Get the REAL Story® Emphasizes Tax Credit Success
Author: New Jersey Association of REALTORS
Written On: Thu, 01 Oct 2009
As part of the Get the REAL Story® public education campaign, NJAR® produced a new video, Couple Buys First Home, Taking Advantage of $8K Credit, featuring the REAL story of Mark and Jen, an engaged couple from Smithville, NJ. The video has been posted on the Get the REAL Story® YouTube channel. This video was also entered in the National Association's tax credit video contest.
Two new Get the REAL Story® testimonials – Family Heads South for More Space, Homeownership and Taking Advantage of HMFA Program, Woman Becomes Homeowner – have also been posted to www.REALstoryNJ.com. Pass the links on to your clients, colleagues and friends to get the word out about great housing opportunities across the state and spread the message that the successful first-time home buyer tax credit program should be extended and expanded passed its November 30 deadline.
NJAR® Executive Vice President Jarrod Grasso's recent op-ed urging Congress to extend and expand the home buyer tax credit has also been featured in several newspapers throughout New Jersey including:
The Star Ledger
The Herald News
The Gloucester County Times
The Times of Trenton
Grasso's comment was also featured in the Asbury Park Press article “Home run.”
--------------------------------------------------------------------------------
DoD Homeowners Assistance Program for Military Released
At the end of September, the Department of Defense (DoD) and Army Corps of Engineers published the final rules for the Homeowners Assistance Program (HAP), as it applies to Members of the Armed Forces permanently reassigned during the mortgage crisis. The American Recovery and Reinvestment Act (ARRA), passed in February, provided new relief for active duty military personnel who have been permanently relocated, and face or have faced a loss on the sale of their home. The program applies to those who purchased their property before July 1, 2006, and whose reassignment was ordered at least 50 miles away, between February 1, 2006 and September 20, 2012. The property has to have served as the primary residence, and the recipient must not have received HAP aid previously. For full information and an application, visit the DoD HAP website.
--------------------------------------------------------------------------------
Governor Signs Underground Storage Tank Funding Law
On October 1, 2009, Governor Jon S. Corzine signed A-3739 into law. This new law, which NJAR® strongly supported, allows homeowners replacing or closing petroleum underground storage tanks (UST's) to apply for reimbursement from the state before actually doing work on their UST. Prior to this law, homeowners had to expend their own funds before applying for reimbursement. In addition, the state will have to issue written confirmation to a homeowner that they are eligible for reimbursement funds to close or replace their UST before any work is actually done.
--------------------------------------------------------------------------------
HUD Releases RESPA FAQs Along With Table of Contents
On September 18, 2009, the Department of Housing and Urban Development (HUD) posted expanded Frequently Asked Questions (FAQs) on the new RESPA rule. The FAQs include information on completing the new GFE and HUD-1 which become mandatory on January 1, 2010. This most recent HUD release of RESPA FAQs is part of a series of releases during the summer and includes a helpful Table of Contents for all of the FAQs issued by HUD on the new rule.
--------------------------------------------------------------------------------
FHA Delays Implementation of New Condominium Rules
The Federal Housing Administration (FHA) has delayed the implementation of rules that place condominium projects in FHA's 203(b) Single Family Program. These new rules were to originally take effect on October 1, 2009, but have now been delayed to apply to all mortgage applications received on November 2 or later.
On September 8, 2009, the NATIONAL ASSOCIATION OF REALTORS® (NAR) President Charles McMillan discussed NAR's recommendations for enhancing said rules at a meeting with FHA Commissioner David Stevens. NAR is calling for:
1. A reduction in the owner-occupancy requirement,
2. Eliminating or increasing the FHA concentration limit,
3. Reducing the pre-sale requirement, and
4. Clarification of the reserve study requirement.
--------------------------------------------------------------------------------
Members-only areas of the NJAR® website at www.njar.com require a 9-digit National REALTOR® Database System (NRDS) number login. If you do not know your NRDS number, it can be found on the membership card sent to you by the National Association or on the mailing labels of REALTOR® Magazine. You can also obtain your NRDS number by calling your local board/association or by visiting https://reg.realtor.org/roreg.nsf/retrieveID?OpenForm and entering your last name and license number.
The Month in Review is provided as a service to New Jersey's designated REALTORS®. There is no charge for subscribing. To unsubscribe, please click the unsubscribe link below. Do NOT reply to this e-mail. This mailbox is for distribution only.
NJAR® provides news, legal and legislative updates as well as information on a variety of real estate related topics solely for the use of its members. Due to the wide range of issues affecting its members, NJAR® publishes information concerning those issues that NJAR®, in its sole discretion, deems the most important for its members. The content and accuracy of all articles by persons not employed by or agents of NJAR® are the sole responsibility of their author. NJAR® disclaims any liability or responsibility for their content or accuracy. Where such articles contain legal advice or standards, NJAR® recommends that REALTORS® seek legal counsel with regard to any specific situation to which they may seek to apply the article. Articles appearing in the Week in Review express the personal views of the respective writers and are not an official expression from the New Jersey Association of REALTORS®. All rights reserved. Reproduction prohibited without permission.
E-mail: news@njar.com | www.njar.com
