Housing Stimulus Law Update
C.A.R.’s Legal Department has released a new legal article, Housing Stimulus Laws for 2009, to help brokers, managers and their agents understand the recent laws enacted by federal and California lawmakers. This legal article addresses the $787 billion economic stimulus bill, the federal Making Home Affordable Program, and new California housing stimulus laws.
Here are some of the highlights of C.A.R.’s Housing Stimulus Laws for 2009:
- Eligibility requirements for the $8,000 first-time homebuyer tax credit.
- Details of the $275 billion Making Home Affordable Program, which includes refinances up to 105% of current value and government subsidized loan modifications.
- Monetary incentives of $500 for participating loan servicers and $1,500 for borrowers for doing short sales under the Making Home Affordable Program (see Question 57).
- Guidelines for the $10,000 new home tax credit under California law.
- Explanation of the new 90-day extension to the foreclosure process for lenders without comprehensive loan modification programs.
Source: CAR’s legal.
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