Wilmington, Del. Home Buyer Benefits From Stimulus Package
A new home owner in Wilmington, Del. has become one of many to benefit financially from the recent federal stimulus package to help jump-start the economy.
Qualifying for the $8,000 first-time home buyer tax credit and taking advantage of low mortgage interest rates and Delaware’s low property taxes, Marcia Washington, a nurse in Philadelphia, purchased her new home at McMullen Square.
Homes in the 38-town home development located in the northeast corner of the city are priced in the low- to mid-$200,000 range. The neighborhood revitalization project was built by Benchmark Builders and is targeted to the affordable workforce housing market.
“It’s great to see a first time-home buyer in Delaware reaping the benefits of this federally provided tax incentive,” said Rep. Mike Castle (R-Del.). “These targeted tax incentives can help home buyers take advantage of current low interest rates and make a sensible investment in purchasing a new home. As other Delawareans utilize this and other benefits, we hope to see more stability in home values and the overall housing market.”
“This is a perfect example of how the federal stimulus package can work for housing,” said Steven Bromberger, president of Benchmark Builders. “Many can take advantage of this opportunity, but they need to do so prior to December 1, 2009, when the program expires.”
This free money provided by the American Recovery and Reinvestment Act of 2009 offers a direct tax credit, as opposed to a deduction, the builder is informing its prospective customers. So those who qualify can see the rewards sooner. First-time home buyers include those who have not owned a home as a principal residence for the past three years. Therefore, this package can be utilized by a broader audience than those actually purchasing for the first time.
Locally owned and operated, Benchmark Builders has been building a full range of residential homes throughout northern Delaware — from town homes and detached single-family homes to semi-custom and executive homes. The award-winning company is also recognized as Delaware’s leader in the development of communities for active adults.