Federal Stimulus Bill

Excellent time to buy a home in the Heart of Peoria

FIRST-TIME HOME BUYER CREDIT First-time home buyers are eligible for a refundable tax credit equal to 10 percent of the purchase price of their home, up to $8,000, if they made the purchase after Jan. 1, 2009, but before Dec. 1, 2009.

Unlike a similar credit that Congress provided last year, you don’t have to pay this one back over 15 years. The new credit, however, does phase out for individuals with incomes over $75,000 or married couples with incomes over $150,000 who file their taxes jointly. Also, you forfeit the credit if you sell the house within three years.

More info here:

http://articles.moneycentral.msn.com/Investing/Extra/how-the-stimulus-bill-could-affect-you.aspx

In addition to the Federal Tax credit, the city has programs that help persons of moderate income buy homes._

City of Peoria programs to help home buyers are shown on the links below:
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http://spreadsheets.google.com/pub?key=pSt1ivzaCLuN5M0iZgBtABg

http://www.ci.peoria.il.us/index.php?module=resourcesmodule&action=view&id=2860

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Housing Rehabilitation Form

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http://peoria-economicdevelopmentbrochure.googlegroups.com

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/web/Housing+Rehab+Assistance.pdf?gda=HM26ak4AAADxMfXAjK1PoH5J7dG-s92HWHM-Hv-y7EVJtPs3bt3-PzTm_ZvMObkuEqxsWgECLfy0wbPh2gH66hjbzJPkxB0j47Cl1bPl-23V2XOW7kn5sQ&gsc=itXsPQsAAADycVE8hdXy7Z6ni1TmxbzU

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http://spreadsheets.google.com/pub?key=pSt1ivzaCLuM6joTj2dnQWg
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For development and management of residential rehabilitation programs in community development areas, including loans and grants, contact Neighborhood Development, Twin Towers, Room 402, 494-8656.

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Or contact your local banker.