Laws & Taxes

Washington, DC - June 29, 2010 - (RealEstateRama) -- Up to 180,000 home buyers will lose their tax credit through no fault of their own if Congress fails to pass an extension to the home buyer tax credit by June 30 when the closing deadline expires. Included in that number are thousands of home buyers in every state of the union, from 390 in Wyoming to 17,700 in California, according to estimates by the National Association of Realtors

June 28, 2010 - (RealEstateRama) -- To all 2010 Housing Tax Credit Contribution (“HTCC”) program applicants: The Governor signed Senate Bill 501 "An Act Concerning the Real Estate Conveyance Tax, the Conveyance of Certain Parcels of State Land, Adjustments to Certain Programs Implemented through the Department of Social Services, a Report on Tax Credits, Juvenile Justice, Absentee Voting by Members of Military, Revisions to Various Task Forces, Commissions and Councils, and Amendments and Minor and Technical Changes to Certain Special and Public Acts of the 2010 Regular Session.”

June 23, 2010 - (RealEstateRama) -- CT REIA and Al Aiello presents: Free Webinar - LLC’s Have Great Money-Saving Benefits, but most are Worthless?

NEWARK, NJ - June 22, 2010 - (RealEstateRama) -- Three members of an alleged mortgage fraud scheme that falsely promised to help homeowners facing foreclosure keep their homes and repair their damaged credit were arrested this morning on wire fraud conspiracy charges, U.S. Attorney Paul J. Fishman announced.

BUFFALO, NY - June 22, 2010 - (RealEstateRama) -- U.S. Attorney William J. Hochul, Jr. announced today that John J. Fischer, Jr., 50, of Getzville, New York, pleaded guilty before U.S. District Judge Richard J. Arcara, to a felony charge of extortion by color of official right.

Washington D.C. - June 22, 2010 - (RealEstateRama) -- International law firm Nixon Peabody LLP announces the arrival of Ross. E. Eichberg as a real estate partner based in the firm’s Washington D.C. office. He joins Nixon Peabody from Patton Boggs LLP

PEORIA, IL - June 21, 2010 - (RealEstateRama) -- Governor Pat Quinn today signed a bill into law that will create a pilot program to provide a state tax credit for the renovation of the historic Hotel Pere Marquette in downtown Peoria. The project is expected to generate 1,000 jobs and lead to economic benefits for central Illinois.

MILWAUKEE, WI - June 18, 2010 - (RealEstateRama) -- Governor Jim Doyle today awarded $360 million in Affordable Housing Tax Credits to fund affordable housing project developments across the state of Wisconsin and create approximately 2,300 construction jobs.

PHILADELPHIA, PA - June 17, 2010 - (RealEstateRama) -- Following an announcement today by Attorney General Eric Holder in Washington, D.C., representatives of the Financial Fraud Enforcement Task Force in Philadelphia, including the U.S. Attorney’s Office, Housing and Urban Development,

PROVIDENCE, RI - June 18, 2010 - (RealEstateRama) -- A federal grand jury Thursday indicted a North Providence, Rhode Island real estate attorney on charges he falsified bank and federal tax documents, and lied about his income and assets, in obtaining more than $1.5 million in mortgages.

WASHINGTON, DC - June 17, 2010 - (RealEstateRama) -- Gregory Alan Roberts, a resident of Fairfax County and Loudoun County, Va., pleaded guilty to failing to timely file income tax returns for the years 2003 and 2004, the Justice Department and Internal Revenue Service (IRS) announced today.

New York, NY - June 17, 2010 - (RealEstateRama) -- PREET BHARARA, the United States Attorney for the Southern District of New York, GEORGE VENIZELOS, the Acting Assistant Director-in-Charge of the New York Field Division of the Federal Bureau of Investigation ("FBI"), NEIL BAROFSKY, the Special Inspector General of the Troubled Asset Relief Program ("SIGTARP"), RICHARD H. NEIMAN,

TRENTON, NJ - June 16, 2010 - (RealEstateRama) -- Attorney General Paula T. Dow and Criminal Justice Director Stephen J. Taylor today announced charges against a Kearny woman who allegedly orchestrated a scheme to steal millions of dollars by obtaining mortgage loans using false identities and counterfeit documents.

June 16, 2010 - (RealEstateRama) -- Congressman Tom Price (R-GA) issued the following statement in support of the most recently selected YouCut proposal to sell excess federal property, saving taxpayers approximately $15 billion. This initiative was first introduced by Rep. Jason Chaffetz (R-UT) as part of the RSC Sunset Caucus.

WASHINGTON, D.C - June 14, 2010 - (RealEstateRama) -- Congresswoman Doris Matsui (D-Sacramento) voted to help families realize the dream of homeownership, save taxpayers money, and protect Americans from mortgage fraud by passing H.R. 5072, legislation that institutes reforms to the Federal Housing Administration (FHA). The Federal Housing Administration Reform Act is part of a larger commitment of Rep. Matsui and her colleagues to provide working Americans and small businesses in Sacramento with the tools to drive our economic recovery.

