Countdown Until the $8,000 Tax Credit Ends

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Press Conference for "Gift of Green" ...

MAR President Rita Yarnold relays: Last week, a press conference was held at the Greater Portland Board of REALTORS office. Governor John Baldacci and Dale McCormick, Director of Maine Housing, announced the new Gift Of Green Program sponsored by MSHA.

I was honored to introduce Governor Baldacci and thank him on behalf of Maine REALTORS for this incredible program, which we believe is the most innovative approach nationwide for both maximizing the federal homeownership stimulus funds and improving energy efficiency in Maine homes.

After Governor Baldacci announced the Gift Of Green, there was a question and answer period which included Ms. McCormick, Chris Pinkham, President of the Maine Association Of Community Banks and John Murphy, President of the Maine Credit Union League.

Highlights of the Gift Of Green include (see link for more details about program & limits):

It's a grant, a non-payable gift of $5000

The current rate with no points is 5.25

The Borrower must contribute at least 1% to the transaction

The 1% may be a gift from a family member

Still take the Federal $8,000 First Time Home Buyer Tax Credit

Borrower must complete a 10-hour class

Includes a coupon for an energy audit

This is an amazing opportunity for Maine REALTORS® to acquaint their Buyers with the Gift Of Green, to ensure that the we keep Maine's economy on the road to recovery!

Rita Yarnold (Bay Realty Associates, Portland) is the 2009 President of the Maine Association of REALTORS