Housing

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Major Issues

Housing

Whether you are already a homeowner who is struggling to stay current on your mortgage, at risk of foreclosure, or a Vermonter looking for an affordable place to call home, this information might be of interest to you.

Help for Homeowners

The Making Home Affordable initiative announced by President Obama on February 18, 2009 will help keep families in their homes by providing tools to refinance or renegotiate their mortgages. As of March 2009 homeowners that meet certain qualifications are able to refinance their mortgages in order to reduce their interest rates. For those that now owe more on their mortgage than their homes are worth, the Administration's plan provides incentives for lenders to work with borrowers to modify the terms of the loan so that future foreclosure can be avoided. You can find out more about these proposals and whether you will be eligible at: http://www.makinghomeaffordable.gov. The Administration estimates that these initiatives will help between seven and nine million homeowners restructure or refinance their mortgages to avoid foreclosure.

First-time Home Buyer Tax Credit
***MUST CLOSE BEFORE DECEMBER 1, 2009 TO QAULIFY***

Vermonters buying their first home before December 1, 2009, may be eligible for an $8,000 tax credit on their 2009 taxes. That means if you buy your first home this year and normally pay $8,000 in federal income taxes, next year you'd owe nothing. To be eligible you will need to meet certain income eligibility requirements (the credit will begin to phase out if you are single and make more than $75,000 a year or are married filing jointly and make more than $150,000 a year).

For more information on the first-time homebuyer credit, visit the IRS.gov.

Mortgage Assistance and Foreclosure Counseling

If you are struggling to keep up with your mortgage payments as a result of an adjustable rate mortgage you may be eligible for assistance from the state. The State of Vermont has established a mortgage assistance program to help Vermonters facing foreclosure. Click below for more information:

To help families avoid foreclosure, Congress provided significant resources for housing counseling and legal services for distressed borrowers. These funds were distributed in December of 2008 to ensure families can begin getting the help they need. Such counseling services are offered in Vermont by the Central Vermont Community Land Trust, Inc. in Barre, the Champlain Housing Trust in Burlington, the Gilman Housing Trust, Inc. in Newport, NeighborWorks of Western Vermont in West Rutland, and the Rockingham Area Community Land Trust, Inc. in Springfield.

Recent Statements On Housing

Leahy Praises Support Plan For State Housing Agencies
October 22, 2009

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Statement On Final Passage Of The Housing And Economic Recovery Act
July 26, 2008

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Views Of Leahy And Sanders
On State's Plan For Leahy-Sanders Funding To Meet The Needs Of Vermonters
And Communities Stricken By The Foreclosure Crisis
November 17, 2008

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Need Help?
If you, or someone you know, would like more information on housing programs or have questions regarding your rights as a tenant, one of Sen. Leahy's caseworkers may be able to help. His office can provide assistance to Vermonters who have questions about a variety of issues and can help resolve problems with federal agencies. Contact the Burlington office at (802) 863-2525 or toll-free at (800) 642-3193.