INDUSTRY NEWS & NOTES
hOMeBuyer tax credits
are extended & exPanded
In November 2009, President Obama signed a new bill to extend and expand
the first-time homebuyer tax credit. First-time homebuyers have been getting
tax credits of up to $8,000 since January 2009 as part of the economic stimulus package enacted in early 2009. Originally scheduled to end on November
30, 2009, the extension will give homebuyers an additional five months to
apply for the credit.
The tax credit has also been expanded to include many buyers who already
own homes. Buyers who have owned their current homes at least five years
would be eligible for tax credits of up to $6,500. To qualify for the credit,
buyers in both groups have to sign a purchase agreement by April 30, 2010,
and close by June 30.
The real estate industry pushed to extend and expand the housing tax
credit. About 1. 4 million first-time homebuyers qualified for the credit
through August 2009. The National Association of Realtors® (NAR) estimated that 350,000 of them would not have purchased their homes without
EPA Tests Environmentally
Friendly Parking Lots
In an effort to help reduce pollution runoff from paved
parking lots, the U.S. Environmental Protection Agency
(EPA) is testing a variety of permeable paving materials at its facility in Edison, N.J. If successful, the EPA
intends to show businesses how they can install parking lots that not only reduce runoff, but actually help
contribute to healthy water filtering processes.
The 43,000 square-foot Edison parking lot features
three different kinds of permeable pavement, with
several kinds of rain gardens planted adjacently. The
EPA study will determine which combination of
permeable pavement and rain garden vegetation is most
successful at removing pollutants from stormwater
runoff as it filters back into the ground.
Learn more about stormwater management at
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