Economic Stimulus Bill: Impact on Denver Real Estate | 360dwellings

Learn about the $8,000 no strings attached tax credit for first time home buyers in 2009. Our first time home buyer Meetup Group is meeting at Fados Irish Pub on Wed, Feb 18th at 6:30. For more information, read about this meetup here. Register now, space is limited. Cheers, and I hope to see you there!
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Economic Stimulus Bill: Impact on Denver Real Estate
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Friday, February 13th, 2009 1:02 pm by Ryan Penn Print

OK, so the Stimulus Bill still needs to get pass the Senate, but I would be really surprised if it doesn’t. The biggest news is for first time home buyers. They passed a REAL tax credit, $8,000 and it doesn’t have to be paid back. This is great news for anyone buying Denver Real Estate in 2009. Below is a summary of Real Estate related items in the Stimulus Bill.

Homebuyers: First-time homebuyers who purchase this calendar year get an $8,000 tax credit which does not have to be repaid like a similar measure last year. This phases out for people making more than $75,000 individually or $150,000 jointly. “First-time home-buyer” is defined as someone who has not owned a home for the past three years. Cost: $6.63 billion.Foreclosures: $2 billion is set for a neighborhood stabilization program that helps areas plagued with foreclosures by buying back properties and preventing blight.

Foreclosures: $2 billion is set for a neighborhood stabilization program that helps areas plagued with foreclosures by buying back properties and preventing blight.

Here are some other notable items for general consumers (heck, if you buy a house, you need a car to get back and forth):

Car buyers: Anyone who buys a new car in 2009 gets to deduct the sales tax. To qualify, buyer must make less than $125,000 individually or $250,000 jointly. Cost is $1.7 billion.

Tax credits: Anyone making $75,000 individually or $150,000 as a family will get refundable tax credit up to $400 per person or $800 per family.

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Ryan Penn founded 360dwellings.com and is a Real Estate consultant serving the Denver, Colorado marketplace. Ryan works for Buildings & Residences of Denver, a brokerage in downtown Denver specializing in commercial and residential properties in the downtown and urban neighborhoods surrounding Denver.

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