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Bringing the Dream of Homeownership Within Reach

As part of its plan to stimulate the U.S. housing market and address the economic challenges facing our nation, Congress has passed legislation that grants a tax credit of up to $8,000 to first-time home buyers.

Here is more information about how the 2009 First-Time Home Buyer Tax Credit can help prospective home buyers become part of the American dream.

Who Qualifies?

First-time home buyers who purchase homes between April 30, 2010 and closes by June 30, 2010.

To qualify as a "first-time home buyer" the purchaser or his/her spouse may not have owned a residence during the three years prior to the purchase.

Which Properties Are Eligible?

The 2009 First-Time Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Will the Credit Be?

The maximum allowable credit for home buyers is $8,000. Each home buyer´s tax credit is determined by two factors:

The price of the home-the credit is equal to 10% of the purchase price of the home, up to $8,000.

The buyer's income-single buyers with incomes up to $75,000 and married couples with incomes up to $150,000-may receive the maximum tax credit.

If the Buyer(s)´ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $75,000 and $95,000 for single buyers and between $150,000 and $170,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income-over $95,000 for singles and over $170,000 for couples are not eligible for the credit.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during the three-year period, the credit will be recouped on the sale.

New Construction Tax Credit and how it works!

• The New Home Tax Credit is an individual income tax credit that is effective July 26, 2009 and applies to a "qualified buyer" who purchases a "qualified principal residence" on or after July 26, 2009 and before July 26, 2010.

• A "qualified buyer" is a resident of Kentucky that is not eligible to receive the federal first-time homebuyer credit allowable under the Internal Revenue Code.

• A "qualified principal residence" must be certified by the seller as having never been occupied and must be the principal residence of the qualified buyer for a minimum of two years.

• The New Home Tax Credit allowable to a qualified buyer is $5,000 provided a cap of $25,000,000 for all approved New Home Tax Credits has not been met.  Once the cap has been reached, no additional credit will be approved.

• The credit is nonrefundable and may not be carried back or forward to another taxable year.

• To apply for a credit, a qualified buyer must submit a credit application only via fax within seven (7) days of the escrow closing between the buyer and the seller.   Any application faxed after the seven day period or submitted via regular mail at any time will be denied.

• The credit application form will be available prior to July 26, 2009 at the Department of Revenue´s Web site at revenue.ky.gov.

• Any qualified buyer approved for the credit will receive a credit allocation letter from the Department of Revenue.  The credit allocation letter must be attached to the income tax return filed for the taxable year during which the qualified principal residence was purchased.  For electronic filers, we will instruct you via our Web site on how to comply with the allocation letter filing requirements.

NOW ON TO SOME FUN FACTS ON SUBURBS OF LOUISVILLE, KENTUCKY:




HISTORY OF ST. MATTHEWS, KENTUCKY:

Originally a suburb of Louisville, St. Matthews was annexed into the city of Louisville as a result of the Louisville/Jefferson County merger in 2003. St. Matthews is Louisville´s largest shopping district ? two malls as well as one of nearly every chain store in Louisville can be found on Shelbyville Road.

St. Matthews Boundaries:

St. Matthews´ boundaries are Cannons Lane to the west, I-264 to the south and east, and Brownsboro Road to the north, though a few neighborhoods just north of Brownsboro Road are also considered part of St. Matthews.

St. Matthews History:

St. Matthews was first settled in 1779 by Colonel John Floyd. Floyd had purchased the 2,000 acres of land that would later become St. Matthews from soldiers who had been awarded the land for their service in the French and Indian War. It wasn´t until the city began developing a shopping center there in the 1920s that St. Matthews started to become less rural. Growth of the area was expedited by Louisville´s flood of 1937, when individuals started looking to build their homes on higher ground.

Growth of the area was sped up even faster by the 1937 flood, which lead many families to literally move to higher ground. St. Matthews incorporated as a city in 1950, partially to address infrastructure problems and build a sewer system.

St. Matthews Demographics:

Individuals living in Louisville´s East End typically have the highest median ages and incomes in the city. However, many young professionals and recent college graduates choose to live in East End apartments because they are better-kept than many of the apartment complexes in other parts of Louisville.

Nightlife:

The St. Matthews neighborhood is better known as a shopping and dining district than it is a nightlife district. In fact, many residents of the St. Matthews neighborhood find themselves in The Highlands when they´re looking for a night on the town. However, there are a few popular drinking establishments in St. Matthews on the side of Shelbyville Road closest to Crescent Hill, including Dutch's Tavern, Brendan's, the Bluegrass Brewing Company, and Saints.

St. Matthews Shopping:

St. Matthews has the largest commercial shopping district in Louisville. It is the home of two of Louisville´s largest malls as well as one of nearly every chain store in Louisville. Some of the most popular St. Matthews shopping facilities are:

• The Mall St. Matthews  The Mall St. Matthews was Louisville´s first true indoor mall. Located at 5000 Shelbyville Road, the 1.1 million square foot mall has more than 130 stores, including Aeropostale, Ann Taylor Loft, Arhaus, Aveda, bebe, Brooks Brothers, Brookstone, Harold's, J. Jill, Pottery Barn and Williams-Sonoma.
  
  
• Oxmoor Mall  (ONE OF MY FAVORITE SHOPPING PLACES!)
  Located at 7900 Shelbyville Road, just down from The Mall St. Matthews, Oxmoor Mall is home to more than 50 shops and restaurants, including American Eagle Outfitters, Dick´s Sporting Goods, Eddie Bauer, Gymboree, NY & Co., Old Navy, and Pottery Barn Kids.

ST. MATTHEWS is also in close proximity to Seneca park and Cherokee Park-both amazing beautiful with loads of walking tracks, trails, dog park and lots of hills when you want to challenge yourself on your morning jog or bike ride.