Here is an article from Seven Days where Chris talks about the First Time Homebuyer $8000 Tax Credit.
Josh Slocum looked for his first house for more than six months before he found the one. The 140-year-old Cape Cod in Winooski wasn’t huge — about 1000 square feet — but it was just what he wanted. Slocum, 35, organized his financing and put an offer on the house last January. Because it was a short sale — a sale whose proceeds are less than the balance owed on the property’s loan — the seller’s bank got involved, and it took a while for Slocum’s offer to be approved.
When he finally closed on the property in August, Slocum, the executive director of the South Burlington-based nonprofit Funeral Consumers Alliance, realized the closing costs and the costs of initial repairs were a little more than he could handle. But his status as a first-time homebuyer qualified him for the $8000 federal credit. Knowing that he’d have that money coming his way, Slocum felt comfortable borrowing from friends to cover the closing costs and those basic repairs.
Three months after he filed for his credit, Slocum received an $8000 check in the mail, signed by Uncle Sam. “It felt like the Publishers Clearinghouse,” he recalls. “But it wasn’t like it was play money.” That cash went straight to the friends who helped him out. What was left over went into a kitty for future home repairs.
Slocum says the credit was a huge incentive. It’s a common refrain among many first-time homebuyers who have taken advantage of the government’s effort to help spur the sluggish housing market. It’s difficult to measure the precise impact of the program, but local real estate agents and market watchers say it’s definitely having an effect.
When compared to the cost of a new, entry-level home in this market — somewhere in the neighborhood of $250,000 — eight grand doesn’t seem like very much. But when a new buyer has drained his or her savings for the down payment and is living lean after paying for inspections, repairs and the closing, the extra cash is a nice little boost. Slocum doubts that he could have bought his home without it.
In 2008, the Housing and Economic Recovery Act authorized a credit of $7500 for first-time homebuyers. A year later, the American Recovery and Reinvestment Act expanded that credit by $500. The credit does not apply to single people with incomes of $125,000 or more, or couples with a combined income of more than $225,000. In November, Congress extended the credit, but despite the expansion and extension, few in the industry expect the credit to be extended after it expires in July.
That means first-time homebuyers must have a house under contract by May 1, 2010, and must have closed on the property by July 1, 2010, in order to be eligible. Existing homeowners who are looking to move up are also eligible for a $6500 credit if they have owned their current property for five years or more.
Apparently, say Vermont real estate professionals, the money is working to bring people into the market. Statistically, says realtor Chris von Trapp of Coldwell Banker Hickok & Boardman Realty, the credit has “done its job.” New home sales are lagging, but existing homes in the low to middle price range are moving. Two years ago, 30 percent of von Trapp’s buyers indicated they were first-timers; this year, that figure has climbed to 53 percent. “It doesn’t get any better than this with low interest rates and the stimulus,” von Trapp says.
In October and November 2009, just before the credit was extended, area real estate agents saw a huge rush in the number of first-time homebuyers seriously looking to purchase property. People wanted to get the $8000 to which they were entitled. Bob Hill, vice president of the Vermont Association of Realtors, is seeing the same crazed house hunting now, as first-timers realize they have just 60 days to get a house under contract.
After a drop-off in sales in December and January — historically slow months for real estate — interest in the market from new homebuyers rose to fever pitch, Hill claims. “The point of the credit was to get people off the sidelines and get them to make a decision,” Hill says. “It’s definitely working. Houses under $250,000 are moving.”
While the Vermont Real Estate Information Network doesn’t have exact numbers of first-time homebuyer sales in the state, Kathy Sweeten, the organization’s executive vice president, confirms that sales activity in Vermont has shot up in the last couple of months. In 2008, 789 single-family homes were sold in Chittenden County. Last year, that number jumped to 889. She attributes the increase not only to the tax credit but to the fact that home prices have stabilized in the region and the housing inventory is good. “We definitely have a healthy market here,” Sweeten says.
