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The octuplets are not part of the stimulus package, but ...

By Todd Franko (Contact)


Published February 12, 2009

It’s amazing all the piling on that has gone on with the grab for money soon to be made available by the stimulus package.

In Thursday’s Vindicator, on page A4, we have a hefty list of what area groups and agencies are requesting. Heck -- even the chamber of commerce got in on the game.

Please read the list. Let me know what you think about the projects, as well as the whole process. Email me at tfranko@vindy.com.

The whole thing resembles more of a gold rush fever than any Hollywood movie I ever saw.

I have to believe there is a California congressman putting in a bid right now for the octuplets.

Comments

1MVProud(20 comments)posted 5 years, 10 months ago

The National Association of Home Builders along with the HBA of Mahoning Valley worked hard for the Senate to pass the $15,000 tax credit to ALL homebuyers. The House passed it for $7,500 for first time homebuyers only to be repaid if the homeowner sells before three years.

The "negotiators" reduced it to $8,000 with no repayment penalty for first time homebuyers only. We were working on behalf of the American People asking for a tax credit for THEM, not US.

If housing is suppose to get us out of this, how does a tax credit that has already been in place help? If Americans do not have a job to go back to when the recession ends, it will never end. This is a bandaid.

Joshua Aikens, MBA
HBA Executive Director

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2aeparish(669 comments)posted 5 years, 10 months ago

You're right about it being a bandaid. Everything this government does is a bandaid.

But like all bandaids do, it will eventually get wet and fall off.

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3Tugboat(759 comments)posted 5 years, 10 months ago

Why is it just for first-time home buyers? Just like the PMI credit for those who bought a home in 2007 or later. What about us who bought one in 2006 or 2005 or...? What about middle-aged folks that want to get into a smaller home? Total lack of parity. Typical government conundrum.

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4DoctorGonzo(728 comments)posted 5 years, 10 months ago

"The National Association of Home Builders along with the HBA of Mahoning Valley worked hard for the Senate to pass the $15,000 tax credit to ALL homebuyers. The House passed it for $7,500 for first time homebuyers only to be repaid if the homeowner sells before three years"

This is wrong. The credit is an interest free loan to be repaid over 15 years beginning the second year after the credit is taken. The repayment will be through a $500 increase in the taxpayers' tax liability over 15 years. If the home is sold to a relative, the remaining loan balance will be repaid in the year the home is sold. If the home is sold to a non-relative the remaining loan balance will be repaid, only to the extent of the gain, in the year the home is sold. The loan maxes out at $7500 but it will be less if %10 of the home price is under $7500. By no means is the credit only repayable if the home is sold in three years. Poor reporting by this article on the credit and it's rules. It is a great way to help subsidize a down payment on a home with an interest free loan however.

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5MVProud(20 comments)posted 5 years, 10 months ago

The point that I was making is that our elected officials did not pass a bill in the best interest of American Homeowners.

I was not "reporting" on the final bill. I was reporting on what was originally passed. It is now maxed out at $8,000 for first-time homebuyers only.

My statement is NOT about the amount, it is about the fact that it is for first-time homebuyers only. Shouldn't homeowners who have paid their mortgage or have no mortgage be eligible for the credit also? This was already in place - it is nothing new. They added $500 to a bill already passed in July.

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