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The 2008 Federal Tax Credit included in the recently enacted Housing and Economic Recovery Act of 2008 for First-Time Homebuyers below as written on the IRS website: Available for a limited time only, the credit: Applies to home purchases after April 8, 2008, and before July 1, 2009. Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar. Is fully refundable, meaning that the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax that they owe.
However, the credit operates much like an interest-free loan, because it must be repaid over a 15-year period. So, for example, an eligible taxpayer who buys a home today and properly claims the maximum available credit of $7,500 on his or her 2008 federal income tax return must begin repaying the credit by including one-fifteenth of this amount, or $500, as an additional tax on his or her 2010 return. Eligible taxpayers will claim the credit on new IRS Form 5405. This form, along with further instructions on claiming the first-time homebuyer credit, will be included in 2008 tax forms and instructions and be available later this year on IRS.gov, the IRS Web site. If you bought a home recently, or are considering buying one, the following questions and answers may help you determine whether you qualify for the credit. Source: IRS Website. Please visit http://www.irs.gov/newsroom/article/0,,id=186831,00.html for a full description and explanation of the 2008 Federal Tax Credit according to the IRS. The 2009 Federal Tax Credit included in the recently enacted Housing and Economic Recovery Act of 2008 for First-Time Homebuyers below according to the Nationa Assoc of Home Builders (NAHB) website: - The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Please visit the NAHB website at http://www.federalhousingtaxcredit.com/2009/home.html for more information. As you can see, the biggest difference between the two is that the 2008 Tax Credit has to be repaid while the 2009 Tax Credit is a true credit and does not have to be repaid.
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A brand new 2009 Honda Civic Hybrid awaits a lucky advertiser at the 7th La Salle World Congress to be held May 22-24, 2009 in Los Angeles. Advertising rates for the souvenir program are as follows: -
$100: Your name printed in souvenir program
- $125: Business card size (2" x 3 1/2")
- $150: Half page colored ad (8 1/2" x 5 1/2")
- $200: Full page colored ad (8 1/2" x 11")
- $350: Inside back cover colored ad (8 1/2" x 11")
Please contact me for Advertising contracts @GaryLegaspi@yahoo.com or call 310-901-5346. Any of the above will entitle you to a chance to win the car or other door prizes. Prizes will be drawn during the World Congress dinner-dance to be held on May 23, 2009. The car winner may also opt for the $20,000 cash equivalent. Your presence at the event is not required to win the prizes.
Other prizes include One (1) 42" widescreen HDTV, one (1) round trip airline ticket to Manila and 6 consolation prizes.
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Help us, help them. The De La Salle Alumni Association - Southern California project is to raise money for the "One La Salle Foundation". The "One La Salle Foundation" was started to help fund Schools like La Salle Bagac. Find out how you can help! A little bit of your time OR a few dollars will greatly benefit these kids in need. You can even win a Honda Civic Hybrid! Contact me now! GaryLegaspi@yahoo.com.
http://www.youtube.com/watch?v=K7LMiwCvubI
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It's Great to be a La Sallian! Join us on May 23, 24 & 25, 2009 for the La Salle World Conference in Los Angeles, CA (Universal City Hilton). Connect with old friends. We'll have plenty of activities for all. Animo La Salle!!! http://www.youtube.com/watch?v=BQO5JZYWIXU
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Great for your active lifestyle!
• 680 sq. ft., 1 bath, 1 bdrm single story - $1,600 USD Monthly Downtown, Long Beach - One Bedroom in the Aqua Long Beach condos(built in 2006). Unit is on 7th Fl facing Ocean Blvd. Large kitchen includes side by side refrigerator, dishwasher, granite counters, and plenty of cabinets. Unit also includes washing machine & dryer. Unit has AC. Includes 1 parking stall in secure building. Amenities include 24 hour concierge, club house, pool & jacuzzi, and gym. Utilities include water and free DSL internet connection. Only pay for electricity and cable.
Located in the middle of downtown Long Beach, next to the LB Performing Arts and Convention Center, short walking distance to Pine St. restaurants, the Pike, Shoreline Village, and the beach. Property information
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This information was taken from the California Dept of Education.
http://api.cde.ca.gov/AcntRpt2008/2008GrthAPIDst.aspx?allcds=19-65060-0110320&c=R * Includes schools with 2008 Growth APIs of 800 or more.
