Brooklyn Park, Brooklyn Center, & Minneapolis Area Real Estate Info

Brooklyn Park, Brooklyn Center, & Minneapolis Area Real Estate Info
Also the basics on American Recovery and Reinvestment Act of 2009

Public Affairs

Brooklyn Center
The city will soon launch three new housing programs for qualified first time homebuyers who purchase foreclosed, vacant properties in Brooklyn Center. Properties must have been foreclosed, registered as vacant with the city, and meet maintenance standards are eligible for these programs. The programs should be available in March. Visit the City of Brooklyn Center for much more detailed information.

Source: City of Brooklyn Center

Brooklyn Park
The city will conduct its annual Real Estate Forum this Thursday, February 26, from 8:30 a.m. to 12:30 p.m. at Edinburgh USA Clubhouse. The cost is $30. Four CE real estate credits are included. | REGISTER

Source: City of Brooklyn Park

Minneapolis
Minneapolis has a relatively new rental licensing ordinance and has just enacted stricter procedures for obtaining a rental license. In a nutshell, when there is a change in ownership, the buyer will need to complete all the RR items before applying for a rental license, or show that the seller completed the RRs. Either the COA (certificate of approval, for sellers) or the COC (certificate of completion, for buyers) must be attached to the rental license application (for properties requiring a TISH).

Properties sold without a TISH will not be able to get a rental license until a TISH report is done and the RRs are completed. So it is very important that agents make sure that the TISH is done before the sale. In other words, they just need to follow the rules. | MORE

Source: City of Minneapolis

First-Time Home Buyer Tax Credit and More
A modified first-time homebuyer tax credit is now law. The credit is for up to $8,000, for principal residences, first-time home buyers, and no repayment if the property is purchased after January 1, 2009 and before December 1, 2009. Information about the home buyer tax credit and the Homeowner Affordability and Stability Plan announced by the President last week are found at NAR's Unlock America's Economy page.

* American Recovery and Reinvestment Act of 2009 *


What's in the stimulus package? Here are the provisions in the American Recovery and Reinvestment Act, signed into law by President Barack Obama:

Home buyer tax credit: increased to $8,000 and repayment requirement eliminated
Conforming and FHA loan limits: last year's high-cost limits of $729,750 restored
Neighborhood stabilization: $2 billion in new funds authorized
Commercial real estate: tax credits allocated for business investment, green building, and energy efficiency
Rural housing development: $500 million in funds authorized
Low-income rental housing: Treasury grants authorized
Tax-exempt housing bonds: tax rules eased
Energy efficiency: grants and credits authorized
Transportation: $47 billion in infrastructure development and rehabilitation funds authorized
Broadband: $7 billion authorized to expand and upgrade infrastructure.
Big concepts:


Government Sponsored Enterprises (GSEs) Refinancing for Up to 4 to 5 Million Responsible Homeowners with GSE loans to Make Their Mortgages More Affordable


A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners


Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie Mac
Source: National Association of REALTORS®