President Barrack Obama signed the $787 billion economic stimulus bill in Denver yesterday. Why Denver? Obama likely has a soft spot for Denver after receiving his nomination here, but it also has to do with the fact that Colorado is a hotbed for renewable energy, a huge part of the administration’s future plans
Prior to signing the bill, President Obama toured the Denver Museum of Nature and Science to view the solar panels that Namaste’ Corporation has installed on the museum’s rooftop. The installation is just one of Namaste’s 600 installations throughout the Denver area. Denver is strategically placed to reap the rewards of the environmental roots, which are almost a part of our city’s DNA. Since Denver has been environmentally responsible for many years, it has an abundance of natural resources, and it boasts a well-educated work force that values green business, it is in a position to reap the benefits from this growing environmental consciousness for generations – think wind farms and solar energy. The wind blew really hard yesterday during the ceremony, as if to emphasize these natural resources.
Here’s what the President signed into law in yesterday in Denver:
The bill, which backers say will save or create 3 million to 4 million jobs through $575 billion in government appropriations and direct spending. It also includes $212 billion in tax cuts, including several provisions aimed at boosting home sales.
HR 1, the American Recovery and Reinvestment Act of 2009, increases the $7,500 limit on an existing tax credit for first-time homebuyers to $8,000, extends its sunset from July 1 to Dec. 1, and eliminates a requirement to repay the credit. A first-time buyer is defined as someone who hasn’t owned a principal residence in the last three years.
In addition, the bill restores the $729,750 upper loan limits for Fannie Mae and Freddie Mac in high-cost housing markets that was in place during much of 2008. The higher limits — first put in place as a temporary measure included in last year’s economic stimulus bill — were bumped down to $625,500 on Jan. 1, 2009.
This new stimulus also bill restores the floor for FHA loan guarantee programs in “normal” markets to $271,050, and gives Obama’s Secretary of Housing, Shaun Donovan, discretion to allow FHA to back home loans of up to 125 percent of the median home price in high-cost markets, with an upper limit of $729,750.
HR 1 also spells out a previous commitment by the Obama administration to spend at least $50 billion from the second round of the $700 billion Troubled Asset Relief Program (TARP) on foreclosure prevention.
The bill mandates that the money be spent on a loan-modification plan that may involve loan guarantees or credit enhancements, reduced loan principal amounts and interest rates, an extension of loan terms, or any combination of similar methods.
The section of HR 1 addressing foreclosure prevention, dubbed the “Help Families Keep Their Homes Act of 2009,” also calls for incentive payments to loan servicers of up to $2,000 for each foreclosure they are able to prevent through a short sale, loan modification, workout, or other loss mitigation plan.
As an Eco-Broker, I have learned that Colorado takes energy efficiency and savings seriously. We are able to advise our clients on acquiring a home that is healthier, more comfortable and cost-effective. For more information on the impact of the Stimulus bill on Colorado, please contact TeamCox Realtors at 303-400-6060. We are your Denver real estate specialists.
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If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate Assistance
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