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The switch from analog to digital broadcast television is referred to as the digital TV (DTV) transition. In 1996, Congress authorized the distribution of an additional broadcast channel to each broadcast TV station so that they could start a digital broadcast channel while simultaneously continuing their analog broadcast channel. Later, Congress mandated that June 12, 2009 would be the last day for full-power television stations to broadcast in analog. Broadcast stations in all U.S. markets are currently broadcasting in both analog and digital. After June 12, 2009, full-power television stations will broadcast in digital only.
For additional information about the DTV Transition and what you may need to do to prepare for it, visit the Federal Communications Commission's Web site http://www.dtv.gov/ or call the Federal Communications Commission at 1-888-225-5322 (TTY: 1-888-835-5322). Or to request a coupon for a digital-to-analog convertor boxes, consumers can apply online at www.dtv2009.gov. The government also has created a 24-hour hotline to take requests, 1-888-DTV-2009 (1-888-388-2009).
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Below is a list of some of the many different homeownership assistance resources and provisions provided by the government to address the housing crisis.
It is my hope that you will find the information below resourceful during these currently difficult economic times.
Homeownership Counseling
The Michigan State Housing Development Authority provides homeownership counseling through its Michigan Homeownership Counseling Network. To learn more about the certified Network Counseling services available in your area, please visit here.
Homeowner Affordability and Stability Plan
On March 4, 2009 the Obama Administration released details on their “Making Home Affordable” program designed to address the nation’s home ownership issues.
The plan includes two initiatives:
1) The Home Affordable Refinance Program - A refinancing program aimed at homeowners with less than 20 percent equity in their home or owe more than their home is worth with mortgages owned or financed by Fannie Mae and Freddie Mac
2) The Home Affordable Modification Program - A loan modification program aimed at all borrowers at risk of losing their home that attempts to decrease their monthly payments to affordable levels.
For more information on the initiatives please visit here or visit MakingHomeAffordable.gov.
Michigan Homeowner Tax Exemptions
PRE Exemption: You may be eligible for a Principal Residence Exemption (PRE) on the home you live in. This exempts you from paying the school operating millage of 18 mills and translates to a significant savings on your taxes.
Always verify on your tax bill, assessment notice, or with the local assessor to make sure you have this credit. It will reduce your tax bill considerably, if you qualify. If you believe you qualify and do not already have this exemption, you should file a Homeowner’s Principal Residence Exemption Affidavit with your local assessor before the May 1 deadline.
The form can be obtained on-line at www.michigan.gov [Form 2368 (Rev. 4-07)] or by contacting your local unit of government.
Poverty Exemption: Each local unit of government has the authority to grant yearly Poverty Exemptions to homeowners who file a Poverty Exemption application with their township or city Supervisor and/or Assessor. Typically, these Poverty Exemptions are reviewed and acted upon at the March Board of Review meeting.
It is recommended that you contact your local unit of government for their qualification policies and applications. If approved by the Board of Review and Supervisor, the Poverty Exemption can result in a reduction of your tax bill for the upcoming year. Poverty Exemption applications must be filed yearly.
American Recovery and Reinvestment Act (ARRA)
Signed into law by President Obama on February 17, 2009, ARRA is aimed to address two groups of homeowners: those who are current on payments but pay high interest rates and have not built enough equity to qualify for refinancing, and those who are at risk of losing their homes.
Homeownership assistance provisions in ARRA include:
o Federal Housing Administration (FHA) Loan Limits – FHA loan amount limits will be increased to $729,750 for homes in high-cost areas. Areas with higher-valued homes will qualify for a FHA loans, that include low rates and easier qualification standards. It also provides the option, if warranted, to increase loan limits for any “sub-area,” i.e. an area smaller than a county. The limits will expire on December 31, 2009.
o First-Time Home Ownership Tax Credit – A refundable tax credit of up to $8,000 will be available for buyers who purchase a home in 2009 -- before December 1, 2009 -- and who have not owned a principal residence in the previous three years. The tax credit amount is based upon 10 percent of the home’s purchase price, up to $8,000. To qualify, homeowners must own their home for at least three years.
o Reverse Mortgages – Loan limits on Home Equity Conversion Mortgage – or “reverse mortgage” loans will increase to $625,500 until the end of 2009. Current limits, which mirror conforming loan limits, will be increased to open reverse mortgage options for many seniors who may want to rely upon home equity as a stable source of income.
