May 26, 2009 

SB 206 (Dutton) First Time Homebuyer Tax Credit - C.A.R. is sponsoring SB 206 which would create a first-time homebuyer's tax credit, equal to 10% of the sale price of a home, not to exceed $8,000, for homes purchased as the principal residence of the taxpayer. This credit will only be available to individual purchasers whose income does not exceed $95,000, and married couples whose combined income does not exceed $170,000. SB 206 also provides this tax credit to anyone purchasing an REO property for a principal residence and makes the bill effective for one year from the date of its enactment.

Status: Senate Revenue and Taxation Committee 

Bill Number Pending (Author Pending) Local Property Maintenance Ordinances -C.A.R. is sponsoring legislation to address local property maintenance ordinances. This bill will make the existing statewide rule for maintenance of post-foreclosure properties pre-emptive of local ordinances and will provide an REO owner notice and opportunity to repair before fines for violation can attach. The amendments will also ensure that liability for maintenance of pre-foreclosure property follows the legal owner, and is not inherited by the foreclosing beneficiary or its agent. Finally, the amendments will modify the statutory Notice of Default or Notice of Sale recording to include contact information for the foreclosing entity’s designated property manager. C.A.R. will work to achieve a consensus with lenders, trustees, and local government on this proposal.

Status: Pending Amendments