A friend of mine owns 75 homes in Detroit, he is offering them to a selected number of artists for a $250 a month + 1 piece of artwork monthly.
Detroit is hoping to attract artists from around the country with an offer that allows them to trade their work for home ownership. The average price of a home in the program is just $25,000, and in many cases these homes are brick and were once beautiful, by doing 1 work of art + paying just $250 a month, the homes will be mortgage free in less than 5 years!
This is made possible with the new $8,000 tax credit program, as the buyer would put this money down as a ‘down payment’ and to cover closing costs.
Some of the art work will be auctioned to promote culture in the City of Detroit. There is no restriction on the type of artwork that may be submitted for the home ownership program, what is art to some, may be a collection of brightly painted hub caps to others - in both cases they can help an artist buy a home of their own.
25-50 artists are expected to take advantage of the program before September 1. To find out more contact James Riley 248-258-9898
More about the tax credit program:
When do I need to purchase to qualify?
If you buy a home between Jan. 1 and Dec. 1 this year and close escrow during these dates, you will qualify for an $8,000 tax credit - as long as it is your primary residence and you meet the simple requirements.
How does the law define “first-time homebuyer”?
The law defines “first-time homebuyer” as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
What are other requirements to qualify?
All U.S. citizens who file taxes are eligible to participate. An income limit of $75,000 a year for individuals and $150,000 a year for joint filers also applies.
How do I apply for the credit?
Taxpayers should use IRS Tax Form 5450 to claim the first-time homebuyer tax credit. Does the credit have to be repaid? No. Unlike a similar tax credit passed in 2008, this $8,000 tax credit does not have to be repaid to the IRS.
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