| A bill was recently passed providing many provisions | | | | credit for home repairs in 2009 and 2010. |
| for realtors and home buyers. The energy efficient | | | | Funding will be available to update the nation’s |
| housing tax credits and grants promote green jobs | | | | electricity grid and to install smart meters on homes to |
| and energy independence; ARRA invests in efforts to | | | | help save consumers money. Additional funding will |
| make homes and buildings more energy efficient. | | | | assist low-income households with weatherization |
| This bill provides state and local governments with | | | | assistance and to fund federally assisted housing |
| grants to perform energy audits, retrofits and income | | | | (Section 8) efficiency efforts. |
| tax credits. Through 2010, homeowners will be able | | | | Other provisions of the Stimulus Plan include: |
| to claim a 30% tax credit for purchases of new | | | | First Time Homebuyer Tax Credit |
| energy efficient furnaces, windows and insulation. | | | | FHA, Fannie Mae and Freddie Mac Loan Limits |
| Home owners can apply for this on their income tax | | | | Neighborhood Stabilization |
| return; qualifying home improvements must be | | | | Commercial Real Estate |
| completed between January 1, 2009 and December | | | | Rural Housing Services |
| 31, 2010 and they must be performed on the tax | | | | Low Income Housing Grants |
| payer’s principal residence. Some second homes | | | | Tax Exempt Housing Bonds |
| can qualify for certain improvements including | | | | Transportation Investments |
| geothermal heat pumps, solar water heaters, solar | | | | Broadband Deployment |
| panels and small wind energy systems. | | | | Professional real estate agents should be familiar with |
| A maximum of $1,500 can be claimed for this credit | | | | the various tax incentive and credits available to home |
| for 2009 and 2010 home improvements. New home | | | | buyers and home owners. These credits are helpful |
| construction credits can be claimed for geothermal | | | | to first-time home buyers who, quite often, are not |
| heat pumps, photo-voltaic, solar water heaters, small | | | | aware of the programs they could be utilizing. A |
| wind energy systems and fuel cells, but not the tax | | | | professional real estate person can advise their clients |
| credits for windows, doors, insulation, roofs, HVAC, or | | | | of these helpful programs to assist them in their real |
| non-solar water heaters. | | | | estate investing or home buying experience. |
| Use the IRS Tax Form 5695 to calculate your energy | | | | |