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Business
December 5 - 18, 2009 23
First-time homebuyer credit extended
A new law that recently went into effect extends also provides a “long-time resident” credit of up people who purchase homes using the credit,
the fi rst-time homebuyer credit into spring 2010 to $6,500 for buyers who have owned and used the limits the purchase price of a home to no more
and expands the eligibility requirements for same home as a principal or primary residence than $800,000 and makes dependents ineligible
purchasers. for at least fi ve consecutive years of the eight-year to claim the credit. Purchasers must be at least 18
The Worker, Home Ownership and Business period ending on the date of purchase of a new years of age on the date of purchase. Members of
Assistance Act of 2009 extends the deadline for home as a primary residence. the Armed Forces and certain federal employees
qualifying home purchases from Nov. 30 to April A new version of Form 5405, First-Time serving outside the U.S. have an extra year to buy a
30, 2010. If a buyer enters into a binding contract Homebuyer Credit, will be available soon. A principal residence in the U.S. and still qualify for
by April 30, he or she now has until June 30, 2010, taxpayer who purchases a home before April 30, the credit.
to settle on the purchase. 2010, must use this new version of the form to claim For more information, visit the “First-Time
The maximum credit amount remains at $8,000 the credit. Taxpayers have the option of claiming Homebuyer Credit” page at
www.irs.gov.
for a fi rst-time homebuyer, defi ned as a buyer the credit on either 2009 or 2010 tax returns for all
who has not owned a primary residence during qualifying purchases made in 2010.
the three years previous to the purchase. The law The new law also raises the income limits for
City helps for fi rst-time homebuyers Urban Tea Loft ready for holidays
First-time homebuyers who qualify are able to pay only for the cost of A variety of holiday events are open to the SanTan Sun community at
a home and lease the land, thanks to the City of Chandler’s First Time downtown Chandler’s Urban Tea Loft, beginning with holiday teas from 2:30
Homebuyer’s Program. to 4:30 p.m. Dec. 12 and 18.
To learn how the program works, Chandler residents can attend a workshop The “21 and older” event features savories, appetizers, tea sandwiches,
at 6:30 p.m. Thu., Dec. 10 at the Chandler Senior Center. petite desserts, champagne and tea. Reservations are guaranteed with a
Potential buyers cannot have owned a home and must meet certain income prepayment of $38, which includes tax and gratuity.
criteria. The maximum income for a family of four is $79,080. Purchased Custom tea blending classes given by tea specialist Glynis Legrand are held
homes must be located within the 85225 ZIP code area bounded by Elliot, from 6:30 to 8 p.m. Dec. 16 and 21. Participants can take home their own
Chandler, Arizona and Alma School roads. custom blend for a unique holiday gift. Reservations and prepayment of $20
The program includes homeowner education and counseling services, and are required. Private group sessions are also available for all ages.
buyers may be eligible for down payment assistance. A gold specialist is onsite to weigh and buy gold. The gold specialist will be
Chandler Senior Center is located at 202 E. Boston St. in Chandler. To able to determine carat weight and remove stones safely. Visit the company
register for the workshop or learn more about the program, call Chandler’s website for exact dates.
Neighborhood Resources Division at 480-782-4320. Urban Tea Loft is located at 11 W. Boston St., Suite 2. To RSVP for events, call
480-786-9600. For information, visit
www.urbantealoft.com.
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