Boundary Changes:
Dividing line between 7b (Pacific Heights) and 7d (Cow Hollow) jogs south for one block at the west end and changes so that both sides of Green are in 7d (Cow Hollow) between Lyon and Divisadero. The boundary between Divisadero and Van Ness remains the same, keeping both sides of Green in 7b (Pacific Heights).
9h (South Beach) expands into portions of 9f (SOMA) and 9d (Mission Bay).
Dividing line between 6b (Hayes Valley) and 8f (Van Ness/Civic Center) moves from Gough to Franklin. Dividing line between 6c (Lower Pacific Heights) and 8f (Van Ness/Civic Center) moves from Gough to Franklin between Sutter and California.
Dividing line between 8a (Downtown) and 8j (Tenderloin) moves from Geary to O’Farrell.
5f (Buena Vista Park) expands to include Ashbury Heights, and is renamed Buena Vista/Ashbury Heights, accordingly.
5e (Parnassus/Ashbury Heights) changes to include a portion of 5b (Haight Ashbury) which is commonly known as Cole Valley, and is renamed Cole Valley/Parnassus Heights, accordingly.
9a (Bernal Heights) expands to include portions of 9c (Inner Mission) south of Cesar Chavez between San Jose and Mission.
Dividing line between 5c (Noe Valley) and 9c (Inner Mission) moves from Guerrero to San Jose between 24th St. to 26th St.
5a (Glen Park) expands to include portions of 4s (Sunnyside), 4h (Miraloma Park) and 5c (Noe Valley).
Newly Added Districts, Carved Out of Existing Districts:
9g (Yerba Buena), carved out of portions of 9f (SOMA).
10m (Candlestick Point), carved out of portions of 10k (Bayview Heights).
10n (Little Hollywood), carved out of portions of 10k (Bayview Heights).
Renamed Districts:
8b (Financial District) is renamed Financial District/Barbary Coast.
9j (Central Waterfront) is renamed Central Waterfront/Dogpatch.
5e (Parnassus/Ashbury Heights) is renamed Cole Valley/Parnassus Heights.
1d (Lake) is renamed Lake Street (the word “Street” is added).
5f (Buena Vista Park) is renamed Buena Vista/Ashbury Heights.

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The state Legislature allocated $100 million for the state income-tax credit. To qualify, a first-time home buyer had to close escrow on a new or existing home on or after May 1 and before the $100 million ran out.

At the end of June, the tax board estimated it had received 20,760 applications representing $105 million in tax credits but said it would continue accepting applications because many appeared to be duplicates, revised or invalid.

As of Friday, it had received 30,439 applications. It didn’t attach a dollar amount but based on its previous estimate, that would represent more than $155 million in tax credits.

Tax credits will be allocated on a first come, first served basis based on when the application was faxed in.

The tax board cannot issue more than $100 million worth of credits so many people who applied late in the game could be out of luck.

The tax board is not sure how many applications it has received, how many are valid and how much money, if any, remains in the program because it had to build a new computer system to process them.

That system was recently completed and the board is starting to enter information from the applications it has received.

Based on manual sampling and some information from the computer program, the tax board estimates that up to 20 percent of the applications it has received are duplicates.

In some cases, the home buyer and escrow company both sent in applications on the same property, tax board spokeswoman Denise Azimi says. In other cases, people sent in a second application to provide missing or corrected information.

Also, some people might have faxed in their applications more than once to make sure it went through. The fax line was sometimes overloaded and the tax board did not confirm that it had received anyone’s application.

14-day deadline

Some applicants might be rejected because they missed the deadline. To qualify, an application had to be received within 14 calendar days after the close of escrow and meet other requirements.

The tax board will start notifying people this week whether they were allocated a credit, but it will take several months to notify everyone who applied.

Last year, the state offered $100 million in tax credits to anyone who bought a brand-new home. Like this year, it also accepted extra applications in case some were invalid, but the rejection rate was only 3.5 percent, Azimi says.

