Details on What’s in the Stimulus Package
Here are the provisions in the American Recovery and Reinvestment Act, signed into law by President Barack Obama, that will help residential and commercial real estate:
- Home buyer tax credit: increased to $8,000 and repayment requirement eliminated
- Conforming and FHA loan limits: last year’s high-cost limits of $729,750 restored
- Neighborhood stabilization: $2 billion in new funds authorized
- Commercial real estate: tax credits allocated for business investment, green building, and energy efficiency
- Rural housing development: $500 million in funds authorized
- Low-income rental housing: Treasury grants authorized
- Tax-exempt housing bonds: tax rules eased
- Energy efficiency: grants and credits authorized
- Transportation: $47 billion in infrastructure development and rehabilitation funds authorized
- Broadband: $7 billion authorized to expand and upgrade infrastructure.
Details on each provision are available at www.realtor.org/government_affairs/gapublic/american_recovery_reinvestment_act_home
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