Welch calls for extension of first-time homebuyer tax credit

first_imgAt the Essex home of Lindsey and Matt Wignall, Rep. Peter Welch on Tuesday called for a year-long extension of a tax credit that allowed the Wignalls and hundreds of thousands of other middle class families to buy their first home. Welch outlined his support for the First-time Homebuyer Credit Extension Act (H.R. 1993), which would extend a popular and successful program that provides an $8,000 tax credit to families buying their first home. The program has been credited with stabilizing the housing market, creating construction jobs and helping countless families achieve homeownership.Welch called for the extension alongside the Wignall family and Dustin Partlow and Sierra Ouellette – a Burlington couple hoping to take advantage of the credit before it expires November 30. Like families across the country, Partlow and Ouellette are worried they will be unable to afford a new home without the credit.“In this time of economic uncertainty, the First-time Homebuyer Tax Credit has given countless Vermont families support to achieve the dream of homeownership. This tremendously successful program has provided middle class families a much-needed boost while creating construction jobs and boosting the broader economy,” Welch said. “Extending it will ease the uncertainty facing families in the midst of buying a home, and it will help ward off an untimely slump in the housing market.”The First-time Homebuyer Tax Credit – created in July 2008 with the passage of the Housing and Economic Recovery Act – originally capped the credit at $7,500 and required it to be paid back in 15 years. With the passage of the American Recovery and Reinvestment Act in February 2009, the credit was increased to $8,000 and the repayment requirement was waived.H.R. 1993 would extend the credit from November 30, 2009 through December 30, 2010. The bill would also retroactively waive the repayment requirement for those who took advantage of the credit in 2008.According to the Internal Revenue Service, 1.4 million Americans have made use of the credit. Mark Zandy, chief economist for Moody’s Economy.com, said roughly 375,000 of those home purchases would not have taken place without the tax credit.At Tuesday’s event in Essex, a homebuilder, a real estate professional and a banking official discussed the effect the credit has had on creating jobs, restoring the housing market and stimulating the economy. Chris Snyder, executive vice president of Snyder Homes, Leslee McKenzie, president and owner of Hickock and Boardman Real Estate, and Chris D’Elia, President of the Vermont Bankers Association, all spoke in support of extending the tax credit. Source: Welch’s office. 10.6.2009# # #last_img read more

Pellegrini: FFP led to Negredo exit

first_imgManchester City manager Manuel Pellegrini has revealed Financial Fair Play restrictions were the key factor in striker Alvaro Negredo’s departure. But City were under pressure to leave a senior player out of their Champions League squad having been limited to a reduced roster of just 21 by UEFA as punishment for breaching the European governing body’s FFP regulations. With Negredo sidelined until the end of October with a broken metatarsal he seemed an obvious candidate for omission for the first part of the season. This, combined with a desire from the player to return to Spain, led to City accepting an approach from Valencia. Pellegrini said: “The decision for Alvaro Negredo to go was for two very important reasons. “The first was that we have the restriction for the number of the players we can use in the Champions League. “We had one player more, (and) we could not use Alvaro, who was injured, so he was the player who was not going to be on the list. “For him, it was very important because he wanted to go back to Spain, so I thought it was the best decision for the club. “But it all starts from the restriction about the number of players. We have restrictions about the amount of players and the money we can spend.” In addition to the reduced squad, City were also fined £49million and forced to limit their net summer spending to £49million. Pellegrini said: “It is difficult for me to understand the punishment because the club spent money because they wanted to grow, they finished a new training ground. “They were a small team and wanted to be a big team but now we have that punishment, that sanction, and we have to play with these restrictions.” City were linked with a deadline day move for Radamel Falcao from Monaco but the Colombia striker made a surprise loan move to rivals Manchester United. Pellegrini, asked at his preview press conference for Saturday’s Barclays Premier League clash at Arsenal, did not want to be drawn on the matter. “I don’t talk about players at other teams,” the Chilean said. Pellegrini was also unwilling to discuss comments by defender Micah Richards, who has joined Fiorentina on loan, that he was not given enough opportunities by the City manager. Pellegrini said: “I never have a response to players through the press. I always speak to the players face to face.” City’s trip to Arsenal begins a tough week in which they also travel to Bayern Munich in the Champions League and then host title rivals Chelsea. Pellegrini’s men also go into the tough period on the back of a shock loss to Stoke in their last game a fortnight ago. Pellegrini said: “We must always try to win, especially when you didn’t win the last game. “We started better than I thought against Newcastle and Liverpool, with so many players (having had) just a few days to prepare. “After that it was a surprise maybe to lose against Stoke but I don’t think we played badly. “Now we have this week with two difficult games in the Premier League and a difficult game in the Champions League but they are the games that motivate all the players.” Midfielder Fernando looks likely to miss all three key games in the coming week after limping out of the Stoke defeat with a groin problem. Striker Stevan Jovetic suffered a hamstring injury on international duty with Montenegro and has been ruled out this weekend. New £32million defender Eliaquim Mangala and former England midfielder Frank Lampard could be in line for debuts after building up their general fitness. Negredo joined Valencia on transfer deadline day last week in a loan deal that will be made permanent next summer. The transfer raised eyebrows as Negredo had impressed since his £20million signing from Sevilla last year and his exit leaves the champions with just three frontline forwards. Press Associationlast_img read more