Here it is in a nutshell:
The new law will extend the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30. Further, it has been expanded to include a new $6,500 credit for owners of existing homes who are purchasing a new principal residence. An existing home owner can claim the $6,500 tax credit if they have been residing in their principal residence for five consecutive years out of the last eight. Additionally, the income eligibility limits to claim the full credit amount for both groups of home buyers have been raised to $125,000 for individuals and $225,000 for married couples.
Interest Rate will Go up possible to 7%,
Mortgage Rate are being held down by federal government to help stimulate the market, the government was active in purchase of mortgage-backed-securities over the year.
The goal was to control the interest rate, so home buyers can qualify for a mortgage but to end December 31, 2009 which will extend unit march 2010. So the private sector have to step up and provide mortgage , the government was comfortable lending 5% but the private sector will not see that as attractive.
•· National debt rising dramatically
•· Inflation looming down
•· Doesn't make good business sense to lend money for thirty year at five percent.
** New York Times just this past week said this about this issue:
"One of those things propping up the market has been the Federal Reserve, which has been buying mortgage-backed securities to keep interest rates low. As the Fed begins to wind down its purchases in the next few months, rates will become less enticing. Analysts expect them to rise to at least 6 percent from the current 5 percent."
If interest rate go up even by one percentage point, to six percent, as the New York Times suggests analysts are predicting, that will raise the cost of purchasing a home.
Some buyers are sitting on the fence right now, concerned that prices still might fall.In reality, even if prices fall another ten percent, if interest rates rise one percent, the buyer's monthly mortgage payment will actually be higher.
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Several Years, City of Yonkers helped developed southwest which was a completion of new residential, commercial, and public development projects and the creation of new businesses and thousands of new jobs. Now new project has unfolded which are the HOPE VI redevelopment of the Mulford Gardens public housing complex, the construction of the Father Pat Carroll Green housing, and the redevelopment of the historic Nepperhan Valley Industrial Park.
Now it's Ashburton Ave in Yonkers NY Turn, because of the downtown in Yonkers that attracted private investment, now the city focuses on ashburton and its neighborhood. City of Yonkers have three goals to revitalizes Ashburton ave ( Lower Westchester County NY )
· Make better housing and Commercial Street for local residents and that connection between the parkway system, Nepperhan Valley, and the waterfront.
· Revitalize existing housing, through infill construction and rehabilitation.
• Provide appropriate parks, open space, infrastructure, and community facilities to support a revitalized neighborhood.
The Master Plan for Yonkers, NY (ashburton ave) is aimed at improving the physical environment; the plan will put forward sets of development: one focused on improving the avenue itself, and the second fostering residential and commercial development, open space, landscaping, and parking. The plan closes with suggestions for implementation measures: these are zoning changes, urban renewal, design guidelines, and review of potential environmental impacts.
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The new visions for ashburton have be storefront retail space for small business and have an upper level apartment with great views, and widening street. Which will allow traffic to flow before and create more parking for everyone, plus green space to form an attractive pedestrian walkway. Ashurton will improve local residents and business, that going to create a visual attractive street and encourage local residents and through motorists to stop, walk and shop.
The Urban Renewal Plan's primary goal is to implement the Ashburton Avenue Master Plan. This Urban Renewal Plan has been designed to achieve the development goals outlined in the Master Plan. Specifically, the goals of the Urban Renewal Plan are:
Elimination (substandard and deteriorating residential, commercial, and industrial areas and environmental deficiencies by providing land areas for a balanced and integrated arrangement of land uses which are consistent with the neighborhood.) The sites will be used for residential construction, including a mix of low-income, moderate- income and market-rate housing. To re-establishment retail areas through development of sites to support commercial activities on Ashburton Avenue.
Improved community facilities, including parks and school sites, in order to properly serve existing and proposed residential and commercial areas. Offer off-street parking to serve the needs of residential and non- residential areas and to improve streets, sidewalks, curbs, and storm and sanitary sewers, when necessary, with the ultimate goal of locating utility lines underground.
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Work started in mulford garden housing comples today Tuesday, December 9 2008. Bulldoze razed several building it yonkers first demolition and the country oldest public housing complexes and mulford garden beginning phase of $180 million ashburton urban renewal plan .
The plans includes making a neighborhood style housing, wider streetscapes, on street parking, better lighting and yard space. The new townhouse style homes will fit in with the surrounding community and better housing policies will create more opportunity for residents to advance.
The mulford gardens was 17 building and 550 units, all of which have been vacant for more than a year. The new housing stock is from HOPE VI housing grant $20 million and $180 Millions are from the urban renewal program . The projects included in the program are:
· Demolition of Mulford Gardens
· Creation of more than 450 replacement housing units, the first of which (Croton Heights Apartments -- a building with 60 affordable units) will open this month
· Street widening of Ashburton Avenue to accommodate better east-west navigation and more parking
· Streetscaping projects along Ashburton Avenue to beautify the neighborhood with new streetlights, benches, planters, pavers and more
· Construction of new public parks along the Ashburton Avenue corridor to create a neighborhood community
• 2009 opening of 62-unit Fr. Pat Carrol Green neighborhood development on corner Ashburton & Nepperhan Avenues -- affordable housing OWNERSHIP opportunities
The first of the replacement housing stock, a 60-unit affordable housing building known as Croton Heights Apartments, was constructed off-site only a few blocks away, and will open to the first new residents next week. Also included in the first phase of Mulford Garden's replacement housing is a senior citizen affordable housing building located on Ashburton Avenue that is scheduled to open in 2009.
Later stages include the redevelopment of the Mulford Gardens site into a neighborhood of low- and mixed- income housing that will blend with the surrounding community, a stark contrast to the cordoned of enclave that was Mulford Gardens. The Mulford Gardens site redevelopment is expected to last through 2010.
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