In addition to the tax credit, the American Recovery and Reinvestment Act of 2009 has several other provisions that should benefit home buyers and the housing market.

In addition to the tax credit, the American Recovery and Reinvestment Act of 2009 has several other provisions that should benefit home buyers and the housing market.

It Will help home buyers that are in high-cost markets by extending the FHA, Fannie Mae and Freddie Mac loan limit of $729,750 through the end of 2009.

It also allows the state housing finance agency to help buyers at closing by advancing the credit as a loan using proceeds from tax-exempt bonds.

It extends the tax code section 25C credit for energy-efficient home improvements through the end of 2010.

It increases the credit rate from 10 percent to 30 percen and raises the lifetime cap from $500 to $1,500 also expands the list of eligible improvements.

For the year 2008 operations, it expands the net operating loss carryback period from two years to five years for small businesses.

It temporarily allows the exchange of Low-Income Housing Tax Credit allocating authority for tax-exempt grants and appropriates $2 billion in HOME funding for affordable housing projects.

Also provides a "patch" for the Alternative Minimum Tax for tax year 2009 and increases the bonus depreciation and section 179 small business expensing for business investment in 2009.

It increases New Markets Tax Credit allocating authority for 2008 and 2009.

A delay for one year—from 2011 to 2012—for the start of the three percent government contractor withholding requirement.

These are all good items and when implemented should help the economy along to recovery, how quick I don't know.

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