Homebuyer tax credit MAY BE extended!

With the cutoff to qualify for a federal tax credit fast approaching, Congress wants to delay the deadline for consumers scrambling to close transactions. Congress is considering an extension for would-be homebuyers who are racing to close home sales in order to receive a federal tax credit.

The real-estate industry has warned that tens of thousands of buyers who rushed to buy homes to qualify might not close before the deadline imposed by Congress, meaning they could miss out on receiving credits worth thousands of dollars if lawmakers don't act. Congress last fall extended an $8,000 tax credit for first-time homebuyers and added a smaller $6,500 credit for current homeowners who were buying a primary residence. To qualify for the credit, buyers had to sign purchase contracts by April 30 and must close on the transaction by June 30.

But there are so many transactions in the pipeline that the companies responsible for handling the sales, including mortgage lenders, appraisers and title insurers and real-estate brokers, say the last-minute homebuying rush in April has created bottlenecks.

Senate Majority Leader Harry Reid (D., Nev.) last week said he would back a measure to extend the June 30 closing date to Sept. 30 for buyers who had met the April contract deadline.
The National Association of Realtors estimates that from 55,000 to 75,000 homebuyers who are under contract won't be able to close in time to claim the tax credit. The trade group is lobbying Congress to extend the June 30 deadline only for those buyers who met the April deadline.

It is unclear how many sales would fall through for those who miss out on the tax credit. Buyers could be hard-pressed to void sales contracts unless they have made their closing contingent on receiving the tax credit or are willing to forgo any deposits.

--This article was reported by Nick Timiraos for The Wall Street Journal--

Ridley Township Tidbits

As of 2009, Ridley township's population is 29,942 people. Since 2000, it has had a population growth of -2.10 percent.

The median home cost in Ridley township is $191,350. Home appreciation the last year has been -5.70 percent.

Compared to the rest of the country, Ridley township's cost of living is 4.52% Lower than the U.S. average.

Ridley township public schools spend $7,610 per student. The average school expenditure in the U.S. is $6,058. There are about 17 students per teacher in Ridley township.

The unemployment rate in Ridley township is 7.10 percent(U.S. avg. is 8.50%). Recent job growth is Negative. Ridley township jobs have Decreased by 0.50 percent.

Marshalls, health club eyed for MacDade Mall

*From: April 30, 2010 Delaware County Daily Times news article*
By BARBARA ORMSBY
Times Correspondent

RIDLEY TOWNSHIP — Redevelopment of the MacDade Mall is on the agenda for the township, according to a report at a recent commissioners meeting.

Commissioner Dave White said the developer is putting together drawings for the mall that would include a Marshalls, a health club and a major pet store. A Sonic drive-in restaurant, which is part of a national chain, is planned for the front of the mall, near Ruby Tuesday.

White said the Acme supermarket at the Glenolden end of the mall, and the K-Mart, which is in the township, will remain.

A call to representatives of MacDade Mall Associates LP for comment was not returned. The last of the retail establishments that had been tenants in the mall moved out last December. A Citizens Bank branch remains at the mall.

White cited other economic boosts for the township, including the 137-room, all-suites hotel now under construction on the Industrial Highway, between Sellers and Stewart avenues, scheduled for completion in August. The Springhill Suites Hotel is part of the Marriott Hotel chain and is the first hotel for the township.

Also, redevelopment of the old Penn Hills Apartment complex is scheduled to begin in about two months. White said 30 buildings in the 44-building apartment complex will be torn down and 49 single-family dwellings will be built, a combination of town houses and apartments.

In other matters, it was announced that notices will be sent to property owners who are not in compliance with the township’s property maintenance code.

During the public comment portion of the meeting, commissioners heard a plea from Danby Paterson of Eddystone for support of the effort of a group of Eddystone residents who are working to keep Camden Metal & Iron from locating a metal-shredding facility in that borough.

She said there is no fence that will keep toxic airborne material from coming into the township.

Paterson spoke of fires that have occurred at other metal-shredding operations, citing a fire a few years ago in the pile of junk cars at the foot of the Platt Bridge in Philadelphia that sent smoke wafting over parts of the city.

“The building we are standing in (municipal building) is just within a three-mile radius of Camden Metal & Iron,” Paterson said.