The bill entitled "The American Recovery and Reinvestment
Act," signed into law on February 17, 2009, is a great step
on the road to economic recovery and sustainable abundance
for all Americans. While there are a great deal of
important and relevant provisions in this act and I
encourage you to read it through for yourself (if you are
so motivated), the extremely dry and coarse nature of this
type of legislation makes it hard to stay awake while
reading through the hundreds of pages of seemingly
repetitive dross.
The act itself numbers over 400 pages, and may be even more
effective at putting you to sleep than a bedtime story!
Jokes aside, this is not to discount the tremendous
importance that this piece of legislation has for all
Americans and especially those who are actively involved in
maritime agencies such as the Air Force or Army.
The purpose of this article is to take all of that drab and
provisional legalese and synthesize out of it the important
parts that pertain to current homeowners, potential
homeowners, the future home construction . To keep things
simple, I will just say "The Act" from now on.
What The Act Means For The Military
There are several sections that discuss the military, but
the most relevant section is called Title X (10). This
portion goes into detail about the large amount of money
given to fund new military housing construction projects in
America.
President Obama has laid out his plan for ending the war,
and if we are serious about the transition from a war-time
economy to a peace-time economy then the conscription of
members of our armed forces into benign and peaceful
infrastructure construction projects and housing
construction projects is paramount.
There are many provisions in Title X that discuss "Family
Housing Construction" projects for the air force, army, and
military, as well as the creation of a homeowners
assistance fund.
What The Act Means For Current or Potential Homeowners
For anyone who currently owns a home that is having trouble
staying current with your mortgage payments or is even at
risk of foreclosure, there is a provision in Title X about
the temporary expansion of the homeowners assistance
program to respond to mortgage foreclosure and the credit
crisis. There is special attention given in this section to
veterans and members of the armed forces.
In the section entitled "Economic Recovery Tools" there is
special attention paid to low-income housing projects and
$2.25 billion worth of tax credits for financing low-income
housing projects. This is good news for anyone in the
market for a new house but does not have a lot of money to
spend on it, as over the next few years we will see a large
amount of new jobs and new homes built as a result of this
provision.
What The Act Means For Broadband Access In America
In terms of infrastructure development, there is a section
of the Act entitled the Broadband Technologies
Opportunities Program that discusses the expansion of
broadband service across homes, schools, and libraries all
across America.
Particularly excellent about this section is the focus on
providing broadband service to customers in unserved areas
of the United States, which means that more people will be
coming online every day and the web development and website
industry will be going nowhere but up.
Recap Of Total Amount Of Money Spent For Housing
I have intentionally avoided listing many of the specific
dollar amounts so far in order to avoid confusion, but here
I will recap exactly how much money goes where to address
housing issues.
Over $12.7 billion dollars will be spent in total on
housing projects, with the largest portion of that money
($4 billion) going to the Department of Housing and Urban
Development for the construction and repair of public
housing.
Also there will be a full $7.2 billion spent on broadband
infrastructure development and wireless internet access.
This is very good news for those small business owners
whose income depends on a website or online store.
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Nathan Navachi is an expert in the mortgage industry and
offers his expert advice at
http://MortgageRefinancingSolution.com
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