Julie Staradumsky CREN

U.S. Department of Housing & Urban Development

The U.S. Department of Housing & Urban Development (HUD) manages several programs that respond to the housing needs of people with disabilities. HUD's Section 811 program provides funding to nonprofit organizations to develop rental housing with supportive services for very low-income adults with disabilities and provides rent subsidies. HUD also offers housing choice vouchers so that very low-income families, the elderly and people with disabilities can afford decent, safe housing. HUD's Housing Opportunities for Persons with AIDS (HOPWA) program addresses the housing needs of persons living with HIV/AIDS and their families. Find a HOPWA program near you. The Department also plays a central role in protecting the housing rights of people with disabilities and others by investigating complaints filed under the Fair Housing Act.

For more information about housing assistance programs visit "Find Housing" on Disability.gov.

Interest rate drop fuels demand

According to Freddie Mac, 30-year-fixed-rate mortgage average fell further to 4.87 percent with an average 0.7 point for the week ending Oct. 8 from 4.94 percent last week. "Such low rates are spurring mortgage demand," said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement. "Interest rates for 30-year fixed-rate loans were the lowest since mid-May; 15-year FRMs were at a record low since data were first collected in 1991 and 5-year ARMs also hit an all-time record starting in 2005. Compared to a year ago, consumers could shave almost $134 off their monthly mortgage payments on a 30-year fixed-rate loan for $200,000 by refinancing. In addition to spurring mortgage demand, applications were up to a 19-week high over the week ending in Oct. 2, according to the Mortgage Bankers Association - applications to purchase a home were at the strongest pace since the beginning of 2009.

2009 Tax Credit for First Time Home Buyers

Would you like $8000 back on your taxes this year? Download a free ebook today!

We've been hearing a lot of questions about the new tax credit. Who qualifies? How does it work? How long will it last? In this special edition video, we're taking an in-depth look at the $8,000 tax credit for first time home buyers.

According to the new legislation, a first time home buyer is defined as someone who has not owned a principle residence in the past three years. Those three years are counted up to the date you take possession of the house you buy in 2009. This means that even if you've owned a home in the past, you can still take advantage of the tax credit as long as you haven't purchased a primary residence since 2006.

The same goes for married tax payers - they must both be first time home buyers. For non-married joint buyers, only one of them needs to be a first time home buyer, or someone who hasn't owned a primary residence in the past three years.

Qualifying homes include:

• New homes

• Homes that are being re-sold

• Condos

• Townhomes

The main restriction is that the credit is only for those who buy a home as their primary residence. So investors looking to buy a rental property would not qualify for the credit. However owning a vacation home or a rental property already does not neccessarily disqualify you from taking advantage of the credit (as long as you haven't owned a primary residence in the past three years).

A Look at the Numbers

The tax credit is equal to 10% of the purchase price of the home, up to $8,000. The amount of the credit you can qualify for is related to how much money you earn. Here's how the credit is scaled:

• Single home buyers earning 95K or less qualify. If you make 75K or less, you qualify for 100% of the $8000. If you make halfway, 85K, you qualify for 50% or $4000. The credit phases out gradually between 75K and 95K of income. For example, if you make halfway between the income limits, 85K, you qualify for up to half of the credit.

• The same rate applies for married couples and joint buyers whose incomes limits are doubled to $150,000 to $170,000. Married couples or joint buyers whose incomes are less would receive the full $8000 credit. At an income level of $160,000, halfway between 150 and 170, the buyers would receive half the credit - or $4,000. And the credit phases out altogether at $170,000.

This credit represent a significant amount of money. One of the biggest points of difference for the new credit from the one congress passed in July of 2008, is that the new credit does not have to be paid back.

In addition, it's refundable, which means that if you've paid all your taxes as you go with an automatic payroll deduction, you would receive an $8,000 check from the IRS.

If you're committed to buying a house in 2009 and want to use the $8000 tax credit for a downpayment, consult with your certified public accountant.

In Summary

Qualifying home buyers will need to make their home purchase between January 1, 2009 and December 1, 2009. And the home has to remain their principal residence for the following three years.

The new tax credit coupled with historically low mortgage rates and rising affordability, offers buyers a great opportunity if they act fast.

If you're interested in learning more about the new tax credit or about homes in your area, speak with a local real estate agent soon.

Program Description
Special benefits can be paid to certain World War II veterans. These include veterans who served in the active U.S. military from September 16, 1940 through July 24, 1947. It also includes Filipino veterans who served in the organized military of the Philippines from July 26, 1941 through December 30, 1946 (while those forces were in the service of the U.S. Armed Forces).

The special veterans benefits are payable for months in which qualified veterans live outside the United States. If you qualify, you will receive benefits for each month in which you reside outside the United States on the first day of the month.

To qualify for this benefit, you must meet all of the following requirements:

• be age 65 or older as of December 14, 1999
• be a World War II veteran as described above
• be eligible for Supplemental Security Income (SSI) as of December 1999
• be eligible for SSI for the month you apply for special veterans benefits
• have other benefit income that is less than 75 percent of the current SSI federal benefit rate.

This benefit cannot be paid to the veteran's dependents or survivors.

Your Next StepsThe following information will lead you to the next steps to apply for this benefit.

Application Process
If you would like to find out if you may be eligible for any of the benefits SSA administers, visit http://best.ssa.gov.

Once you have completed the eligibility screening questionnaire, you will be provided with a list of benefits for which you may be eligible. Print this page for your records before going to the application site.

Once you know which benefits you can apply for, go to http://www.socialsecurity.gov/appl yonline/ to apply online.

You can also call 1-800-772-1213 (TTY: 1-800-325-0778) for additional information about SSA benefits and for application information.

Program Contact Information
For more information on this and any SSA benefit, call:
1-800-772-1213 (TTY: 1-800-325-0778)

Visit our Publications page for detailed information about SSA programs and policies:
http://www.ssa.gov/pubs/

For information about Department of Veterans Affairs benefits, visit:
http://www.va.gov

Managing Agency
U.S. Social Security Administration
http://www.socialsecurity.gov

Program Description

The New Jersey Department of Community Affairs, Division of Housing and Community Resources administers the Weatherization Assistance Program designed to promote energy conservation in low-income households.

General Program Requirements

In order to qualify for this benefit program, you must be a resident of the State of New Jersey, your household's annual income before taxes must not exceed $23,400 if one person lives in the household; $31,500 if two people live in the household; $39,600 if three people live in the household; $47,700 if four people live in the household; $55,800 if five people live in the household; $63,900 if six people live in the household; $72,000 if seven people live in the household; and $80,100 if eight people live in the household. For larger households, add $2,124 for each additional person in the home.

Your Next StepsThe following information will lead you to the next steps to apply for this benefit.

Application Process
To apply for this program, please contact your local administering agency at the following location:
http://www.state.nj.us/dca/divisions/dhcr/offices/localagencies.html

Program Contact Information
For more information on the Home Weatherization Assistance program, please call the New Jersey Department of Community Affairs at:
609-292-6140

Managing Agency
New Jersey
http://www.state.nj.us