Public Law No. 110-289 – dun!
TITLE VI addresses VETERANS HOUSING MATTERS, there’s a large section significantly amending the U.S. Code on HOME IMPROVEMENTS AND STRUCTURAL ALTERATIONS FOR TOTALLY DISABLED MEMBERS OF THE ARMED FORCES BEFORE DISCHARGE OR RELEASE FROM THE ARMED FORCES and also on ELIGIBILITY FOR SPECIALLY ADAPTED HOUSING BENEFITS AND ASSISTANCE FOR MEMBERS OF THE ARMED FORCES WITH SERVICE-CONNECTED DISABILITIES AND INDIVIDUALS RESIDING OUTSIDE THE UNITED STATES consisting of eligibility standards and a massive amount of detail, along with a lot of modified code for SPECIALLY ADAPTED HOUSING ASSISTANCE FOR INDIVIDUALS WITH SEVERE BURN INJURIES; EXTENSION OF ASSISTANCE FOR INDIVIDUALS RESIDING TEMPORARILY IN HOUSING OWNED BY A FAMILY MEMBER and INCREASE IN SPECIALLY ADAPTED HOUSING BENEFITS FOR DISABLED VETERANS … over 5 pages and 2,000 words cover the enhancements for our Veterans. If you specialize in VA loans, I strongly urge you to visit the Law’s text; do a search on VETERANS HOUSING MATTERS and cut and paste that entire section, as their is some serious and important changes in the niche for our Veterans, that you may want to study closely.
Up next is SMALL PUBLIC HOUSING AUTHORITIES PAPERWORK REDUCTION ACT, HOUSING PRESERVATION, then MISCELLANEOUS, TAX-RELATED PROVISIONS, HOUSING TAX INCENTIVES, REFORMS RELATED TO REAL ESTATE INVESTMENT TRUSTS, REVENUE PROVISIONS, PUBLIC HOUSING DISASTER RELIEF, PRESERVATION OF CERTAIN AFFORDABLE HOUSING, HOMELESS ASSISTANCE, INCREASING ACCESS AND UNDERSTANDING OF ENERGY EFFICIENT MORTGAGES. The ‘Housing Assistance Tax Act of 2008′ also covers HOUSING TAX INCENTIVES, certain provisions about REFORMS RELATED TO REAL ESTATE INVESTMENT TRUSTS … HOUSING TAX INCENTIVES for LOW-INCOME HOUSING TAX CREDIT provides for a temporary increases until December 31, 2009; quite a bit on eligibility standards, and other incentives as they relate to MILITARY BASE PAY. Plus, MODIFICATIONS TO TAX-EXEMPT HOUSING BOND RULES along with the COORDINATION OF CERTAIN RULES APPLICABLE TO LOW-INCOME HOUSING CREDIT AND QUALIFIED RESIDENTIAL RENTAL PROJECT EXEMPT FACILITY BONDS … all areas to promote increased homeownership for Americans and a lot of public policy amendments.
The FIRST-TIME HOMEBUYER CREDIT allowance is a nice new one ” … the amendments made by this section shall apply to residences purchased on or after April 9, 2008, in taxable years ending on or after such date … in the case of an individual who is a first-time homebuyer of a principal residence in the United States during a taxable year, there shall be allowed as a credit against the tax imposed by this subtitle for such taxable year an amount equal to 10 percent of the purchase price of the residence. There is restriction “… the credit allowed shall not exceed $7,500 …” then four more pages of nearly 2,000 words of fine print; check it out directly to capture all the details for your marketing efforts toward FTBs.
Buried way down here near the end, I noted his nice little gem … ADDITIONAL STANDARD DEDUCTION FOR REAL PROPERTY TAXES FOR NONITEMIZERS. It says in general in the case of any taxable year beginning in 2008, the real property tax deduction is amended by adding … the real property tax deduction is the lesser of the amount allowable as a deduction under this chapter for State and local taxes, or $500 ($1,000 in the case of a joint return) … the effective date of amendments made by this section shall apply to taxable years beginning after December 31, 2007.
We end with REFORMS RELATED TO REAL ESTATE INVESTMENT TRUSTS, REVISIONS TO REIT INCOME TESTS, REVISIONS TO REIT ASSET TESTS, CONFORMING FOREIGN CURRENCY REVISIONS, REVENUE PROVISIONS, CERTAIN GO ZONE INCENTIVES, and my favorite the INCREASE IN STATUTORY LIMIT ON THE PUBLIC DEBT “… is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof $10,615,000,000,000.”
Reading and commenting on this monster has consumed most of my last three (3) weeks; I’m almost sure I’ve gotten severly brain-damaged :-} …
Public Law No. 110-289 is exactly 694 pages long!! If you care to read the text yourself, it’s right HERE . Also, if you want to visit the website of the Office of Federal Housing Enterprise Oversight (OFHEO), it’s HERE and there’s also a place there where you can request to be placed on their Press Release e-mailing too!
