REALTOR® Magazine-Daily News-Obama Proposes Cash for Caulking
President Obama proposed a program Tuesday that would reimburse home owners for installing energy-efficient appliances, windows, and insulation.Under what has been dubbed “Cash for Caulking,” home owners would get a 50 percent rebate on items like energy-efficient air conditioners, heating systems, washing machines and dryers, refrigerators, replacement windows, and insulation up to $12,000, meaning a household could spend $24,000 and get $12,000 back. There will likely be no income restrictions.Steve Nadel, director at the American Council for an Energy-Efficient Economy, who is helping to craft the legislation, says they are contemplating having contractors or retailers pay part of the cost upfront to ease the need for home owners to come up with lots of cash.
Source: CNNMoney.com (12/08/2009)
Thursday, December 10, 2009
Wednesday, December 9, 2009
The American Clean Energy and Security Act
The U.S. House of Representatives approved H.R. 2454, the American Clean Energy and Security Act by Reps. Waxman (D‐CA) and Markey (D‐MA). Following NAR’s long‐standing policy to only take a position on legislation, or provisions within legislation that have a direct affect on real estate, NAR worked with our Congressional allies to strip the Energy Bill of provisions that would have adversely affected our industry.
After multiple consultations with the NAR Climate Presidential Advisory Group, the NAR Land Use, Property Rights and Environment Committee, and state associations who had dealt with energy audit legislation at the state level, the Land Use, Property Rights and Environment Committee directed NAR staff to concentrate on the real estate provisions in the bill. As a result, NAR issued calls for action and made this a talking point for Capitol Hill visits during its recent Midyear meeting.
Overall, REALTORS® succeeded in making a number of positive changes affecting the real estate provisions of the bill. The House‐approved bill:
Does not create a federal energy audit requirement for real property;
Exempts existing homes and buildings from any federal guidelines for new construction energy efficiency information labels.
Prohibits the implementation of any labeling during a sales transaction.
Leaves the decision to states as to whether to require energy audits, disclosures, etc.
Provides property owners with significant financial incentives, matching grants and tools to make property improvements and reduce their energy bills;
Prohibits the Environmental Protection Agency from regulating residential and commercial buildings under the Clean Air Act;
Eliminated an early proposal to allow citizens to sue over minor climate risks under the Clean Air Act; and
Establishes green building incentives for HUD housing, including a loan program for renewable energy, block grants and credit for upgrades in mortgage underwriting.
For more information about the American Clean Energy and Security Act, see NAR's Information Pack.
What's Next?
The Senate must still pass its version of an energy and climate bill. If this occurs a House–Senate conference committee will be held to reconcile differences between the House and Senate bills.
Click here for the Original Source
After multiple consultations with the NAR Climate Presidential Advisory Group, the NAR Land Use, Property Rights and Environment Committee, and state associations who had dealt with energy audit legislation at the state level, the Land Use, Property Rights and Environment Committee directed NAR staff to concentrate on the real estate provisions in the bill. As a result, NAR issued calls for action and made this a talking point for Capitol Hill visits during its recent Midyear meeting.
Overall, REALTORS® succeeded in making a number of positive changes affecting the real estate provisions of the bill. The House‐approved bill:
Does not create a federal energy audit requirement for real property;
Exempts existing homes and buildings from any federal guidelines for new construction energy efficiency information labels.
Prohibits the implementation of any labeling during a sales transaction.
Leaves the decision to states as to whether to require energy audits, disclosures, etc.
Provides property owners with significant financial incentives, matching grants and tools to make property improvements and reduce their energy bills;
Prohibits the Environmental Protection Agency from regulating residential and commercial buildings under the Clean Air Act;
Eliminated an early proposal to allow citizens to sue over minor climate risks under the Clean Air Act; and
Establishes green building incentives for HUD housing, including a loan program for renewable energy, block grants and credit for upgrades in mortgage underwriting.
For more information about the American Clean Energy and Security Act, see NAR's Information Pack.
What's Next?
The Senate must still pass its version of an energy and climate bill. If this occurs a House–Senate conference committee will be held to reconcile differences between the House and Senate bills.
Click here for the Original Source
Extended Home Buyer Tax Credit 2009/2010
Bringing the Dream of Homeownership Within Reach
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Published by Realtor.org
For the rest of this post and information on:
Who Qualifies for the Extended Credit?
Which Properties Are Eligible?
How Much Is Available?
How is a Buyer's Credit Amount Determined?
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Will the Tax Credit Need to Be Repaid?
Visit: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit
As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed new legislation that:
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Here is more information about how the Extended Home Buyer Tax Credit can help prospective home buyers become part of the American dream. If you have specific questions or need additional information, please contact a tax professional or the Internal Revenue Service at 800-829-1040.
Published by Realtor.org
For the rest of this post and information on:
Who Qualifies for the Extended Credit?
Which Properties Are Eligible?
How Much Is Available?
How is a Buyer's Credit Amount Determined?
Can a Buyer Still Qualify If He/She Closes After April 30, 2010?
Will the Tax Credit Need to Be Repaid?
Visit: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit
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