalhousingtaxcredit.com/faq1.php - if interested in the $8000 first time home buyer tax credit.
or
http://www.federalhousingtaxcredit.com/faq2.php - if interested in the $6500 current home owner tax credit.
Monday, November 9, 2009
Wednesday, November 4, 2009
The Senate extends the first time homebuyer tax credit
This is exciting news!!! The US Senate voted to approve the first time homebuyer tax credit extension.
The bill was passed by the Senate in a 98-0 vote. The bill will now move to the House of Representatives floor and if approved will go to the president to be signed into law.
The bill provides for deadlines extension and conditions as follows:
Property needs to be under contract by 4/30/2010 and close by 6/30/2010
Income limits are $125,000/yr per single person and $225,000/yr per couple
There will also be a $6,500 tax credit to people who had owned their current home for 5 or more years who purchase new property.
To read more, please follow the link below:
http://www.washingtonpost.com/wp-dyn/content/article/2009/11/04/AR2009110404564.html?hpid=topnews
Please stay put for an update…
The bill was passed by the Senate in a 98-0 vote. The bill will now move to the House of Representatives floor and if approved will go to the president to be signed into law.
The bill provides for deadlines extension and conditions as follows:
Property needs to be under contract by 4/30/2010 and close by 6/30/2010
Income limits are $125,000/yr per single person and $225,000/yr per couple
There will also be a $6,500 tax credit to people who had owned their current home for 5 or more years who purchase new property.
To read more, please follow the link below:
http://www.washingtonpost.com/wp-dyn/content/article/2009/11/04/AR2009110404564.html?hpid=topnews
Please stay put for an update…
Tuesday, October 20, 2009
Obama Administration to commit $35B to state and local housing agencies
Administration close to committing $35B to state and local housing agencies to spur lending with low and moderate income families. Whatch this video on MSNBC to get the details and some feedback. To watch, please click on: http://www.wellcomemat.com/video/PA/Philadelphia/Unknown/81A4055DF7APT/
Wednesday, October 14, 2009
Colorado offers "snow virgins" a free 3-month trip!
DENVER – People who have never seen snow or built a snowman are getting a chance to do it in Colorado, in a big way.
The Colorado Tourism Office launched a contest Monday to give three "snow virgins" an expenses-paid, three-month trip to Colorado, January through March. With help from local instructors and guides, contest winners will sample winter activities like snowmobiling, skiing, snowshoeing, dogsledding, the all-important apres ski cocktail hour, maybe even ice climbing — and then they'll describe their experiences on Facebook, YouTube and Twitter.
Winners also will visit Colorado restaurants, hot springs and spas.
Applicants are asked to submit videos to http://www.snowatfirstsight.com explaining why they should win. People can visit the Web site to vote, and 10 finalists will get trips to Colorado to audition.
The Colorado Tourism Office is spending about $150,000 on the contest. That's less than the $250,000 it spent on a promotion last year to erect a virtual ski hill and "bring Colorado" to New York City.
The office's budget was cut from $20 million last year to $15 million this year as the state tried to close a multimillion-dollar budget shortfall. Tourism officials hope the new contest builds buzz for Colorado on social media networks, with contest winners posting daily updates.
The idea is to show Colorado through the contest winners' fresh eyes, whether they're from the U.S. or not, tourism office director Kim McNulty said.
Contest organizers figure entrants might be students, job seekers, retirees or those who can arrange for time off work — basically the crowd that might go on a reality TV show.
The winners will stay at spots around the state. Exact locations were still being confirmed.
The Colorado Tourism Office launched a contest Monday to give three "snow virgins" an expenses-paid, three-month trip to Colorado, January through March. With help from local instructors and guides, contest winners will sample winter activities like snowmobiling, skiing, snowshoeing, dogsledding, the all-important apres ski cocktail hour, maybe even ice climbing — and then they'll describe their experiences on Facebook, YouTube and Twitter.
Winners also will visit Colorado restaurants, hot springs and spas.
Applicants are asked to submit videos to http://www.snowatfirstsight.com explaining why they should win. People can visit the Web site to vote, and 10 finalists will get trips to Colorado to audition.
The Colorado Tourism Office is spending about $150,000 on the contest. That's less than the $250,000 it spent on a promotion last year to erect a virtual ski hill and "bring Colorado" to New York City.
