Rochester Mayor Robert Duffy will be among a group of mayors invited to meet with President Obama Vice President Joseph Biden and five Cabinet members Friday to discuss the American Recovery and Reinvestment Act - the nationwide effort to create jobs, jump-start growth and transform the economy.
Rochester is expected to benefit from approximately $10 million in road and highway construction funding.
The "American Recovery and Reinvestment Act of 2009," passed the House and Senate on Friday, February 13,2009
(edited)The President did sign this bill on Feb. 17th. The new bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.
This credit does not require repayment as long as you stay in the home three years, or more.
A first time home buyer is defined as someone who has not owned a property in the last three years.
This credit can not be received if a first time buyer purchases a property to rent out. It has to be your principle residence.
This credit applies if you purchase a single property residence, or condo, or a townhouse.
The income requirements are maximum $75,000 for a single buyer, and $150,000 for a married couple.
The credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
There is an update on the stimulus plan. A new agreement has been reached on the the newest stimulus plan which is coming in at $789 Billion right. Unfortunately, the newest deal also has effectively cut out the proposed $15,000 Home Buyer Tax Credit.
One of the keys to jump starting housing again, as of now has been eliminated from the Stimulus Plan. The main reason cited for it's removal was to try to lower the cost of the plan.
The good news is there is a possibility that the $7500 tax credit will not have to be paid back. We'll keep watching.
There has been a lot of talk about the 7,500 tax credit for first time home buyers. The homebuyer's tax credit was intended to stimulate the housing industry. Many felt it was more like a interest free loan because it had to be paid back over 15 years. Well now this may be replaced by a $15,000 tax credit for buyers if the 2009 economic stimulus package ultimately passes.
I believe this would help many buyers who are undecided, to move forward and purchase more homes, which in effect would help sellers as well. This could change the current housing market. Many Americans are upset about the "bank bail out" and jokingly ask where their bail out is. This may be it for some people.
I have to admit as great as this sounds for buyers, and sellers, I am concerned about where this money will come from, and who will end up paying the price some day.
What we have currently: A $7,500 First-Time Home Buyers Tax Credit
A buyer has to meet the following requirements to claim the credit:
Currently, the taxpayer claims $7,500 on the tax return, but is required to pay back that amount over a 15-year period.
But now a $15,000 home buyers tax credit may replace the existing 15-year interest free $7,500 loan.
As part of the negotiations behind the American Recovery and Reinvestment Act of 2009, otherwise known as the 2009 economic stimulus package, a $15,000 tax credit has been slated to replace the original $7,500 tax break if the plan is ultimately passed.
Senator Johnny Isakson, a Republican from Georgia, has pushed for both the $7,500 and $15,000 tax credits. He believes the homebuyer tax credit measure that revived the housing market in 1975 can work again today. You can read more here: $15,000 Homebuyer Tax Credit
What we could have soon : Right now they are saying the amount of this tax credit would be $15,000 or 10 percent of the purchase price, whichever is less, and may be good on the purchase of a home for up to one year when it is passed. They are also saying this would be for all home buyers, not just new home buyers. This tax credit would not have to be repaid.
Many home buyers are just starting to hear about this, and some are confused as to what the $15,000 homebuyer tax credit would entail. Buyers who purchased last year are wondering if it is going to be retroactive. Those who already claimed the $7500 are wondering what happens now. We don't have the answers yet.
First, we will have to wait to see if it passes. Then we'll find out what the rules are, and who will be entitled to it. It's too soon to know.
My question to you is: Do you think this is a good idea? Would it push you to want to purchase a home? Do you think it will change the housing market?
Rochester is a city in Monroe County, New York State, south of Lake Ontario in the United States. The Rochester metropolitan area is the second largest economy in New York State, behind the New York City metropolitan area. Known as The World's Image Centre, it was also once known as The Flour City, and more recently as The Flower City.
Rochester is a great place to live, with something for everybody. The greater metropolitan Rochester area is home to many people with an eclectic mix of ethnic backgrounds and religions. And it seems that no matter how far away you get, you're still just 20 minutes away from any place else.
Rochester's city population is approximately 207,000, making it New York's third largest city.
Rochester has 19 suburbs with an additional 800,000 people. The mayor of Rochester is Robert Duffy, the former chief of police. He is tough on crime, which makes him a great leader. Rochester has 537 miles of streets, 52 bridges, 11 public libraries, and 7 police stations.
Rochester was ranked #6 among 379 U.S. Metro areas in the 25th edition of the Places Rated Almanac for Most Livable Cities. In 2007, Rochester was ranked as the top city in the country by Expansion Management Magazine for quality of life.
Rochester is home to Kodak, Bausch and Lomb, Xerox, Paychex, Wegmans, and other well known businesses.
Because of the high prevalence of imaging and optical science among the industry and the universities, Rochester is known as the world capital of imaging. The Institute of Optics of the University of Rochester is ranked number one in the country, and the Rochester Institute of Technology has one of the best imaging science departments in the country. In 2006, the University of Rochester became the largest employer in the Rochester area, surpassing Kodak.
Points of interest
The George Eastman House International Museum of Photography and Film, the World's oldest photography museum
The Eastman Theatre
Strasenburgh Planetarium, Rochester Museum & Science Center
There are many things to see and do in this great city. Come and visit.
I am a life long resident, and full time Realtor, Associate Broker, helping buyers, and sellers achieve their goals in Rochester, NY.
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