Consumer Information

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Opportunity of a Lifetime for First-Time Buyers as Congress Enacts

Bigger and Better Home Buyer Tax Credit

2009-2010 Home Buyer Tax Credit Fact Sheet 

Who is Eligible
· First-time home buyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit. 
· Existing home owners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence (“repeat buyer”), may be eligible for up to a $6,500 tax credit. 
· All U.S. citizens who file taxes are eligible to participate in the program. 
 
Income Limits
· Home buyers who file as single or head-of-household taxpayers can claim the full credit ($8,000 for first-time buyers and $6,500 for repeat buyers) if their modified adjusted gross income (MAGI) is less than $125,000.  
· For married couples filing a joint return, the combined income limit is $225,000. 
· Single or head-of-household taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.  
· The credit is not available for single taxpayers whose MAGI is greater than $145,000 and married couples with a MAGI that exceeds $245,000. 
 
Effective Dates
· The eligibility period for the tax credit is for homes purchased after the date the legislation was enacted, and before May 1, 2010. However, home purchases subject to a binding sales contract signed prior to April 30, 2010 will qualify for the tax credit provided closing occurs prior to July 1, 2010.  
 
Types of Homes that Qualify
· All homes with a purchase price of less than $800,000 qualify, including newly-constructed or resale, and single-family detached, townhomes or condominiums, provided that the home will be used as their principal residence. Vacation home and rental property purchases do NOT qualify.   
 
Tax Credit is Refundable
· A refundable credit means that if the amount of income taxes you owe is less than the credit amount you qualify for, the government will send you a check for the difference. 
· For example:  
o A first-time buyer who qualifies for the full $8,000 credit who owes $5,000 in federal income taxes would pay nothing to the IRS and receive a $3,000 payment from the government. If you are due to receive a $1,000 refund, you would receive $9,000 ($1,000 plus the $8,000 first-time home buyer tax credit).  
o A repeat buyer who owes $5,000 would pay nothing to the IRS and receive $1,500 back from the government. If you are due to get a $1,000 refund, you would get $7,500 ($1,000 plus the $6,500 repeat buyer tax credit). 
· All qualified home buyers can take the tax credit on their 2009 or 2010 income tax return. 
 
Payback Provisions
· The tax credit is a true credit. It does not have to be repaid unless the home owner sells or stops using the home as their principal residence within three years after the purchase.
 
www.federalhousingtaxcredit.com 

NAHB is utilizing popular social networking technology to educate first-time home buyers - typically newly-married couples or recent college grads in their 20s and 30s - about the new $8,000 tax credit.

Social networking sites that reach out to home buyers and the housing industry on the Home Buyer Tax Credit, such as Facebook, Twitter, and YouTube, are becoming the most popular way for people around the world to connect with each other and share information.

Video Interview: Tax Economist Answers Questions About the Home Buyer Credit
Rob Dietz, Ph.D., director of tax issues for the National Association of Home Builders, discusses the $8,000

first-time home buyer tax credit in this videotaped interview.

Ohio Housing Finance Agency - Homeownership programs

Ready to open the door to a home of your own? The Ohio Housing Finance Agency’s (OHFA) homeownership loan programs can help. Whether you are a first-time buyer or a buyer in a target area, OHFA and our lending partners have a program that’s right for you.

Foreclosure Help for Consumers

The federal government has launched a new consumer Web site for responsible home owners seeking mortgage relief.  www.MakingHomeAffordable.gov features self assessment tools and calculators to help borrowers determine eligibility and payment reductions under the Administration's Refinancing and Loan Modification Program. 

New Federal Trade Commission Resources to Help Home Owners Avoid Foreclosure Scams

The Federal Trade Commission (FTC) has produced resources in English and Spanish to help homeowners learn to recognize scams and let them know where they can get FREE help.

Go to the FTC's "Money Matters" Web site at www.ftc.gov/YourHome (En Espanol: www.ftc.gov/SuCasa) to:

• Learn about foreclosure scams, debt, credit cards, and other financial advice.
• View the new FTC foreclosure video "Real People, Real Stories"
• Download the FTC's flyer about foreclosure scams, "A Note to Homeowners."
  

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Why do Business with a BIA Member?

The BIA's goal is to be recognized as a leading advocate in the improvement of the quality of life in our community.

The Building Industry Association of Stark County has established several prerequisites for builder membership in order to attract and retain the highest-quality home builders.  These include:

• Any person, firm, or corporation seeking builder membership
  must have been active in the construction of new homes or apartments,
  schools, commercial, industrial, or other structures normally related to and
  appurtenant to a community for a period of at least one (1) year prior to
  becoming a member.
• All builder members shall subscribe to the Code of Ethics of the Association.
• All builders seeking membership shall provide letters of reference from two (2) customers and two (2) subcontractors or suppliers in which the builder has conducted business with in the past twelve months.
• All members shall meet with the approval of the Membership Committee and the Board of Trustees.

The BIA of Stark County also offers Associate Memberships to professions that provide supplies or services to builder members.  Associate members cover all aspects of the housing industry, from digging the hole all the way through final decorations, including many professional services along the way.

Associate members are required to obtain sponsorship by a current member in good standing with the BIA, and must be approved by the Membership Committee and the Board of Trustees.  In choosing to do business with an associate member, you gain the experience of contractors and suppliers who are working with the best home builders in the county. 

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Consumer Directory

Everything you need to know about buying, financing, building, maintaining or remodeling your home is right here. This section guides you through every stage of home ownership and helps you understand more about home building and the environmental and community growth issues facing our neighborhoods. Whether you’re a current or prospective home owner, teacher, student or just an interested consumer — there’s something here for everyone.

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Local High School & College Programs for Students interested in Residential Construction

R.G. Drage Career Center - Building Construction Technology

Project ReBuild Community High School

Stark State College

The Ohio State University - Agricultural Technical Institute - Construction Management