Emma Mulvaney-Stanak knows that to be true. When she began looking to buy her first home last summer, entry-level housing was being snatched up as soon as it was put on the market. As the tax credit window began closing, it became harder to find an affordable property. When she finally landed on a house she could afford, she pounced on it. “I offered the asking price,” she says. “I just had to throw open the checkbook because I was worried it would get snatched up.”
The opportunity was so good she gave up her seat on the city council to take advantage of it; she had lived in Burlington’s Ward 2, but the new place was in Ward 3. When she moved, she was required to step down. Last Tuesday, her new neighbors voted her back on the council, representing Ward 3.
The 29-year-old closed on her two-bedroom house in Burlington’s Old North End right before Thanksgiving and says she is looking forward to getting her $8000 check. The credit, she says, will “accelerate the exciting part of home ownership.” She plans on using part of the money to redo her bathroom, which, she reasons, will help the local economy. “I’m putting money back into the community and someone else will benefit from the credit,” she says.
Meredith Haff, a first-timer from Stowe who works as the marketing director at Concept2, plans on using her credit to “replenish the reserve,” which was drained shortly after she purchased her condo. She spent the first six months painting her place and making it her own. The credit, which she hopes to get in a couple months, will go toward reimbursing herself.
Like Slocum and Mulvaney-Stanak, Haff, 31, was pushed to take the plunge in part because of the credit. It was the incentive she needed to make a move now rather than wait around. “Knowing some of that money might come back to me made it seem less of a scary deal,” Haff says. Not only does she have $8000 coming her way, but she also has the satisfaction of knowing she did her part to stimulate the economy. Like all home purchases, Haff’s had a modest trickle-down effect on the economy. But cumulative housing sales help keep realtors, real estate attorneys and mortgage brokers in business and inspire confidence in the market.
Increased activity due to the credit, and to historically low interest rates, has a downside, though — first-time homebuyers in the region may find it hard to locate a property in the low to middle price range. The average length of time a two-bedroom home sits on the market is just 60 days, von Trapp says, making it a true seller’s market.
Most houses under $300,000 are getting multiple offers, and many of them are selling for the asking price. That means first-timers have to get aggressive if they’re going to land in their dream house. Average buyers in that price range lose the first two properties they think about putting a bid on.
“If you walk into the one and it’s the one,” von Trapp advises, “you have to buy it today.”
Showing posts with label first time home buyer. Show all posts
Showing posts with label first time home buyer. Show all posts
Friday, March 12, 2010
Thursday, January 28, 2010
A Great Deal in Real Estate is Now Better
The federal income tax credit for homebuyers has been extended and expanded to now include homeowners who wish to "move on" after 5 years of living in their current property, as well as first-time homebuyers.
- First-time homebuyers, or those who have not owned in the last three years, can receive up to an $8,000 tax credit
- Homeowners who have lived in a current home consecutively for 5 of the past 8 years can receive up to a $6,500 tax credit
- There may be no future extensions, so all qualified homebuyers are urged to act and have a written, binding contract by April 30, 2010 (close by June 30, 2010)
- Income limits are now $125,000 for singles, $225,000 for married couples with a $20,000 phase-out of the credit for both.
According to The National Association of Realtors News Release, dated 11/5/09, an estimated $22 billion has already been added to the general economy resulting from the bill and approximately 2 million people will utilize the tax credit in 2009.
The following chart provides more information:
Feature | For First-Time Homebuyers | For Current Qualifying Homeowners |
Amount of Credit | $8,000 ($4,000) married filing separate) | $6,500 ($3,250 married filing separate) |
Eligibility | May not have had an interest in a principal residence for 3 years prior to purchase | Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years |
Termination of Credit | Purchases after April 30, 2010 | Purchases after April 30, 2010 |
Binding Contract Rule | So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close | So long as a written binding contract to purchase is in effect on April 30, 2010 the purchaser will have until June 30, 2010 to close |
Income Limits | $125,000 - Single $225,000 - Married Additional $20,000 Phase Out | $125,000 - Single $225,000 - Married Additional $20,000 Phase Out |
Limitation on Cost of Home Purchased | $800,000 | $800,000 |
Purchase Made by a Dependent | Ineligible | Ineligible |
Additional Requirements | Purchaser must attach documentation of purchase to tax return | Purchaser must attach documentation of purchase to tax return |
Courtsey of Coldwell Banker.com
Monday, October 26, 2009
$8000 Credit May Be Extended !!