The office's budget was cut from $20 million last year to $15 million this year as the state tried to close a multimillion-dollar budget shortfall. Tourism officials hope the new contest builds buzz for Colorado on social media networks, with contest winners posting daily updates.
The idea is to show Colorado through the contest winners' fresh eyes, whether they're from the U.S. or not, tourism office director Kim McNulty said.
Contest organizers figure entrants might be students, job seekers, retirees or those who can arrange for time off work — basically the crowd that might go on a reality TV show.
The winners will stay at spots around the state. Exact locations were still being confirmed.
Steamboat Springs(Ski Town USA) to host the Olympic Trials
STEAMBOAT SPRINGS, Colo. -- U.S freestyle and Nordic combined athletes will get a one shot, winner-takes-all chance at making the 2010 U.S. Olympic Team as the U.S. Olympic Committee and U.S. Ski and Snowboard Association host the 2010 U.S. Olympic Team Trials in Steamboat Springs Dec. 23-24. A total of five U.S. Olympic Team spots in moguls, aerials and nordic combined will be up for grabs on those two days in Steamboat-Ski Town, USA.Scheduled to air on NBC at 2:30 p.m. ET on Dec. 26, the 2010 U.S. Olympic Team Trials event, which complements the season-long selection process for the remainder of the team, offers athletes a direct ticket to the Games should they be skilled enough to win against a field of the nation's best. The format dates back to 1998 with a similar event held just prior to the 2002 Salt Lake Olympic Winter Games, and a freestyle only event in Steamboat prior to the 2006 Olympic Winter Games. Nordic combined is being added for the first time this season."The Steamboat community takes great pride in its hometown winter Olympians and has been a hotbed of athletic development in nordic combined and freestyle skiing over the years," said USSA Vice President, Events, Calum Clark. "It will be great to bring the best athletes in the country to Ski Town USA to compete in front of an enthusiastic and supportive crowd.""Freestyle and Nordic combined skiing always has been, and remain at the heart of Steamboat’s claim to Ski Town USA," said Andy Wirth, senior vice president of sales & marketing for Steamboat Ski & Resort Corporation and president of the Steamboat Springs Winter Sports Club (SSWSC). "The Winter Sports Club, Ski Area and entire community are excited to be hosting the 2010 U.S. Olympic Team Trials.""The USOC welcomes the opportunity to partner with the U.S. Ski and Snowboard Association and the the city of Steamboat Springs to offer this unique winner-take-all event,” said USOC Chief of Sport Performance Mike English. “These trials will capture all the thrill and excitement that comes with making Team USA and should prove to be a great holiday present for all ski enthusiasts."The likes of world champions and hometown heroes Todd Lodwick and Johnny Spillane as well as world champion and former Steamboat resident Billy Demong will each look for a wildcard spot on the U.S. Olympic Team prior to the official team selection. The combined events will be held at Steamboat's historic Howelsen Hill in the heart of the city and home to the Steamboat Springs Winter Sports Club."It will be great to have a high quality competition that will showcase Nordic combined in Steamboat again, because it's been absent from here for a long time. Any opportunity to have a televised Nordic combined competition in Steamboat is great," Lodwick said.After the Nordic combined competition, the trials moves to the moguls event on the afternoon of Dec. 23 at nearby Steamboat Resort. World Cup moguls champion Hannah Kearney, Olympic silver medalist Shannon Bahrke and moguls World Champion Patrick Deneen, local favorite Emiko Torito and their teammates will all be going after their shot at being named to the 2010 U.S. Olympic Team."As a graduate of Whiteman and a member of the Steamboat Springs Winter Sports Club, I feel so much affection for Steamboat," Torito said. "It is the place where I believe I blossomed as a skier. Timmy Maher makes the best courses, and I can't wait to see some of my old friends, coaches, and teachers. There is no better place to have the Olympic Trials than Steamboat Springs."The party continues after the awards are made on Dec. 23 with a night of live music and celebration in the heart of the mountain village.The event wraps up on Christmas Eve morning as Colorado native, SSWSC athlete and aerials World Champion Ryan St. Onge, Olympian and executor of the highest scored trick on the World Cup aerials circuit Jeret "Speedy" Peterson and World Cup winner and U.S. Ski Team veteran Emily Cook fly, flip and stick their chance at landing a place on the 2010 U.S. Olympic Team."Going home to compete in Colorado is always my favorite," St. Onge said. "We don't get to compete there very often, so it's a unique experience for me. I'm going back there to win. The last time I competed in Colorado I won, so hopefully I can do it again."The full 2010 U.S. Olympic Teams for freestyle and nordic combined will be determined primarily from season-long World Cups and will be named in January.2010 U.S. OLYMPIC TEAM TRIALS - FREESTYLE SKIING/NORDIC COMBINED EVENTS(actual start times TBD)Dec. 23, 2009Morning - Nordic Combined, Howelsen HillAfternoon - Men's and Women's Moguls, Steamboat ResortEvening - Concert and Celebration Dec. 24, 2009 Morning - Men's and Women's Aerials, Steamboat Resort
Content courtesy of: U.S. Ski Team
Content courtesy of: U.S. Ski Team
Monday, September 28, 2009
Article in Steamboat Today on Annexation Issues
Steamboat Springs — Some projects have gone under, others have changed hands and still others are plugging along slowly.
