I met with Mike Gansen, of Gansen Construction, and the President of the Oregon Home Builders Association on Friday. He shared the details of the American Recovery and Reinvestment Act that the National Association of Homebuilders have been lobbying for. It had just cleared the Senate and is expected to be signed by Mr. Obama next week.
Certain key provisions especially important to homeowners and home buyers are:
1) 8,000 first time home buyer tax credit requiring no repayment for home purchase between 1 Jan and 1 Dec. 2009. The home must be your principal residence, and if you sell within 3 years, the credit is recaptured.
2) Enhancement of Section 25C program for energy efficiency remodeling to existing homes.
3) Increases in FHA, Fannie Mae and Freddie Mac loan limits to 2008 levels.
There are plenty more goodies in the Act, but the above are especially important.