I had this article sent to me by my favorite mortagage originator . Check it out!!
Nelson Says Senate to Extend, Reduce Homebuyer Credit (Update1)
By Ryan J. Donmoyer and Dawn Kopecki \
Oct. 26 (Bloomberg) -- Senate leaders are negotiating to extend and gradually reduce an $8,000 tax credit for first-time homebuyers through 2010, Senator Bill Nelson of Florida said.
“We should be able to extend that later this week,” Nelson, a Democrat, told reporters traveling today with President Barack Obama on Air Force One to a speech in Jacksonville, Florida.
Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus of Montana, both Democrats, may seek to add the homebuyers extension to legislation extending unemployment benefits that may be debated as early as this week, according to Regan Lachapelle, an aide to Reid.
Lawmakers are under pressure from real estate agents, mortgage brokers, and homebuilders to extend the $8,000 credit before it expires Nov. 30.
Baucus and Reid made a proposal last week to Senate Republicans that would extend the homebuyer credit through 2010, Lachapelle said. First-time homebuyers who close before April 1 would get the full $8,000, and the credit’s value would be reduced by $2,000 in each successive quarter until expiring at the end of the year.
The proposal was intended to counter one by Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, and Senator Johnny Isakson, a Georgia Republican and former realtor, to extend the full $8,000 credit through next June, and to expand it to all couples earning $300,000 or less. The Baucus- Reid proposal would continue limiting the benefit to first-time homebuyers, Lachapelle said.
Business Tax Break
Baucus and Reid also proposed an extension of a business tax break that allows companies with losses in 2008 and 2009 to amend tax returns for any of the previous four years to get a refund of taxes paid. Without the benefit, companies would have to wait years to apply those losses against future profits.
A version of the benefit was included in last February’s economic stimulus bill, though it was limited to companies with receipts under $15 million. A lobbying effort by business groups, including the Washington-based National Association of Manufacturers, to extend the benefit to all companies failed at the time; the Obama administration has since proposed a broader benefit in its budget.
The terms for extending the homebuyer tax credit are still being negotiated, Lachapelle said.
To contact the reporters on this story: Ryan J. Donmoyer in Washington at rdonmoyer@bloomberg.netDawn Kopecki in Washington at dkopecki@bloomberg.com Last Updated: October 26, 2009 13:33 EDT
Nelson Says Senate to Extend, Reduce Homebuyer Credit (Update1)
By Ryan J. Donmoyer and Dawn Kopecki \
Oct. 26 (Bloomberg) -- Senate leaders are negotiating to extend and gradually reduce an $8,000 tax credit for first-time homebuyers through 2010, Senator Bill Nelson of Florida said.
“We should be able to extend that later this week,” Nelson, a Democrat, told reporters traveling today with President Barack Obama on Air Force One to a speech in Jacksonville, Florida.
Senate Majority Leader Harry Reid of Nevada and Senate Finance Committee Chairman Max Baucus of Montana, both Democrats, may seek to add the homebuyers extension to legislation extending unemployment benefits that may be debated as early as this week, according to Regan Lachapelle, an aide to Reid.
Lawmakers are under pressure from real estate agents, mortgage brokers, and homebuilders to extend the $8,000 credit before it expires Nov. 30.
Baucus and Reid made a proposal last week to Senate Republicans that would extend the homebuyer credit through 2010, Lachapelle said. First-time homebuyers who close before April 1 would get the full $8,000, and the credit’s value would be reduced by $2,000 in each successive quarter until expiring at the end of the year.
The proposal was intended to counter one by Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, and Senator Johnny Isakson, a Georgia Republican and former realtor, to extend the full $8,000 credit through next June, and to expand it to all couples earning $300,000 or less. The Baucus- Reid proposal would continue limiting the benefit to first-time homebuyers, Lachapelle said.