* Includes schools that met schoolwide 2007-08 Growth API targets but did not meet one or more subgroup targets.
| | Click on column header to view notes. | | | | In order to meet federal requirements of No Child Left Behind, a 2008 Growth API is posted even if a school or LEA had no 2007 Base API or if a school had significant population changes from 2007 to 2008. However, the presentation of growth targets and actual growth would not be appropriate and, therefore, are omitted. | | | | "N/A" | means a number is not applicable or not available due to missing data. | | " * " | means this API is calculated for a small school or LEA, defined as having between 11 and 99 valid Standardized Testing and Reporting (STAR) Program test scores included in the API. The API is asterisked if the school or LEA was small in either 2007 or 2008. APIs based on small numbers of students are less reliable and therefore should be carefully interpreted. | | "A" | means the school scored at or above the statewide performance target of 800 in 2007. | | "B" | means the school did not have a valid 2007 Base API and will not have any growth or target information. | | "C" | means the school had significant demographic changes and will not have any growth or target information. | | "D" | means this is either an LEA, an Alternative Schools Accountability Model (ASAM) school, or a special education school. Target information is not applicable to LEAs, ASAM schools, or special education schools. | | "E" | indicates this was an ASAM school in the 2007 Base API Report and has no target information even though the school is no longer an ASAM school. | | Targets Met - In the "Met Growth Target" columns, the growth targets reflect state accountability requirements and do not match the federal Adequate Yearly Progress (AYP) requirements. The AYP requirement for the API is a 2008 Growth API of 620, or a one-point increase from the 2007 Base API to 2008 Growth API for a school or LEA. |
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Congratulations to the "California Journal for Filipino-Americans" on their 14th year anniversary. The award winning newspaper celebrated their 14th year anniversary at the George Nakano Theater in Torrance, Ca last night, August 30th. In attendance, were several prominent Filipino entertainment personalities, Filipino-American community leaders, Don Bosco Alumni and the So. California Triskelion Grand Fraternity & Sorority. Because California Assembly and Senate members cannot leave Sacramento, they sent their congratulatory videos instead. Among them were Assembly Members Ted Lieu & Warren Furutani, Senator Jenny Oropeza, State Controller John Chiang and many more. To Joey Quinto, publisher, and Emerson Quinto, managing editor, both Triskelion brethren, congratulations on your milestone achievement! You have taken "California Journal for Filipino-Americans" to great heights. May you continue to bring up-to-date & relevant news to the Filipino-American community for many years to come.
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Comfortable 3 Bedroom Home...
• 1,162 sq. ft., 2 bath, 3 bdrm single story - $280,000 - A Great Buy! North Long Beach, Long Beach - What an Opportunity!
This 3 Bedroom 1 & 3/4 Bath home can be your dream home. Some of the windows and doors have been replaced. It has a newer garage door and driveway. The main bathroom was also remodeled. Situated on a large lot, this home has everything you need to be comfortable. Property information
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This was taken from the the Federal House Committee Financial Services website... Press Release | For Immediate Release: May 8, 2008 | | | | | | | | | | | | House Passes American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) | | | | | Washington, DC - The U.S. House of Representatives today passed the most comprehensive response yet to the American mortgage crisis. The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) responds directly to the current crisis facing middle class Americans while providing the tools to prevent a repeat of these problems. The legislation combines a number of bipartisan bills including measures to modernize the FHA and reform the GSEs, which will provide crucial liquidity to our mortgage markets now, and also strengthen regulation and oversight for the future. In addition, the housing package will help families facing foreclosure keep their homes, help other families avoid foreclosures in the future, and help the recovery of communities harmed by empty homes caught in the foreclosure process. For more about this go to http://www.house.gov/apps/list/press/financialsvcs_dem/press050808.shtml |
Your thoughts about this? Will this help enough homeowners and ease the hesitation of homebuyers?
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Please join us!
"Animo La Salle" Beach BBQ & Bon Fire Event Bolsa Chica State Beach
Huntington Beach, Ca
3pm to 10pm on Sept 13, 2008
This is an opportunity to network with all La Sallistas. DLSZ, DLSU, LSGH, La Salle Bacolod and other La Salle schools are welcome to attend. Bring your family. This is a potluck. "Animo La Salle" T-Shirts commemorating the event will be sold. The proceeds will be used to benefit the DLSZ 1984 Homecoming on December 2009. Hopefully, we can make this an annual event. Future "Animo La Salle" events will be open to benefit fund raising efforts by other La Salle schools/functions/charities. Spread the spirit "Animo La Salle".
