NBN Online for the week of February 16, 2009

Stimulus Provisions to Help Put Housing on the Right Track

The $787 billion economic stimulus package signed into law on Feb. 17 by President Barack Obama contains elements that will bolster housing and the economy, according to NAHB.

“While we believe that including a more enhanced home buyer tax credit in the final legislation would have been the best way to spur housing demand and move the economy forward, the new law does include several provisions that should help to put housing and the economy on the right track,” said NAHB Chairman Joe Robson.

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Lumber Prices Provided by Random Lengths

Expanded Energy Tax Credit to Boost Demand for Renovation Jobs

Beefed-up tax credits for energy-efficient home improvements in the new economic stimulus package are expected to help increase demand for green renovation projects this year and next.

The Internal Revenue Code Section 25C for existing homes, which had expired at the end of 2007, was reinstated as part of the economic rescue package passed by the Bush Administration last fall. Installing energy-efficient windows, doors, roofing and insulation as well as furnaces, air conditioners and heat pumps all qualified for the credit.

Builders Launch Tax Credit Web Site

NAHB has launched a newly-designed Web site that provides detailed information on the $8,000 tax credit for first-time home buyers, a key provision in the sweeping economic stimulus legislation signed into law by President Barack Obama.

“The new tax credit provides a great opportunity for first-time home buyers,” said NAHB Chairman Joe Robson. “Combined with today’s near record low interest rates, the large selection of homes on the market and very competitive pricing, the tax credit should provide the extra incentive needed to get prospective buyers who have been sitting on the fence into the market.”