Much has changed since April 2008, when the Steamboat Pilot & Today’s three-part series, “City Limits,” examined annexations in other Colorado communities and how they related to Steamboat Springs’ consideration of Steamboat 700. As the Steamboat Springs City Council nears a preliminary vote Tuesday on whether to annex Steamboat 700, many are nervous about the long-term implications of the proposal. That anxiety only is exacerbated by the recent economic climate and an upcoming City Council election.
The developers and their supporters argue that a decision about the long-term future of the city shouldn’t be based on fear or politics.
Steamboat 700 is a proposed master-planned community on 487 acres adjacent to the western city limits of Steamboat Springs. The project proposes about 2,000 homes — from apartments to single-family home lots — and 380,000 square feet of commercial development that would be built to the standards of new urbanism: dense, walkable and transit-friendly, for example.
Principal and Project Manager Danny Mulcahy and his Las Vegas partners purchased 700 acres west of the city in 2007 for $25 million. The project is within the boundaries of the West of Steamboat Springs Area Plan, which contemplates growth and annexation to help accomplish a number of community goals, principally affordable housing.
Supporters say the project helps fulfill the goals of the WSSAP and pay for several sorely needed city improvements. Critics say the development’s affects on traffic and city services are too great.
Granby
In April 2008, developers of the 1,500-acre Orvis Shorefox project in Granby were confident about their development’s success and its benefits to the small Grand County town. They stopped stocking the local newspaper at their offices because of stories that suggested otherwise.
Now, a call to the office is met with an automated message stating that the number has been disconnected. The skeleton of infrastructure traces the neglected land. In July, a pond breach on the foreclosed property resulted in a large sediment discharge into the Colorado River that changed the river’s course, shut down Hot Sulphur Springs’ domestic water supply and soured the river’s appeal to outdoor enthusiasts.
To say Granby was aggressive about annexations would be an understatement. In less than a decade, Granby folded about 8,000 acres into town limits in an effort to control its borders, increase its revenues and augment its portfolio of water rights.
Town Manager Wally Baird is the first to admit that Orvis Shorefox isn’t a pretty sight, but he said the annexation has otherwise been harmless for the town. Baird said the foreclosure and bankruptcy won’t hurt the town and that Granby doesn’t have any financial obligations tied to anticipated revenues from the development.
“We didn’t have any type of investment in that annexation or any annexation,” Baird said. “The only implication I can see is aesthetic. It looks bad when they start something and then it dies.”
The town’s other annexations, such as Grand Elk Ranch & Golf Club and the 5,000-acre Granby Ranch, still are alive. Baird said they are moving slower than initially expected — and that annexation agreements have had to be adjusted accordingly — but that overall, the town has realized the benefits it was looking for. Water rights dedication and commercial development creating sales tax were required up front.
“In spite of the economic circumstances, they’re still doing pretty good,” Baird said. “I don’t know if, given the circumstances, they could have done better. … Our sales tax is higher than it was last year. We’re one of the few towns in this part of Colorado that can say that. When we come out of this economic slump, we have a much broader base to draw from.”
Minturn
Florida developer Bobby Ginn has bowed out of his 4,300-acre proposed ski and golf resort on Battle Mountain, a project so substantial that the town he was successfully annexed into was jokingly referred to as “Ginnturn.”
