Monday, April 17, 2006

Hampton Roads City Legislation

Chesapeake - City Council passed an emergency ordinance that provides additional tax relief measures for some senior citizens. Beginning Tuesday, the gross income threshold to participate in the real estate tax relief program was raised to $59,000 from $45,000 and the net worth threshold was raised from $200,000 to $207,000. This means that more seniors will be able to participate in the relief program.

Norfolk - The city has several programs available to help first-time homebuyers and low income homebuyers purchase homes in Norfolk. To find out about these programs, as well as new developments and other programs at http://www.norfolk.gov/Planning/comehome/.

Portsmouth - The Virginia Port Authority's plan to develop a new 600 acre port facility on Craney Island took a major step forward when the project received the blessing of the Army Corps of Engineers' Civil Works Review Board. This allows the environmental impact statement will be released for a final review by local governments and other local entities. After that is complete, the Corps' final report on the project will be prepared and ultimately forwarded to Congress. The Corps and the Port Authority do not expect any substantial problems to arise as a result of the final review. Funding for the port project, which is expected to cost $2 billion, has not yet been appropriated.

Virginia Beach - City Council is considering changing the financial requirements to participate in its senior citizen tax relief program. Net worth requirements would rise from the current $179,500 threshold to anywhere between $200,000 and $350,000. City Council has appointed a task force to study the effects of the change on the budget and report back to Council in May.

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1 Comments:

At 2:27 PM, Blogger va beyatch said...

We need to say _NO_ to cities using taxpayer money to help people buy homes during the peak of the bubble.

We also need to say _NO_ to any sort of bailouts for homedebtors that have bought over their heads, and investors that will loose money when the assetts behind their securities loose 50% of their value.

 

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