Let me know if you will attend. You can email me at GaryLegaspi@yahoo.com. ***Update*** The 1st "Animo La Salle" California event T-Shirt are now FOR SALE! The T-Shirt will be a Natural Color which is a very light beige. It is a nice thick 6.1oz shirt of very good quality. They are individually folded and bagged.
We are now taking orders for the T-Shirts.
Small to XLarge are $18.00 each
XXLarge and XXXLarge are $22.00 each
Place your orders now and we'll have your T-Shirts for you soon. Cash and Checks only please. Please contact me here or email me at GaryLegaspi@yahoo.com for more info or to place your order. http://www.facebook.com/groups.php?ref=sb#/event.php?eid=18360439367
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Great Opportunity!
• 1,592 sq. ft., 3 bath, 3 bdrm townhouse -  MLS® $449,000 - Low per Square Foot price North Torrance, Torrance - Great Opportunity! Located in a smaller secure complex, this end unit townhome overlooks the pool. It has almost 1600 square feet of living space and direct access 2-car garage. As you enter this townhome, you will be greeted by a split-level living area. On the lower level, you will find a cozy fireplace. The upper level has a spacious family/dining area and an open kitchen. There is also a guest bath/powder room on this level. The Master Bedroom with a Master Bathroom and Walk-In Closet and two other bedrooms and a full bathroom are located on the upper floor. ***This property is in Escrow since July 11, 2008*** Property information
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Although this is currently awaiting President Bush’s signature, it might not be available until 30-60 days after it has been signed. Lenders are not currently equipped to handle this increase. They need to update their system. Depending on the amount of activity that it will generate, the lenders would have to hire or rehire all the employees that were laid off during the mortgage meltdown. For the L.A. metro area, the conforming loan amount is predicted to be increased to the full $729,750.
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North Torrance, Torrance - The 3-level split at 3480 W. 171st Street has been sold. Below are other 2-3 Bedroom townhomes within the area that were SOLD from June 2007 through December 2007. Address Sold Price Bed/Bath Sq Ft Price/Sq Ft. Yr. Blt Close Date Market Time 3749 Artesia Blvd #5 $398,000 2 2.00 961 $414.15 1981 07/20/2007 112 3910 W 182nd #1 $405,000 2 2.50 1,360 $297.79 1983 12/19/2007 91 4325 W 182nd #12 $450,000 2 2.50 1,398 $321.89 1980 08/10/2007 37 4512 W 182nd $450,000 2 2.50 1,248 $360.58 1984 11/20/2007 83 3910 W 182nd #3 $480,000 2 2.50 1,360 $352.94 1983 07/10/2007 87 3480 171St #18 $485,000 3 2.50 1,592 $304.65 1981 12/17/2007 137 3925 W 182nd $490,000 2 3.00 1,264 $387.66 1986 07/31/2007 12 4021 W 182nd #A $500,000 2 2.50 1,691 $295.68 1989 07/19/2007 146 18414 Ashley Ave $759,000 3 3.00 2,095 $362.29 2007 06/27/2007 81 Averages: $490,778 2.0 2.6 1,441 $344.00 1986 87.33 Median Price of all Listings: $480,000 Average Price of all Listings: $490,778Property information
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Some homeowners who currently have an ARM that will reset can take advantage of a new program from the Federal Housing Administration called FHASecure. It will help refinance homeowners with ARM loans and transition them into fixed-rate FHA loans. The requirements are the following: ARM Loan with a reset between 12/2005-12/2009 Stable employment history Income to meet the fixed payments 3% equity in the home Not in default Don't have late payments For California - Total Loan amount of $362,790 or less
For more information call the lender of your choice or you may choose one from my resource page http://www.southbayagent.com/Resource_Page/page_304546.html Although these service providers are listed on my website, I cannot guarantee your satisfaction with their services. Others may have had successful experiences with these companies/individuals, yours might be different. Please perform your due diligence and interview all service providers before you choose one.
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Excerpt from an article on Searchlight Crusade website by Dan Melson ept 18, 2007 "House passes HR 1852. This raises the limit for FHA mortgages, appears to lower equity requirements (to less than zero) in certain circumstances, lowers their mortgage insurance ceiling. It also lowers the credit score minimum, and prohibits failures to pay from being reported to credit reporting agencies." http://www.searchlightcrusade.net/2007/09/news-from-the-front-house-pass.html My initial reaction to the "American Homeownership Act of 2007" is that it will help deserving homebuyers can now afford to purchase a home in California. After reading the above mentioned article, I see how others may have reservations about it. It passed the House but has only been introduced in the Senate on 9/19/2007. What do you think? You are more than welcome to post your comments on this subject.
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