HOUSTON (Houston Business Journal) – Ten developers that are constructing or rehabilitating affordable apartments in the Houston area are set to collectively receive $14.6 million in incentives from the Texas Department of Housing and Community Affairs.

The developers will receive tax credits in exchange for charging lower rental rates on a portion of a property’s units so they are affordable for low-income individuals and families.

The following developments are the local recipients of this year’s tax credit program:

• Cypress Creek at Fayridge ($2 million for 148 affordable units)
• Cypress Gardens ($1.4 million for 100 affordable units for seniors)
• Golden Bamboo Village III ($1.6 million for 130 affordable units for seniors)
• Mason Senior Homes ($1.5 million for 120 affordable units)
• Perry Street Apartments ($921,000 for 160 affordable units)
• Parkway Ranch II ($963,000 for 44 affordable units)
• Tarrington Court Apartments ($2 million for 153 affordable units for seniors)
• Travis Street Plaza ($1.4 million for 192 affordable units)
• Zion Gardens ($954,000 for 70 affordable units)
• Tuscany Place ($2 million for 152 affordable units in Kingwood)

WASHINGTON, D.C. (InmanNews.com) – The Senate approved an amendment to the recent tax credit bill in which homebuyers who were under contract by April 30 will receive an additional three months to finish closing and claim the homebuyer tax credit.
Extending the deadline from June 30 to September 30 will allow lenders to clear the backlog of 180,000 homebuyers nationwide who qualified for the tax credit.
The amendment does not extend the deadline for homebuyers who do not have a contract in place.

For Active Duty Military personnel living overseas during any part of the $8,000 First Time Home Buyer Tax Credit or the $6,500 Move Up Tax Credit – you are still eligible to take advantage of the tax credits until April 30, 2011.
The $8,000 First Time Home Buyer Tax Credit will be ending soon. You must be under contract by the end of April to qualify for the tax credit and must close on your home by the end of June. To qualify, the purchaser(s) may not have owned a primary residence in the last three years. It does not have to be a resale home, you may purchase from a builder. You should use a Realtor even when you purchase from a builder. It’s free for buyer’s to use Realtors and your Realtor will be representing you and looking out for your best interest. You can receive the maximum $8,000 tax credit if you are single with an income up to $125,000 or married with an income up to $225,000. The amount of the tax credit decreases as home buyers income approaches the maximum limit. Homebuyers earning more than the maximum qualifying income are not eligible for the credit.

There is an existing home buyer tax credit currently in place for $6,500. To use this tax credit you must sell your current primary residence that you have lived in for atleast five consecutive years and purchase another primary residence. If you don’t want to sell your current home, but have lived there for five years and now want to move to a new primary residence, you can still qualify for the tax credit. There are some income requirements, so check with your accountant to be sure you qualify.

Neither of these credits have to be repaid as long as you live in the new primary residence for at least three years.

0 comments. This is an old post. The comments are currently closed. Click here to send me a comment via email.

1.  Decide how much home you can afford.  Generally, you can afford a home equal in value to between two and three times your gross income. 

2.  Develope a wish list of what you’d like your home to have.  Then prioritize the features on your list.

3.  Select three or four neighborhoods you’d like to live in.  Consider items such as schools, recreational facilities, area expansion plans, and safety.

4.  Determine if you have enough saved to cover your down payment and closing costs.  Closing costs, including taxes, attorney’s fee, and transfer fees average between 2% and 7% of the home price.

5.  Get your credit in order.  Obtain a copy of your credit report.

6.  Determine how large a mortgage you can qualify for.  Also explore different loan options and decide what’s best for you.

7.  Organize all the documentation a lender will need to pre approve you for a loan.

8.  Do research to determine if you qualify for any special mortgage or down payment-assistance programs.

9.  Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.

10.  Find an experienced REALTOR who can help you through the process. 

Reprinted from REALTOR Magazine Online by permission of the National Association of REALTORS, Copyright 2005, All rights reserved.

0 comments. This is an old post. The comments are currently closed. Click here to send me a comment via email.

Don’t be fooled, take advantage of the $8,000 tax credit before it goes away.  It ends at the end of this month.  It’s the best gift Uncle Sam will ever give you!  If you would like to sell your home and buy another home, you may be eligible for the $6,500 tax credit.  Give me a call today so we can get you qualified for your tax credit.  I am not fooling around, these tax credits are a great deal!

0 comments. This is an old post. The comments are currently closed. Click here to send me a comment via email.