How does the stimulas package help Boston homeowners/buyers?
One provision gives first-time home buyers an $8,000 tax credit, provided they purchase a home between January 1, 2009 and August 31, 2009. The devil resides in the fine print, so it is important to note that this $8,000 credit is contingent on home buyers holding property for at least 3 years. If the home is sold in fewer than 3 years, the tax credit must be repaid to the government.
Second, the stimulas package will increase conforming loan limits, a major plus for housing markets such as Boston.
Another noteworthy and potential benefit for Boston homeowners is an incentive to further “green” their homes. in the stimulus package it gives existing homeowners an incentive to “green” their homes. With tax credits for energy-efficient windows and doors, furnaces and insulation, homeowners may be able to claim larger income tax deductions based on home improvements–up to $1500.