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Join US - Doug Luza and Family Wednesday at 7PM
Woodlands Church 17th Annual Christmas EVE Services Dec 22, 23 and 24th.

This is a highlight of the holiday season in which individuals and families celebrate the holidays while raising funds and awareness for a valuable Houston program. More than 5,000 runners, volunteers, sponsors, individuals, children, and families, at all fitness levels (and many sporting holiday costumes), will make their way through the streets of Downtown Houston on December 13, 2009.

Participants of all fitness levels are sure to find their niche in one of the four races that will take place at the Chevron Jingle Bell Run & Walk. The kids fun run, for those 13 and under, the 5-mile adult run, and the 3-mile family walk.

We invite you to come Home for the Holidays for this fun-filled family tradition.

New legislation, the Worker, Homeownership and Business Assistance Act of 2009, which was signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. The new law:

• Extends deadlines for purchasing and closing on a home.
• Authorizes the credit for long-time homeowners buying a replacement principal residence.
• Raises the income limitations for homeowners claiming the credit.  

Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010.

For the first time, long-time homeowners who buy a replacement principal residence may also claim a homebuyer credit of up to $6,500 (up to $3,250 for a married individual filing separately). They must have lived  in the same principal residence for any five-consecutive year period during the eight-year period that ended on the date the replacement home is purchased.

People with higher incomes can now qualify for the credit. The new law raises the income limits for homes purchased after Nov. 6, 2009. The credit phases out for individual taxpayers with modified adjusted gross income (MAGI) between $125,000 and $145,000 or between $225,000 and $245,000 for joint filers. The existing MAGI phase-outs of $75,000 to $95,000 or $150,000 to $170,000 for joint filers still apply to purchases on or before Nov. 6, 2009.

Yesterday’s FOMC statement expressed some optimism that the economic recovery is gaining strength.  While the Federal Reserve kept the Fed Funds target at between zero and 25 bps, its statement mentions that “economic activity has continued to pick up”, and “household spending appears to be expanding”, while businesses “continue to make progress in bringing inventory stocks into better alignment with sales”.  But, the statement was also filled with concern, citing that household spending remains constrained due to high unemployment, slow income growth, tight credit and lower household wealth.  Given that there is so much slack in the economy, the Fed said inflation should remain in check for some time and the need for exceptionally low rates will continue for “an extended period”.  The Fed reiterated that it will purchase $1.25 trillion of Agency MBS by the end of Q1-2010.  They also said agency debt purchases will total about $175 bln, less than the previously announced $200 bln target and leaving $25 bln in purchases to go.

Published: Thursday, 29 Oct 2009 11:18 AM ET

For those of you keeping score on the first time home buyer tax credit extension, here is the latest:

— The tax credit would be $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010).

— Move-up buyers will be eligible, so long as the home they are leaving has been used as their principal residence for 5 years or more. 

— The tax credit would sunset on April 30, 2010. However, there would a binding contract rule that will permit those with contracts as of April 30th to qualify for the credit so long as they complete the transaction within 60 days.

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