Business Tax Break
Baucus and Reid also proposed an extension of a business tax break that allows companies with losses in 2008 and 2009 to amend tax returns for any of the previous four years to get a refund of taxes paid. Without the benefit, companies would have to wait years to apply those losses against future profits.
A version of the benefit was included in last February’s economic stimulus bill, though it was limited to companies with receipts under $15 million. A lobbying effort by business groups, including the Washington-based National Association of Manufacturers, to extend the benefit to all companies failed at the time; the Obama administration has since proposed a broader benefit in its budget.
The terms for extending the homebuyer tax credit are still being negotiated, Lachapelle said.
To contact the reporters on this story: Ryan J. Donmoyer in Washington at rdonmoyer@bloomberg.netDawn Kopecki in Washington at dkopecki@bloomberg.com Last Updated: October 26, 2009 13:33 EDT
Tuesday, October 6, 2009
Wednesday, September 23, 2009
Are you hoping to take advantage of the First Time Homebuyer Tax Credit?
In order to be eligible for the Tax Credit you must close by November 30,2009. In order to close by November 30, 2009, you will need to have you home under contract by October 15, 2009.
Call me today to help you being your home search!
If you have any questions about the tax credit or the real estate market, please give me a call.
Chris
Call me today to help you being your home search!
If you have any questions about the tax credit or the real estate market, please give me a call.
Chris
Monday, February 23, 2009
Sleeping Burlington Vt Market Stirred by Stimulus
Here is a bit of good news for buyers and sellers alike. The Stimulus Package was just signed into law last week and seems to be having an immediate effect here in the Burlington VT area. This impression is not based on any sound scientific study or empirical data, so take it for what it is worth. It is based on a "boots on the ground" observation I made over this past weekend. Here is the story.
I am helping a family relocate here from out of state and they had a schedule that required us to be out seeing all we could see yesterday, Sunday. I had attempted to make an appointment at one particular property, along with several others, and we were asked if we could come by during the Open House from 1-2pm rather than disturb the occupants in the morning of the same day. With a little bit of re-schedule we were easily able to accommodate the request and agreed amongst ourselves to see it at 1:30pm.
I arrived a little early and thought I would pop in and get a quick preview as I had only seen the home on the Internet. As I approached the house I observed cars lining the street and one in the driveway that was not the Realtor's car who was holding the Open House. Car count was four at 1:30pm. I parked on the street and went in too take a look. As I was entering , two parties left. I dropped my shoes at the door and began to look around. In the next 15 minutes four more parties showed up and then the family I am working with. Counting my clients, there were eight showings of this one home in the first hour of the Open House.
This home was built in the late 1960's but has been well maintained with new paint and carpet and other improvements. It is not a foreclosure nor is it owned by a relocation company or being offered in a short sale. All of these issues might be the cause of a high traffic count but this was not the case in this situation. This house has been on the market since last August so it was also not new to the market. The REALTOR holding the Open House was overwhelmed since she had been holding Open Houses since the beginning of the year in similar homes and always brought other work to do as she as she sat there with no viewings.
Maybe this is an isolated case or the Denny's at the foot of the street was offering free Grand Slam Breakfasts for all attendees. What ever the case, the renewed interest in buying real estate by those viewing this house felt invigorated and fresh. So if you are selling your current home , take heart as there appears to be the beginning of a Spring real estate market taking shape.
If you are a buyer and you have been sitting on the sidelines waiting for all the stars to line up, this could be it. The pricing has adjusted, sellers are motivated and want to get on with their lives. The interest rates are hovering just below 6% and I have heard of some 5% quotes to buyers from some lenders, depending on credit scores. The inventory in and around Burlington that is affordable priced is low and once these looking buyers act, it will not last long. The good news is if the sellers who have been sitting on the sidelines, sense that they may get a fair price on their home this Spring , you will see more inventory enter the market and replace the homes that are purchased.