She says the rejection rate is likely to be higher this year. Last year, it was for new homes only and most people got their information from developers, so it was probably more consistent than what people have been getting this year.

“We want to be very careful that we have enough unique applications that we will be able to award certificates for $100 million in credits. It would be very bad if we close the application (window) too soon and leave out people who could have gotten it,” Azimi says.

This year, the state is also offering a separate tax credit to anyone - first-time or repeat buyers - who buy a newly constructed (but not an existing) home. Buyers can reserve this New Home Credit by entering into a binding contract between May 1 and Dec. 31 and closing before Aug. 1, 2011. This program also has $100 million in credits available, but is not running out as quickly as the first-time buyer credit. As of July 27, it had $30 million remaining.

Both credits are worth up to $10,000 spread over three years. To get the full $10,000, a buyer must owe at least $3,333 in state income taxes each year. Because many won’t owe that much tax and lose part of their credit, lawmakers allowed the tax board to reduce both of the $100 million pots by less than $10,000 for each application received.

Updates posted

The board has been posting updates on its website (links.sfgate.com/ZJLF) showing how much money remains in each pot. It will announce a cutoff date at least 24 hours before it stops accepting applications.

John Lee, president of the San Francisco Association of Realtors, says buyers were more interested in the California tax credit earlier this year. For a brief period, they could combine it with the federal home buyer tax credit. But after the federal credit expired May 1, the California credit lost some of its appeal. Spread over three years, it’s not that much relative to the cost of homes in the Bay Area. “Buyers don’t even talk about it at this point,” he says.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/08/02/BU891ENQVA.DTL#ixzz0vs5Ri9sV

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If the property was considered an investment, Section 1031 of the Internal Revenue Code could be used to defer the payment of capital gains taxes.

If the property was considered a primary residence, Section 121 of the Internal Revenue Code could be used to avoid the payment of capital gains taxes. Section 121, also known as the homeowner’s exemption, allows taxpayers who have owned and lived in a primary residence for 2 of the past 5 years to avoid taxes on capital gains. If the taxpayer is single, the first $250,000 of gain is exempt, if married, the first $500,000 of gain is exempt.

Recently however the IRS has stated that some real estate transactions can benefit from both Section 1031 and Section 121.  Here’s how it works:

A married couple lives in a home for 5 years and has a gain of $600,000. If the married couple were to sell the home as their primary residence, the couple could qualify for Section 121 of the Internal Revenue Code and avoid paying taxes on the first $500,000 of gain. In this case, however, that leaves our married couple with a tax bill on the excess $100,000 gain (approximate $25,000 in taxes). With the new IRS ruling, instead of selling the home as a primary residence, our savvy married couple decides to move out and convert their highly appreciated home into a rental. The couple rents the house out for 2 years, and then sells that house as an “investment”. Now that the house is classified as an investment, our couple is eligible for tax deferral via Section 1031 of the Internal Revenue Code. However, because the property was also a principal residence for 2 of the past 5 years, they are also eligible for their Section 121 homeowner’s exemption.

By converting the house to an investment, the married couple can avoid paying taxes on the first $500,000 of gain, and defer the payment of any gain in excess of $500,000. Keep in mind, most tax advisors believe 1-2 years to be a sufficient time to rent out the property for it to qualify as an “investment”—but be careful not to rent the home out too long—as it must have also been used as a primary residence for 2 of the past 5 years!

