Norma Crouse

Individuals are permitted to deduct mortgage interest paid on mortgage debt of up to $1 million. The deduction is available for interest on mortgages for a principal residence and one additional residence. The $1 million limitation represents the combined allowable debt on two residences. Mortgage interest on up to $100,000 of debt on home equity loans or lines of credit also qualifies for the deduction.

As part of its FY 2011 budget, the Administration has proposed limiting the value of the MID for upper income taxpayers by, in effect, converting the deduction to a 28% tax credit for those individuals who are currently in the 33% or 35% tax brackets. Individuals with incomes below $250,000 would generally not be directly affected by this proposal.

The mortgage interest deduction (MID) is a remarkably effective tool that facilitates homeownership. While only about 30% of all taxpayers in any given year itemize their deductions, more than 3/4 of homeowners utilize the deduction over the period they own their home.

Currently, taxpayers in the 33% and 35% income brackets are able to reduce their taxes through deductions for mortgage interest payments, charitable contributions, local taxes and other expenses by 33 and 35 cents, respectively, on the dollar. Under the Administration's proposal, these individuals would only be able to reduce their tax bill by only 28 cents on the dollar. The Administration estimates that the change would raise $318 billion over the next 10 years.

Many national real estate trade groups believe the proposal is ill-timed and ill-advised and could have an adverse impact on housing values and the pace of economic recovery.

Most members of Congress have also opposed the budget proposal. To date, limits on itemized deductions have not been part of the legislative agenda. Note, however, that in August 2009, the Congressional Budget Office (CBO) released its annual report identifying possible revenue sources. These included several new limitations on MID.

So, while the Mortgage Interest Deduction has become a perceived right by homeowners and buyers, there is no guarantee that the MID will continue to be one more reason for home ownership.

The restoration of the single-family rural housing program that would guarantee home loans for rural buyers was passed by the Senate and signed into law by President Obama. The Rural Housing Service (RHS) was created in 1994 as a result of the Department of Agriculture Reorganization Act to meet housing and community development needs of rural America. More rural families and individuals may be able to become homeowners with the help of the Rural Housing Service Programs. The USDA Rural Housing Service has various programs available to aid low- to moderate-income rural residents to purchase, construct, repair, or relocate a dwelling and related facilities. USDA rural housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no downpayment.

"Many rural families would have been left out in the cold without these guaranteed loans. Increasing the commitment authority will help rural families, support local housing markets, create jobs and generate new tax revenues," said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz.
"The rural housing program is a good example of the kind of program needed for responsible and qualified home buyers who bring common sense to the housing market," said Golder. The legislation increases the guarantee fee for borrowers, but allows the fee to be financed. "This change will make the program completely self-sufficient," she said.

The legislation was part of H.R. 4899, "The Emergency Supplemental Appropriations Act" that the Senate passed on July 28. The measure increases the Rural Housing Service commitment authority allowing guaranteed loans; previously, RHS has been providing conditional commitments. The RHS is expected to announce new guidelines shortly.

RHS programs are not limited to only rural areas.

http://www.rurdev.usda.gov/oh/housing.htm

Red, White and Boom in Columbus

Date: Friday July 2, 2010

The biggest and best Independence Day fireworks celebration in the Midwest will be fired from its location at Veterans Memorial in downtown Columbus, displaying a vibrant look with an exciting environment. Enjoy great food, music and fireworks at the 30th presentation of Red, White & BOOM!

For a schedule of events visit the official website.

27th Annual Doo Dah Parade

Date: Sunday July 4th, 2010
Parade Line-up begins as early as 11:00AM - Parade Steps Off at 1PM
Location: Short North, Victorian & Italian Villages

The 27th Annual Doo Dah Parade lineup starts at 11AM.
We're gonna shake it up in 2010 by taking the parade "backwards". Let's see what happens!

Parade Party
The Party starts At 11:00 A.M. and continues well after the dust of The Doo Dah Parade has settled.
Location: On Buttles Avenue (Between High Street and Park Street)
Doo Dah Block Party will be Complete with Live Music, Games, Entertainment, Beer, Food, and Prizes.

Glorious Fourth: Independence Day Celebration

Enjoy a leisurely afternoon of family activities to celebrate the Fourth of July, including a grand procession, patriotic speeches, a greased pole contest, and a concert by the Ohio Village Singers. Throughout the afternoon, families can enjoy period games, baseball, tug-o-war, and a pie-eating contest.

Date: Sunday, July 4, 2010 (1:00 pm - 5:00 pm)
Location: Ohio Village, 1982 Velma Avenue, Columbus, Ohio
Website: www.ohiohistory.org

Independence Day in Dublin, Ohio

Date: Saturday, July 3, 2010
Location: Dublin, Ohio

The 2010 Independence Day Celebration starts in Dublin Ohio with the 25th Annual Sherm Sheldon Fishing Derby at 10AM.

The Independence Day Parade starts at 11AM.

The Concert Gates and Kids Area opens at 4:30PM. And at 5PM, the Skyhoundz Hyperflite Canine Frisbee Disc Championship starts.

5:15PM to 9:45PM - Entertainment schedule will be announced.

Fireworks starts at 9:50PM

Website: www.dublin.oh.us/events/independence/

Take a moment and Remember those who sacrifice it all for our Freedom!!