Key Provisions of the American Recovery and Reinvestment Act (2009)

$8,000 first-time home buyer, true tax credit (no repayment) for the purchase of a principle residence between January 1 and December 1, 2009. Recaptured if home is sold within three years. Removes the restriction on the use of tax credit proceeds with Housing Finance Agency-issued tax exempt mortgage revenue bonds.
Short-term gap financing for Low Income Housing Tax Credit (LIHTC) projects:
- Provision allowing states to turn in portion of 2009 LIHTC allocations for cash.
- Special appropriation of $2 billion in HOME funds.
Up to a ten-year deferral of tax from business debt cancelled as part of a repurchase or restructuring.
5-year carryback of 2008 net operating losses for businesses with gross receipts of less than $15 million (three year average).
Extension of enhanced bonus depreciation.
Extension of increased small business expensing.
Enhancements to the section 25C program for energy efficiency remodeling improvements to existing homes.
One-year patch of the Alternative Minimum Tax.
Increase New Markets Tax Credit allocating authority for 2008 and 2009.
Delays for one year the start of 3% government contractor withholding requirement.

$2 billion for full year payments to owners of Section 8 project based rental assistance properties.
$2.25 billion through HOME program and Low Income Housing Tax Credit program to fill financing gaps.
$1 billion for CDBG.
$2 billion for Neighborhood stabilization program.
$1.5 billion for homelessness prevention activities (help with rents, etc).
$250 million for energy retrofitting and green investments in HUD assisted projects.
$1 billion for Section 502 direct loans under the Rural Housing Service.
$10.4 billion for Section 502 guaranteed loans under the Rural Housing Service.
$27.5 billion for highway spending.