First-Time Buyer Tax Incentives Extended at American Properties Communities
By Mel Fabrikant Friday, December 04, 2009, 06:20 PM EST
Repeat Buyers Can Also Take Advantage of New Incentives. American Properties Realty, one of New Jersey's premier developers of luxury condominium communities, is encouraging first-time homebuyers to take advantage of the extension of the federal tax credit to purchase a home at one of their four popular condominium communities. First-time buyers of condominiums at The Jefferson in Ewing, N.J., Mill Pond in Eatontown, N.J., The Preserve at Matawan, N.J. and Van Houten Manor in Passaic, N.J., will have until May 1, 2010, to sign a contract and until July 1, 2010, to close in order to take advantage of the extended deadline on the successful $8,000 tax credit.
In addition to extending the tax credit for first-time buyers, Congress has also instituted a new tax credit for repeat buyers that will allow them to claim up to $6,500 in tax incentives if they are selling their primary residence after living there for any five consecutive year period out of the last eight years. Repeat buyers must close after Nov. 6, 2009, and before July 1, 2010, to receive the credit. Both tax credits include a three-year "no repayment" provision -- if buyers live in their new home for three years, the credit is theirs to keep.
"We feel that these incentives do a great job of easing people into the sometimes scary process of buying a home, especially in these turbulent economic times," said Paul Csik, senior vice president of sales and marketing at Iselin, N.J.-based American Properties Realty. Income eligibility guidelines for the federal tax credits have also changed, with higher incomes now being allowed. Individuals making $125,000 or less, or joint filers making no more than $225,000 are eligible for the extended credits, based on modified adjusted gross income.
"American Properties is sensitive to the economic struggles people are facing," said Csik. "We want to make it as simple as possible for people to own their own homes, and that involves building homes that are luxurious, yet affordable, and giving potential buyers the proper help to make buying as comfortable as possible." Starting prices for homes at the four condominium communities range from $199,990 to $259,990.
For more information on American Properties Realty and the extended tax credits, visit their Web site at www.americanproperties.net.
In addition to extending the tax credit for first-time buyers, Congress has also instituted a new tax credit for repeat buyers that will allow them to claim up to $6,500 in tax incentives if they are selling their primary residence after living there for any five consecutive year period out of the last eight years. Repeat buyers must close after Nov. 6, 2009, and before July 1, 2010, to receive the credit. Both tax credits include a three-year "no repayment" provision -- if buyers live in their new home for three years, the credit is theirs to keep.
"We feel that these incentives do a great job of easing people into the sometimes scary process of buying a home, especially in these turbulent economic times," said Paul Csik, senior vice president of sales and marketing at Iselin, N.J.-based American Properties Realty. Income eligibility guidelines for the federal tax credits have also changed, with higher incomes now being allowed. Individuals making $125,000 or less, or joint filers making no more than $225,000 are eligible for the extended credits, based on modified adjusted gross income.
"American Properties is sensitive to the economic struggles people are facing," said Csik. "We want to make it as simple as possible for people to own their own homes, and that involves building homes that are luxurious, yet affordable, and giving potential buyers the proper help to make buying as comfortable as possible." Starting prices for homes at the four condominium communities range from $199,990 to $259,990.
For more information on American Properties Realty and the extended tax credits, visit their Web site at www.americanproperties.net.
