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:
1) Home buyer tax credit: increased to $8,000 and repayment requirement eliminated
2) Conforming and FHA loan limits: last year's high-cost limits of $729,750 restored
3) Neighborhood stabilization: $2 billion in new funds authorized
4) Commercial real estate: tax credits allocated for business investment, green building, and energy efficiency
5) Rural housing development: $500 million in funds authorized
6) Low-income rental housing: Treasury grants authorized
7) Tax-exempt housing bonds: tax rules eased
8) Energy efficiency: grants and credits authorized
9) Transportation: $47 billion in infrastructure development and rehabilitation funds authorized
10) Broadband: $7 billion authorized to expand and upgrade infrastructure.
Tuesday, February 24, 2009
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