What this market needs is some active and motivated buyers who are well positioned to get off the fence and get this market moving again.
I am helping a family relocate here from out of state and they had a schedule that required us to be out seeing all we could see yesterday, Sunday. I had attempted to make an appointment at one particular property, along with several others, and we were asked if we could come by during the Open House from 1-2pm rather than disturb the occupants in the morning of the same day. With a little bit of re-schedule we were easily able to accommodate the request and agreed amongst ourselves to see it at 1:30pm.
I arrived a little early and thought I would pop in and get a quick preview as I had only seen the home on the Internet. As I approached the house I observed cars lining the street and one in the driveway that was not the Realtor's car who was holding the Open House. Car count was four at 1:30pm. I parked on the street and went in too take a look. As I was entering , two parties left. I dropped my shoes at the door and began to look around. In the next 15 minutes four more parties showed up and then the family I am working with. Counting my clients, there were eight showings of this one home in the first hour of the Open House.
This home was built in the late 1960's but has been well maintained with new paint and carpet and other improvements. It is not a foreclosure nor is it owned by a relocation company or being offered in a short sale. All of these issues might be the cause of a high traffic count but this was not the case in this situation. This house has been on the market since last August so it was also not new to the market. The REALTOR holding the Open House was overwhelmed since she had been holding Open Houses since the beginning of the year in similar homes and always brought other work to do as she as she sat there with no viewings.
Maybe this is an isolated case or the Denny's at the foot of the street was offering free Grand Slam Breakfasts for all attendees. What ever the case, the renewed interest in buying real estate by those viewing this house felt invigorated and fresh. So if you are selling your current home , take heart as there appears to be the beginning of a Spring real estate market taking shape.
If you are a buyer and you have been sitting on the sidelines waiting for all the stars to line up, this could be it. The pricing has adjusted, sellers are motivated and want to get on with their lives. The interest rates are hovering just below 6% and I have heard of some 5% quotes to buyers from some lenders, depending on credit scores. The inventory in and around Burlington that is affordable priced is low and once these looking buyers act, it will not last long. The good news is if the sellers who have been sitting on the sidelines, sense that they may get a fair price on their home this Spring , you will see more inventory enter the market and replace the homes that are purchased.
What this market needs is some active and motivated buyers who are well positioned to get off the fence and get this market moving again.
Tuesday, February 17, 2009
Stimulates the First Time Homebuyer but You Have to Buy to Win!!!
I was sent this this morning from our in house mortgage loan originator. I thought it might add some clarity for the first time home buyer.
Enjoy!!
Chris
By Les Christie, CNNMoney.com staff writerFebruary 16, 2009: 5:38 PM ETNEW YORK (CNNMoney.com) --
There's a nice windfall for some homebuyers in the economic stimulus bill awaiting President Obama's signature on Tuesday. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.
A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount. But there has been a lot of confusion over this provision. Adam Billings of Knoxville, Tenn. wrote to CNNMoney.com asking:
"I will qualify as a first-time home buyer, and I am currently set to get a small tax refund for 2008. Does that mean if I purchased now that I would get an extra $8,000 added on top of my current refund?"
Not exactly. Billings won't get $8,000 on top of his current refund, but he would turn that small refund into a much larger one. If his total tax liability came to $6,000, but he had $7,000 withheld from his payroll, he would normally receive a $1,000 refund. With this credit, his refund would total $8,000. If the credit were non-refundable, as was originally proposed in the Senate version of the stimulus package, he would have only received $6,000, or the total amount he paid in.
To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.
Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)
Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.
Lukewarm reception
The housing industry is somewhat pleased with the result because the stimulus plan improves on the current $7,500 tax credit, which was passed in July and was more of a low-interest loan than an actual credit. But the industry was also disappointed that Congress did not go even further and adopt the Senate's proposal of a $15,000 non-refundable credit for all homebuyers.
"[The Senate version] would have done a lot more to turn around the housing market," said Bernard Markstein, an economist and director of forecasting for the National Association of Homebuilders (NAHB). "We have a lot of reports of people who would be coming off the fence because of it."
