Ask our Taxes expert.Jennifer Mansfield, CPA, JD/LLM-Tax, is a Certified Public Accountant with more than 30 years of experience providing tax advice. The Consumer Financial Protection Bureau has proposed cutting back on collecting data that helps track discrimination in the mortgage market. In a tweet addressed to “The Suburban Housewives of America,” President Donald Trump made his intended … You can unsubscribe at any time.
The new homeowner’s tax credit that many filers are familiar with is the “First-Time Homebuyer Credit,” which was passed in 2008 under HERA or the Housing Economic and Recovery Act under Obama. Tax Credit Programs. The decision to eliminate the rule Within hours of the announcement by Ben Carson, the secretary of housing and urban development, Mr. Trump promoted his position on Twitter, “The Suburban Housewives of America must read this article,” Mr. Trump said. Finally, though not all tax credit programs, you can also apply for Freddie Mac, Fannie Mae and Though the first-time home buyer tax credit is no longer an option, there are other deductions you can still claim if you’re a homeowner. Created as a response to the 2008 financial crisis, the Housing and Economic Recovery Act (HERA) allowed If you’re still looking for the first-time home buyer credit, it unfortunately no longer exists. As a civil-rights attorney, he sued banks to rubberstamp mortgages for urban residents.
They’re pushing back on the proposed changes with a flood of public comments, litigation and hearings — including one scheduled for Wednesday where House Financial Services Chairwoman Maxine Waters (D-Calif.) plans to grill the financial regulator.“They’re trying to eliminate the ability to enforce fair housing,” said Lisa Rice, president and CEO of the National Fair Housing Alliance. If you were allowed the first-time homebuyer credit for a qualifying home purchase made between April 9, 2008, and December 31, 2008, you generally must repay the credit over 15 years.
| John Shinkle/POLITICOThe Trump administration is working to roll back former President Barack Obama’s efforts to combat racial segregation — potentially making it easier for banks to deny loans to black and Hispanic people or for cities to confine poor families to minority neighborhoods.One Trump Cabinet member, Housing secretary Ben Carson, is moving to scrap an Obama policy withholding federal funds from cities if they don’t address segregation.
Each state has a housing agency that awards the tax credit money to groups of developers according to a plan developed by the state. Activists are raising alarms that that proposal could exempt up to 85 percent of lenders from reporting any lending data at all.“I think there’s an effort by this administration to narrow the scope and the sort of meaning of civil rights protections so there’s just a hollowed-out husk of what’s actually protected,” said Thomas Silverstein of the Lawyers’ Committee for Civil Rights Under Law.
New rules may make it easier to deny loans to people of color.
| APObama tried to add teeth to the fair housing law, which passed in 1968 within a week of the murder of Martin Luther King Jr. as deadly riots swept through largely black neighborhoods in cities across the country.The act outlawed discrimination in housing. Housing secretary Ben Carson.
The Obama Administrations sought similar LIHTC program changes in the FY-2016 proposed budget. The Department of Housing and Urban Development (HUD) also offers several loan and grant options for home buyers. Previous bylines: Gotham Gazette, Bklyner, Thrillist, Task & Purpose and xoJane. As a civil-rights attorney, he sued banks to rubberstamp mortgages for urban residents. It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to … Created as a response to the 2008 financial crisis, the Housing and Economic Recovery Act (HERA) allowed new home buyersto get a tax credit of up t0 $7,500 during the first year of the initiative. People who purchased homes after 2010, however, won’t benefit from the tax credit.Although the tax credit doesn’t exist anymore, you can still get mortgage help through other mortgage programs.
Obama addressed that in 2015 by requiring local governments to track patterns of poverty and segregation with a checklist of 92 questions to gain access to federal housing funds.
President Trump celebrated the end of an Obama-era rule Wednesday.Trump tweeted early Wednesday afternoon: “Your housing prices will go up based on the market, and crime will go down. Failure to comply with the new rule jeopardized federal funds, and opponents claimed that it intruded upon the right of localities to make decisions about their own neighborhoods.Dr.