Redeux News: Homebuyer and Jobless Aid Extended

The bill H.R. 3548 brought before the House was approved today on a 403-12 vote. The Senate passed the bill 98-0 yesterday after weeks of delays.

The legislation would provide 14 additional weeks of unemployment benefits in all states, plus another six weeks in those with jobless rates topping 8.5 percent, according to the Department of Labor. It would also allow the home buyers credit for couples earning up to $225,000 a year and individuals earning up to $125,000. That’s up from the current $75,000 limit for individuals and $150,000 for couples. Under the expanded program, the credit would apply to home purchases under contract by April 30, 2010, as long as they close by June 30.

The extension would allow home buyers who have owned their residence for at least five years to receive a $6,500 credit. Those who sell their new home or no longer use it as their main residence within three years would have to repay the credit. Homes worth more than $800,000 wouldn’t be eligible.

According to Smari Money'sLisa Scherze, the new tax credit - coupled with low mortgage rates and the supply of affordably priced homes on the market - may give many people who had been ambivalent of buying that extra nudge to step into the market.

Congress estimates that the bill would not add to the federal budget deficit, in part because it would be financed by delaying until 2018 a tax break for multinational corporations related to taxes they pay abroad. The legislation would also extend a 0.2 percent employer payroll surtax that otherwise would have expired at the end of the year. However, the provision has received complaints from the U.S. Chamber of Commerce, the National Federation of Independent Business and other business groups.

Eastside Detroit: Morningside Commons And East Morningside

Located on Alter, Wayburn, and Maryland Streets between East Warren and Mack, the Morningside Commons represents a neighborhood fairly rare with the Detroit city limits: new housing stock! The Morningside Commons and Morningside Neighborhoods include approximately 4,900 households.





Offering both new homes for purchase as well as new construction townhomes for rent in Phase II, Morningside Commons is a result of the very successful U-Snap-Bac Non-Profit Housing Corporation (United Streets Networking And Planning Building A Community).

Since 1985 U-SNAP-BAC has offered a diverse set of services, including: home improvements for low income home owners, rehabs of vacant homes, new housing development, home ownership training. Especially since the recent "mortgage meltdown", the credit counseling sessions and foreclosure prevention workshops have been very timely.

The East Morningside area is an older, solid neighborhood composed of beautiful homes in the Colonial, Cape Cod, and Tudor styles. Morningside Commons is the success story of the West Morningside area.

In addition to proximity to Chandler Park, Morningside Commons has its own Community Park.

A mixture of the old and the new; rebuild and rehab. This is how it's done in the "D"!

For information about residential homes for sale or lease, contact U-SNAP-BAC at 313.640.1100 during regular business hours; or email the office.

Further information about these Eastside Detroit Neighborhoods can be found at the website of the East Warren Business Association or EWABA.


All Photographs Copyright: Dave Krieger

Shameless Plug for my husband's blog: Read The "D" Spot

Detroit's Unique Neighborhoods

Before the current housing crisis, the City of Detroit was known as the city with the highest percentage of single-family home ownership in the nation.

We still have some of the best "housing stock" in the area; and one of the most special things about Detroit is its neighborhoods. There are over 100 unique and named neighborhoods in Detroit; and starting next week, I will highlight the things you should know about each one.

If you would like your neighborhood featured here, or if you would like me to include something fun and interesting about your neighborhood, either leave a comment, or email me.

This week, the Motor City Blight Busters is celebrating 20 years of making Detroit's neighborhoods better. As a fundraiser, a new book is being published by the group that points out the homes of famous and infamous Detroiters then and now.

Next Monday, I know you will enjoy the post about one of Detroit's beautiful Historic Districts. Stay tuned!