If you’re planning on buying or improving a home this year you have a lot of help available from the Government. This is especially true if you will be buying your first home.
    Federal Housing Tax Credit... If you haven’t owned a home during the last three years you may qualify for a tax credit of $8,000 toward closing costs of a new home.  If you’re single you can earn up to $75,000/yr and still get the full $8,000. Married couples can earn as much as $150,000 and still qualify.  Go to Federalhousingtaxcredit.com for the scoop on this one, or just Google up “Home Buyer Tax Credit.”  Although the money is paid to you via a credit when you file your federal income tax, you can get a bridge loan and have the money available at closing.
    There’s also a bill being considered in the Senate that would increase the amount to $15,000 and remove the income limits.  If  passed it would be a real shot in the arm for home sales.
    5-Star Plus New Home Energy Rebate... Buy a new home (or one less than one year old) that has a 5-Star Plus energy rating and get a $7,500 rebate from Alaska Housing Finance Corp.  There are no income limits and, as long as you and the house meet AHFC guidelines, you don’t even have to finance through AHFC.  For information online you can go to ahfc.state.ak.us and take the “Energy/Weatherization” link on the left side of the page.
You can participate in both programs and receive a total of $15,500 in rebates and tax credits for one home purchase!
    Not Buying?.. Even if you don’t plan on buying a home this year you can still cash in on the giveaway programs.  Here’s a rundown on them:
    Home Energy Rebate program... There are no income requirements for this Alaska Housing program. You start out by signing up at www.akrebate.com.  Then you have your home rated by a qualified energy rater.  Then you select and make the appropriate energy-saving improvements and have your home re-tested. Then, depending on the improvement in your energy rating, you can receive a rebate from AHFC ranging from $4,000 to $10,000.
    Weatherization Program... Administered by the Alaska Community Development Corp., this program is available to you if you don’t make too much money. For a 4-person household the maximum gross income is $70,400. See details at www.alaskacdc.org .
    Energy Star Program... The US Department of Energy has programs available to consumers to get tax credits and rebates for steps taken to save energy. They range from energy-saving home improvements to the purchase of appliances and alternative energy solutions.  See www.energystar.gov for information.