Washington, DC - June 14, 2010 - (RealEstateRama) -- The U.S. House of Representatives today passed legislation introduced by Congresswoman Maxine Waters (D-CA) to help families realize the dream of homeownership, protect Americans from mortgage fraud and save taxpayers money. The FHA Reform Act of 2010 (H.R. 5072) ensures that the Federal Housing Administration (FHA) remains viable and continues its mission of insuring mortgage loans. The bill passed overwhelmingly by a vote of 406-4.

Washington, DC - June 14, 2010 - (RealEstateRama) -- The National Association of Realtors® today expressed thanks on behalf of America’s homebuyers to three Senators for introducing a measure to extend the present home-buyer tax credit closing deadline to Sept. 30. They are Senate Majority Leader Harry Reid, D-Nev., and Sens. Johnny Isakson, R-Ga., and Chris Dodd, D-Conn.

Anderson, SC - June 14, 2010 - (RealEstateRama) -- Private transfer taxes are a new and troubling development in real property law. Private transfer taxes allow for private parties to impose real estate transfer taxes or fees on the sale of real property. Private transfer taxes are similar to the real estate transfer tax, except that it is a private party that collects the fee upon every single sale of a particular home, rather than a governmental entity

DES MOINES, IA - June 14, 2010 - (RealEstateRama) -- Governor Chet Culver today announced that projects in Creston, Altoona and Dubuque will share an award of more than $2.6 million in federal Low-Income Housing Tax Credits to create 135 units of affordable housing. Likewise, a 55-unit housing development in West Des Moines will receive $3,084,299 in Section 1602 funds. A part of the federal American Recovery and Reinvestment Act, the Section 1602 program allows affordable housing developers to exchange some of their original tax credit allocation for cash to finance the construction of their project. The Iowa Finance Authority (IFA) administers both the Low-Income Housing Tax Credit Program and the 1602 Program.

June 11, 2010 - (RealEstateRama) -- Rep. Frank Kratovil backed the Federal Housing Administration Reform Act, a bill that will save taxpayers $2.5 billion over five years and make crucial reforms to strengthen the operation of the Federal Housing Administration, which has helped 37 million Americans buy homes since 1934.“This is a much needed reform bill that will help families realize the American dream of homeownership through responsible lending practices, while curbing some of the unchecked lending that contributed to our recent housing market crisis,” said Rep. Kratovil.

WASHINGTON, DC - June 10, 2010 - (RealEstateRama) -- Rep. Carolyn Maloney (D-NY) today voted in favor of reforms to the Federal Housing Administration (FHA) which will protect homeowners from mortgage fraud and save tax dollars.

Phoenix, AZ - June 7, 2010 - (RealEstateRama) -- The city of Phoenix is publishing a Truth in Taxation notice which is required by Arizona Revised Statutes. As the state law requires, the notice only addresses the primary portion of the city’s property tax levy. However, the city’s total property tax rate remains unchanged

ATLANTA, GA - June 7, 2010 - (RealEstateRama) -- Senate Majority Leader Chip Rogers’ (R-Woodstock) much anticipated Property Tax Assessment and Appeals Reform Bill (SB346) was signed into law today by Gov. Sonny Perdue. The bill is aimed at ensuring all Georgia properties are properly assessed at Fair Market Value and that property owners have guaranteed rights to appeal

WASHINGTON, DC - June 7, 2010 - (RealEstateRama) -- The U.S. Trustee Program (USTP) has successfully resolved litigation against Countrywide Home Loans Inc. in its ongoing efforts to protect homeowners in bankruptcy, Clifford J. White III, Director of the Executive Office for U.S. Trustees, announced today.

ALEXANDRIA, VA - June 4, 2010 - (RealEstateRama) -- Ahmad Z. Abbasi, 36, of Woodbridge, Va., was sentenced today to 46 months in prison, followed by three years of supervised release, and ordered to pay $1,637,412 in restitution.

Avondale, AZ - June 3, 2010 - Military families seeking to buy a home can count on a little tax help. The Homebuyers Tax Credit which provides eligible buyers with a tax credit of $8,000 for first time buyers and $6,500 for repeat home buyers ended on April 30, 2010 for civilians.

WALTHAM, MA - June 2, 2010 - (RealEstateRama) -- The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes put under agreement in May were down 3.0 percent over the same time last year, while condominiums were down 6.0 percent. May is the first month since July 2009 that the number of both single-family homes and condominiums put under agreement has decreased compared to the year before.

WASHINGTON, DC - June 2, 2010 - (RealEstateRama) -- Matthew M. Berger has been named Vice President of Tax for the National Multi Housing Council (NMHC). Berger will have principal responsibility for federal tax legislation as part of the Joint Legislative Program of NMHC and the National Apartment Association (NAA)

BOISE, ID - May 27, 2010 - (RealEstateRama) -- The Housing Company (THC), brought to you by Idaho Housing and Finance Association, recently received a Charles L. Edson Tax Credit Excellence Award for the Whitman in Pocatello. The Affordable Housing Tax Credit Coalition, which celebrates the best in affordable rental housing development, awarded the Whitman an honorable mention in the rural housing category. The project was selected as a winner from among 40 applicants from 22 states for six separate categories

RALEIGH, NC - May 24, 2010 - (RealEstateRama) -- Homeowners struggling with the worst economic crisis since the Great Depression shouldn't have to worry about scams designed to rob them of hard earned equity in their home or put them in costly contracts that promise but do not deliver homeownership.