ARRA also includes $13.61 billion for projects and programs administered by the Department of Housing and Urban Development, nearly 75 percent of which was allocated to state and local recipients on February 25, 2009. For more information on the programs, please visit here
Federal Housing Finance Agency’s Foreclosure Relief Program
On November 11, 2008 the Federal Housing Finance Agency announced a new program that targets the highest-risk borrowers who miss three payments or more, own and occupy the property as a primary residence and have not filed for bankruptcy. For consideration for the program, delinquent borrowers should contact their mortgage service provider and provide the requested income information. The program creates a fast-track method of helping troubled borrowers to an obtain affordable monthly payment in which “affordable” is defined as a first mortgage payment, including homeowner association dues, of no more than 38 percent of the household’s monthly gross income.
To learn more about the program please click here
HOPE for Homeowners
On October 1, 2008 the Bush Administration unveiled the HOPE for Homeowners program to refinance mortgages for borrowers with difficulty making their payments, but can afford a new loan insured by HUD’s Federal Housing Administration.
The HOPE for Homeowners ends on September 30, 2011 and is available to only owner occupants and will offer 40-year fixed rate mortgages – so the borrower’s last payment will be the same as the first payment.
For more information this program, please visit here or call 1 (800) 225-5342.
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On March 4, 2009 President Barack Obama recently announced new details of its Homeowner Affordability and Stability Plan.
Here is what it could mean for you.
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On May 22, 2009 the Credit Card Accountability Responsibility and Disclosure Act was signed into law after the public’s response to many credit card practices. Some of the provisions have gone into effect and others will be implemented in the coming months.
Click here for highlights of the legislation.
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On November 11, 2008 the Federal Housing Finance Agency announced a new program that targets the highest risk borrower who missed three payments or more, owns and occupies the property as a primary residence, and has not filed for bankruptcy. To be considered for the program, a delinquent borrower should contact his or her mortgage service provider and make available the requested income information. The program creates a fast-track method of getting troubled borrowers to an affordable monthly payment in which “affordable” is defined as a first mortgage payment, including homeowner association dues, of no more than 38 percent of the household’s monthly gross income. Servicers are expected to begin offering the program on December 15, 2008.
To learn more about the program please click here.
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First, local governments in cooperation with the state must decide to pursue a federal disaster declaration. If the local and state agencies determine that the extent of the damage is beyond what they can mitigate, then the Governor must request a federal disaster declaration from FEMA and the President. The request would be reviewed and, if it is signed by the President, federal assistance will become available. For more information on the declaration process, visit here.
The federal government also provides tax relief to individuals on uninsured loses because of disasters. For more information, please consult a certified tax professional and visit here.
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The federal government does not have direct jurisdiction to assist you in matters involving state agencies. I encourage you to contact your state senator and state representative with your concerns.
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For a list of requested High Priority Projects for the new transportation authorization legislation to replace the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) (P.L. 109-59), please click here.
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For a list of requested appropriations for Fiscal Year 2010, please click here.
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Answers to these questions can be found in my Constituent Services section.
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The answer to your question may be found in the Issues section. If you could not find it there, please contact me.
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Click here to find out if you live in the Michigan's Second Congressional District
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Please visit my Contact Pete page.
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An answer to this question can be found in my constituent services section.
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I serve as Ranking Member on the House Permanent Select Committee on Intelligence in addition to serving on the House Committee on Education and Labor.
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