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The Advanced
REALTOR REALTOR®
THE OFFICIAL ONLINE PUBLICATION OF THE LONG ISLAND BOARD OF REALTORS® Inc. March 2009 www.LIRealtor.com
Economic Stimulus Package Provides Much Needed Housing Provisions
By Tricia Chirco, Marketing & Communication Director
On O February F b 17 17, 2009 President P id time i hhomebuyers b across the h CCountry. values l ffrom ffurther h ddecline. li Obama signed into law the $780 billion The 2009 tax credit incentive could be economic stimulus package that includes the motivation these consumers need to Buddy Hoosein, 2009 LIBOR several important housing provisions. finally make their home purchase. President says, ?Realtors® applaud The Bill (H.R.1) that was signed into the passage of the American Recovery law eliminates the repayment provision In addition to the first-time and Reinvestment Act of 2009 and of the $7,500 first-time home buyer tax homebuyer tax credit, the law reinstates are encouraged by the positive impact credit and increased the limit of the the higher loan limits for FHA, Fannie these housing initiatives will have on credit from $7,500 to $8,000. It also Mae and Freddie Mac for mortgages in homebuyers and sellers across Long extends the timeline of the credit for high-cost areas. This is important to Island.? Hoosein further notes that first-time home purchases between areas like New York that have higher ?The signing of the Bill by President January 1, 2009 and December 1, 2009. home prices and should help reduce Obama is a sign that the federal Income limits set forth in the original inventory and improve liquidity in the government recognizes the important bill signed by President Bush in July of overall mortgage market. role that the housing industry plays 2008 will remain in effect. in our overall economy. The housing The law also includes the allocation of provisions included in this Bill will This recent law is expected to resources for neighborhood stabilization bolster our local housing market that I open new opportunities for thousands of first time homebuyers that experts have predicted are sitting on the fence. efforts to help communities purchase and rehabilitate foreclosed and vacant properties is also very promising for the housing market. This funding will believe is perched to come back to life shortly. ? NAR Economist Lawrence Yun esti- help protect communities across the mates that there are over 300,000 first country and will help to preserve home
REALTORS PLEDGE ASSISTANCE FOR OBAMA GUIDELINES ON FORECLOSURE FIXES
Members of the National Association of REALTORS ® are eager to help make President Obama?s Making Home Affordable plan a reality. Realtors® are pleased that the President released the guidelines on March 4, 2009 for refinancing and mortgage loan modifications and that the guidelines will be implemented immediately to help struggling homeowners as well as millions of eligible homeowners who have stayed current in their mortgage payments. Housing stabilization must be the key component of any federal recovery plan. Helping families keephomes is critical to this effort and for the (continued on page 4)
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