Community Connection
Message from the President
sidual effect of the fore- This local NIP initia- increasing the quality of neighborhoods and re- are all like brands and
closure crisis and is con- tive that Fifth Third is life is one of the primary store our city to the luster that we say something to
spiring to plunge home driving is receiving corol- strategies for transform- it once displayed. people about who we are
values even lower than lary support from the fed- ing the city and bringing
It may materialize one
by the way we present
the already critically low eral government which is it back from a financial
house or one block at a
ourselves. We are our
bottom they are at now. implementing a program crisis of epic proportions.
time, but it can happen.
brand in other words.
In addition to loan
to achieve similar objec-
In the end, however, If you have an interest in Last month Chris
David Girodat
modifications and credit
tives through the Neigh-
no public or private grant this program please con- conducted a personal
November 2009 counseling that Fifth
borhood Stabilization
program can be success- tact us at Fifth Third Bank branding seminar for 75
Third and other banks
Program. This private/
ful without the willingness and we will work together Fifth Third managers
public partnership is a
I
n this issue of Com-
are performing to stem and initiative of everyday to build a better tomorrow and I will tell you that his
munity Connection
the tide of foreclosure,
model for the way broad
citizens. Homeowners in the neighborhoods of session generated more
there are articles and
we believe this next step
community policy can be
across our city have to in- Detroit. positive feedback than
information about
of cleaning up the blight
executed successfully at
vestigate these programs
an initiative called the
I would also like to
just about anything we
can save whole com-
the grass roots level to
to see if they qualify and
Neighborhood Impact
take this time to welcome
have done to support the
munities, and even cit-
achieve maximum suc-
invest their time in mak-
Program (NIP). The plan
Chris Bryant to the pages
personal growth of our
ies, from being caught in
cess.
ing the repairs happen. It
is to provide grant money
of the Community Con-
employees. I hope you
the undertow just as the In the case of Detroit, will be up to us as a com-
for homeowners to make
nection. Chris is brand
will read Chris’s column
economy is trying to drag successfully clearing munity if we want this to
repairs to their home.
strategist who special-
this month and on into
itself out of the water and blight from our neigh- work. It will be through
Blight and deteriorating
izes in people. In other
the future. I am sure you
up on the beach. borhoods and improv- our collective efforts if we
neighborhoods is a re-
words, Chris believes we
will find it enlightening
ing home values while are going to repair our and fun to read.
Home Buyer Tax
Credit Extended
By Loretta Humphrey-Cruz a new home but were First, you must be eligi-
Whichever way you
on the fence waiting for ble. If you file your taxes
look at it $8,000 is not
the real estate market as an individual and your
chump change, espe-
to bottom out and begin income does not exceed
cially in this anemic
the return to health have $75,000 (up to $95,000
economic climate. Buy-
been granted more time adjusted gross income),
ing a home is one of the
to make this major de- or if you are married and
largest single purchases
cision. But this is all old file jointly, you qualify as
in the home for that time As cycles go boom out in the cold, there may
most Americans make
news, right? long as your income does
period. Also, what you and bust, real estate will be good news for you on
in their lives, and eight The program has
not exceed $150,000 (up
finally receive in credit not stay depressed forev- the horizon, too. Per-
thousand smackers can been deemed a success
to $170,000 adjusted
will depend on your new er. This is a one-time tax sons who have owned
really make a difference. with more than 22,000
gross income), you have
cleared the first and ma-
home’s purchase price. credit. Mortgage rates their home for at least
As part of the 2009
first time homeowners
jor hurdle to eligibility. A
The tax credit you receive are near their lowest lev- five years and would like
American Recovery and
taking advantage of the
first time homebuyer is
will be equal to 10% of els in history. If this is the to purchase a new home
Reinvestment Act to help
tax benefit. Congress
defined as an individual
the home’s purchase up right time for you and you may be eligible for a fed-
stimulate the economy,
has approved the pro-
or married couple who
to $8,000. plan on taking advantage eral tax credit in the near
the Obama Administra-
gram to be extended to
If you have already
of the tax credit, consider future. The proposal
tion included a First Time
April 2010, allowing indi-
have not purchased a
purchased a home af-
this: Don’t wait until the would let qualified home-
Homebuyer Tax Credit
viduals who had not had
primary residence in the
ter January 1, 2009 and
last minute. Give your- owners receive a $6,500
for individuals and fami-
the opportunity to take
last three years.
either did not claim any
self time for house shop- tax credit if they have
lies wishing to purchase
advantage of this one In order to receive
credit on your 2008 tax
ping. It may take several lived in their residence
a home. The first time
time tax credit of $8,000 the tax credit, you must
filing or claimed the old
weeks to obtain financ- for at least five years.
home buyer credit also
until next year to pur- close on the property by
$7,500 credit , you can
ing, find a home, nego- For more information on
provided many people
chase the home of their April 30, 2010. You must
file an amended return to
tiate the final purchase the first time homebuyer
a boost in purchasing
dreams. also live in the home for
price and close. tax credits, contact any
power. Those who were
Just how does it
a minimum of 36 months.
claim the full tax credit if
interested in purchasing
You will have to repay the
you are a first time home For current hom-
one of our mortgage loan
work?
money if you do not stay
buyer. eowners feeling a little
officers at 800-792-8830.
6 The Michigan FrontPage • November 13, 2009
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