A recent article in the Houston Chronicle outlined the opportunities and challenges related to development on Houston’s Almeda Avenue in the Museum District. If you haven’t been down Almeda between 59 and MacGregor lately, you should. It has truly been transformed. The intersections have been paved in brick. Many of the strip centers have totally been renovated. Now that the Mosaic condominium project has found a new partner in Starwood Corp, the area will more than likely continue its upward trend.
In the News
13
Nov 09
EXTENSION & EXPANSION OF THE HOMEBUYER CREDIT IS ON ITS WAY
As you may have heard, the tax credit for First-time homebuyers was set to expire at the end of this month. This deadline has caused a lot of prospective homebuyers to rush to find a new home in the past few weeks and many will not make it. Also, there has been a lot of concern that the expiration of the First-time Homebuyer credit might put a halt to the recovery currently going on in the new residential construction market.
The Senate, in their benevolent wisdom, has passed a bill that will extend and expand the tax credit. In its current form, the bill will extend the $8000 tax credit through April 30th of next year. Also, it will increase the qualifying income levels for couples up to $225,000/year, an almost $55,000 increase. Furthermore, the credit will be expanded to include existing homeowners that have owned their current primary residence for 5 of the previous 8 years. These individuals will be eligible for a tax credit up to $6,500. The bill still needs to work its way through the House of Representatives, and some of the details might change. However, this action is a good step in the right direction for prospective homebuyers. For more information about the Senate Bill, go here.