Ginn ushered the 1,700-home project through the annexation process and an overwhelmingly favorable referendum vote. It was announced earlier this month that Ginn, who faced several financial difficulties at his other projects, had given up his company’s stake in the project. Crave Real Estate Ventures, which is part-owned by Lubert Alder, the man who helped finance the Battle Mountain project, has taken over.
In a letter to Minturn Town Manager Jim White, Crave representative Dave Kleinkopf wrote, “While there may be some challenges on the horizon, Crave Real Estate and the project’s financial partners are 100 percent committed to this project and its long-term viability.”
Kleinkopf, formerly of Intrawest, did not return an e-mail seeking comment. White was out of town and could not be reached. The Battle Mountain project has struggled to secure the necessary water rights it is required to dedicate to the town, and a lawsuit has held up the $180 million in public benefits associated with the project.
On his Web site, www.min turntimes.com, Battle Mountain critic Frank Lorenti says the project has caused nothing for the town but trouble. Most notably, Lorenti said, the project drew speculation to the quiet town, driving up property values and taxes.
“As of now, the citizens of Minturn will have to pay 35 percent more to live in this town with no extra services, just more development and blight on our lands,” Lorenti wrote.
Durango
At 681 acres and built to the standards of new urbanism, the Three Springs development in Durango is the most similar to Steamboat 700 of all the projects examined in “City Limits.” It also has successfully avoided negative headlines better than any other project.
General Manager Tim Zink readily admits the recession has had an impact on the development, which is averaging one to two home sales a month.
“We’re what I would call a slow and steady pace,” Zink said. “Probably our biggest problem isn’t our home sales, it’s our buyers’ home sales.”
But the economy hasn’t affected the development’s ability to meet its obligations to the city of Durango. Zink said that, to the contrary, the city of Durango is preparing to accept a large piece of open space and that all of the development’s infrastructure recently was completed. Big-ticket items, such as $7.8 million in improvements to U.S. Highway 160 in 2004, were required up front.
Zink said the development now has about 300 residents. Durango planning officials did not return phone calls seeking comment. Zink said he doesn’t know any of the details of Steamboat 700, but agreed philosophically that the city shouldn’t base its decision to annex on factors such as the current economy.
“Right now is the time to be getting entitlements and setting things up for the market to come back,” Zink said. “If it’s a good project, it’s a good project. If it’s a bad project, it’s a bad project. Now is the time to be setting it up so you have a plan and an outlet for that growth when it does come back.”
Opinions are certainly split on whether Steamboat 700 is a good project, and the Steamboat Springs City Council will officially weigh in on the matter at Tuesday’s council meeting. Check Tuesday’s Steamboat Today for a story previewing that meeting.
Much has changed since April 2008, when the Steamboat Pilot & Today’s three-part series, “City Limits,” examined annexations in other Colorado communities and how they related to Steamboat Springs’ consideration of Steamboat 700. As the Steamboat Springs City Council nears a preliminary vote Tuesday on whether to annex Steamboat 700, many are nervous about the long-term implications of the proposal. That anxiety only is exacerbated by the recent economic climate and an upcoming City Council election.
The developers and their supporters argue that a decision about the long-term future of the city shouldn’t be based on fear or politics.
Steamboat 700 is a proposed master-planned community on 487 acres adjacent to the western city limits of Steamboat Springs. The project proposes about 2,000 homes — from apartments to single-family home lots — and 380,000 square feet of commercial development that would be built to the standards of new urbanism: dense, walkable and transit-friendly, for example.
Principal and Project Manager Danny Mulcahy and his Las Vegas partners purchased 700 acres west of the city in 2007 for $25 million. The project is within the boundaries of the West of Steamboat Springs Area Plan, which contemplates growth and annexation to help accomplish a number of community goals, principally affordable housing.
Supporters say the project helps fulfill the goals of the WSSAP and pay for several sorely needed city improvements. Critics say the development’s affects on traffic and city services are too great.
Granby
In April 2008, developers of the 1,500-acre Orvis Shorefox project in Granby were confident about their development’s success and its benefits to the small Grand County town. They stopped stocking the local newspaper at their offices because of stories that suggested otherwise.
Now, a call to the office is met with an automated message stating that the number has been disconnected. The skeleton of infrastructure traces the neglected land. In July, a pond breach on the foreclosed property resulted in a large sediment discharge into the Colorado River that changed the river’s course, shut down Hot Sulphur Springs’ domestic water supply and soured the river’s appeal to outdoor enthusiasts.
