10/29/09 Update:  CNN is reporting that a tentative agreement has been reached on extending the tax credit for first time home buyers and adding a provision to help some current homeowners. The full release can be found by clicking the link above. As news happens it will be updated here.

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How effective has the $8,000 1st time home buyer’s tax credit been? According to the National Association of Realtors, (NAR), in Illinois, the  home buyer tax credit has brought in an additional 9,100 buyers into the market and 73,200 1st time buyers by year’s end. That is a huge impact! I recently wrote to the folks in Washington trying to get their stance on possibly extending the credit. Below is the text from an email response I received from Senator Richard J. Durbin.

Please, if you are interested in contacting Congress yourself, visit this site http://www.fixhousingfirst.com. You will have the opportunity to send an email voicing your support to this country’s leadership.  Stay tuned and check back, I will be posting additional information as the deadline nears.

Keep in mind, this credit helps the majority of homeowners, even if indirectly. When someone buys for the first time, the seller is usually buying, often up in the market. That seller then too, may be moving up. Think chain reaction of a good kind.

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October 8, 2009

Mr. Anthony Lazzari

Dear Mr. Lazzari:

Thank you for sharing your support for increasing access to the first-time homebuyer’s tax credit, which expires on November 30, 2009.  I appreciate hearing from you.

I voted for the first-time homebuyer’s tax credit, which was included in the American Recovery and Reinvestment Act (ARRA) and signed into law on February 17, 2009 (PL 111-5).  This $8,000 tax credit has successfully encouraged many individuals and families to purchase a first home.

We are working our way out of one of the worst financial crises in a generation. The meltdown in the credit markets affected all segments of the economy.  The housing market was hit particularly hard and many view troubles in the housing market as a root cause of the current economic conditions.  The current homebuyer’s credit has helped stabilize the housing market.

Proponents of extending the homebuyer’s tax credit have argued that the credit has encouraged people to buy in an uncertain market.  The credit has helped many segments of the market: realtors, homebuilders, and homebuyers.  Although the economy is recovering slowly, there are concerns that if the credit is not extended the market will freeze again.  Some also argue that it should be expanded to other buyers.

Two bills have been introduced that extend or expand the homebuyer’s tax credit. S. 1678 would extend the first-time homebuyer’s tax credit through May 31, 2010, at the current rate of $8,000.S. 1230, the Home Buyer Tax Credit Act of 2009, would replace the current tax credit for first-time homebuyers with a one-time credit for all homebuyers equal to 10% of the purchase price of a principal residence, up to $15,000. This tax credit would be in effect for one year after the enactment of the bill.

These bills have been referred to the Senate Finance Committee.  While I am not a member of this committee, I will keep your thoughts in mind as Congress considers legislation to encourage home purchases.

Thank you again for sharing your views with me.  Please feel free to stay in touch.

Sincerely,

Richard J. Durbin

United States Senator

RJD/dr

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Related articles by Zemanta

• Sources: Senate likely to extend homebuyers’ tax credit (cnn.com)
• U.S. home sales jump (cbc.ca)

What can you dispose of at this event? Check the list, load up the van, and head on over.

Headed for the Recycling event

Electronics: Computers, monitors, printers, speakers, tv’s, vcr’s, dvd players, stereos, radios, cameras, camcorders, fax machines, discs and cords.

Scrap metal: Metal pipes, rusty swing sets, metal lawn furniture, tomato cages, wire hangers, chicken wire, hardware, vacuum cleaners and toasters.

Books: All books are set out for the taking. Leftovers are donated or recycled.

Tattered American Flags: The Naperville VFW is providing this service.

Keys, eyeglasses and hearing aids: The Naperville Noon Lions Club will provide this service.

Bicycles and parts: The Working Bikes Cooperative will collect these items and donate them to Blackstone Bicycle Works.

Cell Phones: These items will be collected and donated courtesy of Alcatel-Lucent.

Ink jet cartridges: These items will be donated to SCARCE.

The city will not accept household hazerdous waste, construction material, lawn mowers, tires, console tv’s, air conditioners or appliances, animal carriers, crates and leashes, gym shoes, or sheets and towels.

From July 1 through December 31, 2008:

∙ 8,085 on-site and home delivery visits assisted 18,243 individuals, a 17% increase over last year.

∙ 598 families visited Loaves & Fishes for the first time, compared with 701 in the entire previous year, representing a 60% increase.

How does Loaves & Fishes meet these escalating needs?