Even so, the $8,000 credit will bring an additional 300,000 new homebuyers into the market, according to estimates by Lawrence Yun, chief economist for the National Association of Realtors.
The credit could also create a domino effect, he said, because each first-time homebuyer sale will lead to two more trade-up transactions down the line. "I think there are many homeowners who would be trading-up but they have had no buyers for their own homes," Yun said.
Who won't benefit, according to Mark Goldman, a real estate lecturer at San Diego State University, are those first-time homebuyers struggling to come up with down payments. The credit does not help get them over that hurdle - they still have to close the sale before claiming the bonus.
Instead, many may look at the tax credit as a discount on the home price, according to Yun. A $100,000 purchase effectively becomes a $92,000 one. That can reassure buyers apprehensive about purchasing and then watching prices continue falling, he added.
And it provides a nice nest egg for the often-difficult early years of homeownership, when unexpected repairs and expenses often crop up. Recipients could also use the money to buy new stuff for their home - a lawnmower, a rug, a sofa - and, in that way, help stimulate the economy.
Enjoy!!
Chris
By Les Christie, CNNMoney.com staff writerFebruary 16, 2009: 5:38 PM ETNEW YORK (CNNMoney.com) --
There's a nice windfall for some homebuyers in the economic stimulus bill awaiting President Obama's signature on Tuesday. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.
A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount. But there has been a lot of confusion over this provision. Adam Billings of Knoxville, Tenn. wrote to CNNMoney.com asking:
"I will qualify as a first-time home buyer, and I am currently set to get a small tax refund for 2008. Does that mean if I purchased now that I would get an extra $8,000 added on top of my current refund?"
Not exactly. Billings won't get $8,000 on top of his current refund, but he would turn that small refund into a much larger one. If his total tax liability came to $6,000, but he had $7,000 withheld from his payroll, he would normally receive a $1,000 refund. With this credit, his refund would total $8,000. If the credit were non-refundable, as was originally proposed in the Senate version of the stimulus package, he would have only received $6,000, or the total amount he paid in.
To qualify for the credit, the purchase must be made between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit.
Additionally, there are income restrictions: To qualify, buyers must make less than $75,000 for singles or $150,000 for couples. (Higher-income buyers may receive a partial credit.)
Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return. No other forms or papers have to be filed. Taxpayers who have already completed their returns can file amended returns for 2008 to claim the credit.
Lukewarm reception
The housing industry is somewhat pleased with the result because the stimulus plan improves on the current $7,500 tax credit, which was passed in July and was more of a low-interest loan than an actual credit. But the industry was also disappointed that Congress did not go even further and adopt the Senate's proposal of a $15,000 non-refundable credit for all homebuyers.
"[The Senate version] would have done a lot more to turn around the housing market," said Bernard Markstein, an economist and director of forecasting for the National Association of Homebuilders (NAHB). "We have a lot of reports of people who would be coming off the fence because of it."
Even so, the $8,000 credit will bring an additional 300,000 new homebuyers into the market, according to estimates by Lawrence Yun, chief economist for the National Association of Realtors.
The credit could also create a domino effect, he said, because each first-time homebuyer sale will lead to two more trade-up transactions down the line. "I think there are many homeowners who would be trading-up but they have had no buyers for their own homes," Yun said.
Who won't benefit, according to Mark Goldman, a real estate lecturer at San Diego State University, are those first-time homebuyers struggling to come up with down payments. The credit does not help get them over that hurdle - they still have to close the sale before claiming the bonus.
Instead, many may look at the tax credit as a discount on the home price, according to Yun. A $100,000 purchase effectively becomes a $92,000 one. That can reassure buyers apprehensive about purchasing and then watching prices continue falling, he added.
And it provides a nice nest egg for the often-difficult early years of homeownership, when unexpected repairs and expenses often crop up. Recipients could also use the money to buy new stuff for their home - a lawnmower, a rug, a sofa - and, in that way, help stimulate the economy.
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