To say Granby was aggressive about annexations would be an understatement. In less than a decade, Granby folded about 8,000 acres into town limits in an effort to control its borders, increase its revenues and augment its portfolio of water rights.
Town Manager Wally Baird is the first to admit that Orvis Shorefox isn’t a pretty sight, but he said the annexation has otherwise been harmless for the town. Baird said the foreclosure and bankruptcy won’t hurt the town and that Granby doesn’t have any financial obligations tied to anticipated revenues from the development.
“We didn’t have any type of investment in that annexation or any annexation,” Baird said. “The only implication I can see is aesthetic. It looks bad when they start something and then it dies.”
The town’s other annexations, such as Grand Elk Ranch & Golf Club and the 5,000-acre Granby Ranch, still are alive. Baird said they are moving slower than initially expected — and that annexation agreements have had to be adjusted accordingly — but that overall, the town has realized the benefits it was looking for. Water rights dedication and commercial development creating sales tax were required up front.
“In spite of the economic circumstances, they’re still doing pretty good,” Baird said. “I don’t know if, given the circumstances, they could have done better. … Our sales tax is higher than it was last year. We’re one of the few towns in this part of Colorado that can say that. When we come out of this economic slump, we have a much broader base to draw from.”
Minturn
Florida developer Bobby Ginn has bowed out of his 4,300-acre proposed ski and golf resort on Battle Mountain, a project so substantial that the town he was successfully annexed into was jokingly referred to as “Ginnturn.”
Ginn ushered the 1,700-home project through the annexation process and an overwhelmingly favorable referendum vote. It was announced earlier this month that Ginn, who faced several financial difficulties at his other projects, had given up his company’s stake in the project. Crave Real Estate Ventures, which is part-owned by Lubert Alder, the man who helped finance the Battle Mountain project, has taken over.
In a letter to Minturn Town Manager Jim White, Crave representative Dave Kleinkopf wrote, “While there may be some challenges on the horizon, Crave Real Estate and the project’s financial partners are 100 percent committed to this project and its long-term viability.”
Kleinkopf, formerly of Intrawest, did not return an e-mail seeking comment. White was out of town and could not be reached. The Battle Mountain project has struggled to secure the necessary water rights it is required to dedicate to the town, and a lawsuit has held up the $180 million in public benefits associated with the project.
On his Web site, www.min turntimes.com, Battle Mountain critic Frank Lorenti says the project has caused nothing for the town but trouble. Most notably, Lorenti said, the project drew speculation to the quiet town, driving up property values and taxes.
“As of now, the citizens of Minturn will have to pay 35 percent more to live in this town with no extra services, just more development and blight on our lands,” Lorenti wrote.
Durango
At 681 acres and built to the standards of new urbanism, the Three Springs development in Durango is the most similar to Steamboat 700 of all the projects examined in “City Limits.” It also has successfully avoided negative headlines better than any other project.
General Manager Tim Zink readily admits the recession has had an impact on the development, which is averaging one to two home sales a month.
“We’re what I would call a slow and steady pace,” Zink said. “Probably our biggest problem isn’t our home sales, it’s our buyers’ home sales.”
But the economy hasn’t affected the development’s ability to meet its obligations to the city of Durango. Zink said that, to the contrary, the city of Durango is preparing to accept a large piece of open space and that all of the development’s infrastructure recently was completed. Big-ticket items, such as $7.8 million in improvements to U.S. Highway 160 in 2004, were required up front.
Zink said the development now has about 300 residents. Durango planning officials did not return phone calls seeking comment. Zink said he doesn’t know any of the details of Steamboat 700, but agreed philosophically that the city shouldn’t base its decision to annex on factors such as the current economy.
“Right now is the time to be getting entitlements and setting things up for the market to come back,” Zink said. “If it’s a good project, it’s a good project. If it’s a bad project, it’s a bad project. Now is the time to be setting it up so you have a plan and an outlet for that growth when it does come back.”
Opinions are certainly split on whether Steamboat 700 is a good project, and the Steamboat Springs City Council will officially weigh in on the matter at Tuesday’s council meeting. Check Tuesday’s Steamboat Today for a story previewing that meeting.
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