Occasionally an idea is so self-evident that you marvel that nobody did it long ago.

That’s the case with Miami-Dade Commissioner Javier Souto’s legislation to outlaw backroom deals between the administration and commissioners to trade favors for votes.

It’s obvious that, in a state that purports to require government in the sunshine, passage would be a no-brainer.

Why, then, is it likely that the administration and a commission majority will kill the effort or water it down to make it useless?

To read the remainder of this article, visit: http://miamitodaynews.com/news/091119/story-viewpoint.shtml

New Miami Mayor Tom·s Regalado plans to start off on the right foot next week by seeking a vote that could terminate a lease to a developer who has defaulted on payments due the city.

Immediately bringing the Watson Island lease for the unborn Island Gardens project before the commission is absolutely the right first step. It shows concern for the city’s wallet that City Manager Pete Hernandez has not.

Mr. Hernandez told us last week, before the election, that he sees no hurry in seeking a quarter million dollars in late land use payments from developer Mehmet Bayraktar as the city struggles to pay its bills.

To read the remainder of this article, visit: http://miamitodaynews.com/news/091112/story-viewpoint.shtml

As our country reduces its dependence on oil and its carbon footprint through energy conservation, there are many benefits to making our homes more energy efficient –one such benefit is Energy Efficient Mortgages. According to US Energy Protection Agency – Energy Star Program, an Energy Efficient Mortgage (EEM) is a mortgage that credits a home’s energy efficiency in the mortgage itself. EEMs give borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios on loans thereby allowing borrowers to qualify for a larger loan amount and a better, more energy-efficient home.

To get an EEM a borrower typically has to have a home energy rater conduct a home energy rating before financing is approved. This rating verifies for the lender that the home is energy-efficient.

EEMs are typically used to purchase a new home that is already energy efficient such as an ENERGY STAR qualified home. The term EEM is commonly used to refer to all types of energy mortgages including Energy Improvement Mortgages (EIMs), which are used to purchase existing homes that will have energy efficiency improvements made to them. EIMs allow borrowers to include the cost of energy-efficiency improvements to an existing home in the mortgage without increasing the down payment. EIMs allow the borrower to use the money saved in utility bills to finance energy improvements. Both EEMs and EIMs typically require a home energy rating to provide the lender with the estimated monthly energy savings and the value of the energy efficiency measures — known as the Energy Savings Value.

EEMs (and EIMs) are sponsored by federally insured mortgage programs (FHA and VA) and the conventional secondary mortgage market (Fannie Mae and Freddie Mac). Lenders can offer conventional EEMs, FHA EEMs, or VA EEMs. For more information go to http://www.energystar.gov/index.cfm?c=bldrs_lenders_raters.energy_efficient_mortgage

The three main points are outlined below:

• Extends deadline for purchasing and closing on a home.  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. 
• Additionally, long-time homeowners buying a replacement principal residence  may also claim a homebuyer credit of up to $6,500.
• Raises the income limitations for homeowners claiming the credit.  

For additional information, click here and you will be re-directed to the IRS webpage outlining the features and qualifications.

Even before this week’s election picture clarifies, Miami’s new leaders face an immediate test with vital long-term coloration: What to do about a long-awaited Watson Island showcase that’s clearly painted red?

A developer who variously says he has put $49 million or $54 million into a mega-yacht marina/luxury hotels project but has yet to sign a ground lease with the city, turn a shovel of dirt or get financing keeps stumbling over relatively minor monthly rent — a big red flag.

To read the remainder of this article, visit: http://miamitodaynews.com/news/091105/story-viewpoint.shtml

Most of us will never have an opportunity like this in our lifetime. Imagine a time when property values are low; interest rates are low and the added benefit a tax credit plus Florida residents get the added benefit of tax portability.

Homeowners who have owned their primary house for at least five years will be able to sell those houses and receive a $6500 Tax Credit toward the purchase of another primary home. In addition in Florida we have Tax Portability, so the tax benefit you have from owning a house for a long time can be transferred to your new primary home.

Yes you can have your cake and eat it, too. But the window of opportunity is very short… you must be under contract for the purchase by April 30, 2010 and close by June 30.

Everything a homeowner would want is here now. Low property values; low interest rates; tax credits and tax portability. If you want to know how these new credits benefit you or how much your current property is worth   contact me at 305 510.0647 or carlosruiz803@comcast.net .

The bill not only continues the first-time homebuyer tax credit, but expands the credit to any homebuyer who purchases a primary residence.

To be clear, here is what the bill allows:

• First-time homebuyes get a tax credit for 10% of their purchase price, capped at a maximum of $8000.
• Repeat homebuyers get a tax credit for 10% of their purchase price, capped at a maximum of $6500.

In both cases, the credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.

“This is probably the last extension,” said Senator Johnny Isakson, R-Ga., a former real estate executive who championed the credits.

To qualify for the new tax credits, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30, 2010.  Military personnel get the same benefits extended for an additional year.

With that being said, the Kemper/Klein team is ready to help anyone find their dream home.  Not only are homes priced extremely aggressively, the tax credits can often offset all closing costs and put money back in your pocket.

We applaud the government program and hope we can assist you in taking advantage…

Click here to view/print a one-page PDF document that outlines the final changes that were approved.  All changes made to the current credit and the new additions will become effective when President Obama signs the bill.

Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time home buyers — or anyone who hasn’t owned a home in the last three years — would still get up to $8,000.  To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30.

The House could vote on the bill as early as Thursday.

Click here to read the full story.