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Archive for July, 2009
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 legislation that grants a tax credit of up to $8,000 to first-time home buyers.
Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.
First-time home buyers who purchase homes between January 1, 2009 and December 1, 2009.
To qualify as a “first-time home buyer” the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.
Which Properties Are Eligible?
The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.
How Much Will the Credit Be?
The maximum allowable credit for home buyers is $8,000. Each home buyer’s tax credit is determined by two factors:
The price of the home—the credit is equal to 10% of the purchase price of the home, up to $8,000.
The buyer’s income—single buyers with incomes up to $75,000 and married couples with incomes up to $150,000—may receive the maximum tax credit.
If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?
Yes, some buyers may still be eligible for the credit.
The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $95,000 for singles and over $170,000 for couples are not eligible for the credit.
Will the Tax Credit Need to Be Repaid?
No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.
The Hinsdale Elementary School District reports a very successful 2008-2009 school year.
- All District 181 schools were listed on the Illinois Honor Roll of Schools.
- Three District 181 schools were invited to apply for Blue Ribbon recognition from the US Department of Education. Only 16 schools in Illinois received this invitation.
- Three more District 181 teachers achieved national certification.
- The Board of Education approved a new energy saving heating, ventilation and air conditioning system, energy efficient windows, a more secure entrance, and reconfigured office areas for Hinsdale Middle School.
- The Board approved redesigned, more secure entrances for The Lane, Oak and Clarendon Hills Middle School.
- Our teachers and students enjoyed a more stable technology network.
- The Department of Pupil Personnel Services provided special education leadership in each school with a PPS administrator.
- Our financial reporting and practices earned recognition from the Association of School Business Officials International and an AAA general obligation debt rating from Standard and Poor’s.
The annual report will be out soon, which includes information on all of the above and more.