St. Louis Real Estate Blog » program

EPA’s New Renovation, Repair and Painting Rule

Jim Hurley — Thu, 06 May 2010 17:21:54 +0000

Are you renovating, repairing or painting a home, child care facility or school built before 1978?

Beginning April 22, 2010, federal law will require that contractors performing renovation, repair and painting projects that disturb more than six square feet of paint in homes, child care facilities, and schools built before 1978 must be certified and trained to follow specific work practices to prevent lead contamination.

Protect your family and make sure you only hire a contractor who is in a Lead-Safe Certified Firm. Find a Lead-Safe Certified Firm near you.

Read about EPA’s requirements for renovation, repair and painting.

Read EPA’s pamphlet on renovation, repair and painting:

Renovate Right: Important Lead Hazard Information for Families, Child Care Providers and Schools (PDF) (20 pp, 3.7MB)

Mortgage: Pay or Walk Away

Jim Hurley — Mon, 22 Feb 2010 18:04:47 +0000

Many homeowners are facing sacrifices in order to make mortgage payments on their homes which have 0 or less equity. Most people would agree that at least 10% of households do not have the same income they had just 3 years ago. Additionally it is estimated that 15 million homeowners owe more than their home is worth.

While being “underwater” on your home may not spell disaster for some, many face very difficult choices daily in order to pay their mortgage. So who can blame parents for moving into an affordable apartment or combining households in order provide necessities for their children?

I can site case after case of these responsible families trying to sell their property so they could get out from under the mortgage. The plan is to get into a home that is less expensive so they can live within their means. So they listed their property, attempted to work out short sale arrangements with the bank, and competed with the other responsible families to market and sell their homes. In nearly every case they held on as long as they could, many attempted short sales while others just finally threw up their hands and walked away. This “responsible” household is now reported as a foreclosure statistic.

With a declining market, high unemployment and a poor economy measures need to be implemented in order to prevent more Americans from finding themselves in a similar situation. It was reported last week that the HAMP (Home Affordable Modification program) participants is on the rise and growing. We need to improve and expand this program. Let’s make a real effort to help our fellow Americans and ease up on any new regulations that may have unintended consequences. While this program may only provide payment reduction and no mortgage balance reduction, as the rate of foreclosure declines property values will increase.

Tax Credit Officially Extended and Expanded

Jim Hurley — Fri, 06 Nov 2009 21:36:01 +0000

After much fanfare the home buyer and home owner tax credit is in place. This new law extends the first time home buyer tax credit for property under contract by April 30, 2010 and closing by June 30, 2010. Under the same bill unemployment benefits are extended by 14 weeks and there are provisions to provide some tax relief for some businesses.
The law also expands the real estate tax credit to include current homeowners through the same period and increases income limits. Although opinions vary most believe that the tax credits along with low mortgage rates and property values have encouraged hundreds of thousands of purchases that otherwise would not have occurred.

Outline and comparison chart

Last Days of the $8,000 Federal Tax Credit

Jim Hurley — Fri, 16 Oct 2009 16:26:28 +0000

Could it be the end of the $8,000 Federal tax credit for first time home-buyers? The one thing we know with certainty is the program is currently set to expire on November 30th. Without action from Washington, time is of the essence in order to successfully complete a purchase transaction before the deadline.

Given the current mortgage and real estate environment transactions take longer to complete than they have in the past. Bank owned and properties with positive equity are really the only options now as short sale properties typically take longer to negotiate and close. While historically low mortgage rates, abundant inventory and low prices are attractive factors, the tax credit will soon be removed from the decision making process.

Lawmakers comment on extending and or expanding the Federal Tax Credit. No formal action has been announced.

The House voted to extend the tax credit through 2010 for Military, Intelligence, and diplomatic personnel provided they were out of the country on active duty for at least 90 days in 2009. H.R. 3590 now goes to the Senate and timing and process for its consideration are unknown.

Tax Credit qualifications
View qualifying property in metro St. Louis

Save the Historic Tax Credit

Jim Hurley — Tue, 17 Feb 2009 03:24:31 +0000

At this very moment, the Historic Tax Credit (HTC) is threatened by the Senate’s Economic Development committee substitute for SB45, which will cap the Historic Tax Credit at $150 million. Such a cap will undoubtedly substantially reduce the effectiveness of the program, which relies on freely available credits in order to function.

The Historic Tax Credit serves as an economic engine to the state. Each year, the benefits of the HTC far exceed direct cost, boosting Missouri’s economy. $4 MUST BE SPENT BEFORE $1 OF CREDIT IS ISSUED and the state gets more: $1.50 in state and local taxes for every $1 spent in credits plus the employment impact on local communities. (MDNR/Rutgers study, 2001)
Missouri needs jobs. This program creates construction jobs. The HTC has driven down unemployment by creating over 40,000 jobs since its inception in 1998. (Rypkema report 2008)
The Historic Tax Credit program serves as a model for the country. Missouri has become a leader in generating jobs with historic preservation as a direct result of the HTC program. It is the ultimate in GREEN DEVELOPMENT PROGRAMS; the Wall Street Journal declares that Missouri’s HTC is the “BEST IN THE NATION”.
Capping the Historic Tax Credit will damage our communities, our banks, and employment. Not only will such action potentially halt current projects, but it will stop the purchase of buildings and banks providing loans for those buildings. It could potentially hurt the banks involved in project loans and continue the already deep economic downward spiral.

TO TAKE ACTION TO PREVENT DESTROYING THE HISTORIC TAX CREDIT CLICK HERE.