∙ Our community business partners, like Casey’s, Costco, Dominick’s, Great Harvest Bread, Jewel, Trader Joe’s, and Whole Foods, regularly donate perishable goods for our distributions and host food drives.

∙ Our donors contribute money, food, toiletries, and cleaning supplies.

∙ Our network of more than 300 volunteers picks up, sorts, stocks, delivers and distributes food and personal care essentials to our neighbors in need.

∙ Our Client Choice distribution format empowers recipients by allowing them to choose the foods they will take home, dramatically reducing waste and ensuring everyone gets the full complement of usable products intended to assist them for two weeks.

In Fiscal Year ‘08, Loaves & Fishes:

∙ Supplied 1,200,000 pounds of groceries to 1,800 unique struggling families in 14,000 distributions.

∙ Provided over 2,500 deliveries to the homebound elderly and disabled, ensuring this fragile population regular access to nutritious food.

Approximately 50% of the hungry we serve are children under the age of 18.
Loaves & Fishes:

∙ Prepares 1,900 students in grades 1 through 12 for learning by supplying breakfast assistance during the school year and a special nutrition program in the summer.

∙ Furnishes baby food, formula or diapers to more than 500 infants.

You Can Make a Difference!

∙ Your financial support, combined with our cooperative buying power and tax-exempt status, turns $5 into $50 worth of food for a hungry family!

∙ Your donation of food helps of feed your neighbors.

∙ Your donation of time means we have enough people to perform all the tasks needed to get food into the hands of the people who need it.

Hunger knows no season. Please help Loaves & Fishes all year.

Donation boxes will be set up @ Casa Bella on W Jefferson and Buikema Ace Hardware on N Washington. More locations will follow. Thanks for your generous consideration.

the past 72 hours. Our group had been split into two workcrews, each assigned to a different home site. Our project was to build and anchor the floor framing for each home. The design calls for the homes to be built with the floor deck around 10′ above ground level. The frame is then anchored to the pillars with embedded chains bolted to the frame. This design in supposed to enable the house to withstand 110 mph winds. Most of the homes being built are around 1100 sq ft, 3 bedrooms, 2 baths. After finishing up at the worksite on Thursday headed to Shaggy’s – a local watering home on the Gulf where food, fellowship, and a few spirtis were shared. We were joined by the Mayor, Chipper McDermott, a few local alderman and citizens, and the Project Leads from MDS – Harold and Sandra from Alberta, Cn. Then off to contribute to the local economy (casino).  A profitable sojourn for some. 

Day 2 started with a quick breakfast and then off to the worksite for a quick briefing, an opportunity to meet the other work crews from around North America and hear a bit about Mennonite Disaster Services who are one of the agencies still helping to restore a sense of normalcy to living in the area. We had the opportunity to visit the nearly completed home of one of the residents. It is a great feeling to see what volunteers can do and the incredible level of gratitude on the part of the homeowners. Truly amazing.

After a few hours at the worksite we were invited to attend the forlmal groundbreaking ceremony for the new Pass Christina Library, 12,000 sq’ of state of the art in libraries. Naperville has been a major supporter of this facility since the temporary one openned several weeks after the storm. Donations of books, videos, cd’s etc have helped replace what was lost and to 

provide a sense of the familiar to the town. The next facility on this site will be a new City Hall.  

The it was back to the worksite to finish the framing and anchoring. Mission accomplished! After cleaning up the vehicles and saying our goodbyes it was off to New Orleans for a quiet Mardi Gras celebration and world debut of the Raffle Fairy. Yes there are some interesting stories there, but you had to be there to appreciate. ;>)

Day 1  It’s about 5:30 am and we are some where between Jackson and Hattiesburg, Ms. We left Naperville at 4:00 pm Tuesday and have driven straight thru. Had quite a bit of rain going thru Mo an Ak and a lot of wind that seems to push the van all over the road.

While driving down I57 near Mattoon, Il I shot a really eerie picture of a cross that seemed to be floating in the air.  We arrived in Gulf Port, Ms around 7 am - all in all about 15 hrs on the road with 4 stops. Checked in to the hotel and plan  on getting some shut eye before the rest of the crew arrives later today.

I hope to be posting during the trip as well as uploading a few pictures to my Flickr account. I finally figured out how to use my Blackberry as a tethered modem (Bluetooth works too), so if there is no wi-fi in the area I can still have connectivity. Until later, peace.