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Right now, qualifying homebuyers who were under contract by April 30 have until June 30 to close the deal. But because of the large volume of applications for lenders to process, concerns have begun to surface that some buyers may miss out on the tax break simply because of the backlogged pipeline.
The National Association of Realtors (NAR) says it has received reports that as many as a third of the buyers eligible for the credit have already been notified by their lender that they won’t make the June 30 closing deadline.
The Senate’s amendment, approved Wednesday by a vote of 60 to 37, would give homebuyers and their lenders until September 30 to complete their transactions.
The extension was proposed by Senate Majority Leader Harry Reid, whose home state of Nevada still holds the title of one of the most distressed housing markets in the country.
Reid says not only did the tax credit make it easier for thousands of Nevadans to purchase their first home, it helped reduce the state’s overblown inventory of residential properties.
But a statement on his Web site warns, “There is growing concern that because of the time it takes for banks to complete transactions such as short sales, many of these home purchases would not be complete before the deadline through no fault of the homebuyer.”
The measure granting an extension is part of a larger $140 billion jobs and tax bill currently under consideration by the Senate. A Senate vote on the full legislation is expected to come later this week or next week, and then it will be sent to the House for review.
“If Congress fails to act promptly, then prospective homebuyers might not get the benefit of the homebuyer tax credit, even though they have completed contracts,” NAR stressed in a recent letter to lawmakers.

06/16/2010 By: Carrie Bay

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Proposition A (School Facilities Special Tax): Would authorize the imposition of a special tax on parcels in Community Facilities (Mello-Roos) District No. 90-1 for the following: seismic upgrading of San Francisco Unified School District facilities; repair, replacement, improvement and rehabilitation of fire and life-safety building systems; deferred capital maintenance of San Francisco Unified School District facilities; and incidental expenses. The maximum annual special tax on parcels will be the following for the first year:

$32.20 per parcel for single-family residential parcels; and
$16.10 times the number of dwelling units thereon for mixed use parcels and multi-family residential parcels.

The adjustment for inflation will not exceed two percent per year.

On June 5, 1990, the electors approved the imposition of a special tax to finance certain facilities of the San Francisco Unified School District. The tax has been annually imposed to pay for the facilities. However, not all of the facilities have been completed and the term of the special tax has expired. Proposition A would allow the completion of facilities previously approved, extend the imposition of the previously approved special tax and provide for the reauthorization of the previously authorized facilities.

Association Position on A: No recommendation

Proposition B (Earthquake Safety and Emergency Response Bond): Would authorize the City and County of San Francisco to incur a bonded indebtedness of $412,300,000 to finance the construction, acquisition, improvement and retrofitting of neighborhood fire and police stations, the auxiliary water supply system, a public safety building, and other critical infrastructure and facilities for earthquake safety and related costs necessary and convenient for the foregoing purposes, and authorizing landlords to pass-through 50 percent of the resulting property tax increase to residential tenants in accordance with the city’s “Rent Stabilization and Arbitration Ordinance.”

Association Position on B: No recommendation

Proposition C (Film Commission): Would amend the Charter to establish a Film Commission consisting of eleven members, who will each serve a four-year term. The mayor will nominate six members and the Rules Committee of the Board of Supervisors will nominate five members. The commission will develop, recognize and promote film activities in the city. The members will work together to explore and promote long-term goals for film making as a major emphasis of the city’s economic and cultural base, and encourage the recognition of film arts as an art form with widespread economic components.

Currently, the Film Commission consists of eleven members appointed by the mayor. The commission is not a Charter commission.

Association Position on C: Vote YES

Proposition D (Retirement Benefit Costs): Would amend the Charter to establish an employee contribution rate of nine percent for all employees hired on or after July 1, 2010 who become members of the California Public Employees’ Retirement System (CalPERS) and authorize all contracts with CalPERS for persons hired on and after July 1, 2010, to include a two-year formula for the calculation of final compensation “to the fullest extent possible.” It also would create new San Francisco Employees’ Retirement System (SFERS) plans for safety members hired on and after July 1, 2010 that increase required employee retirement contributions to nine percent and modify the average final compensation calculation from a one-year formula to a two-year formula.

Association Position on D: No recommendation

Proposition E (Budget Line Item for Police Security for City Officials and Dignitaries): Would require the annual budget approved by the Police Commission and submitted by the mayor to include a line item for funds appropriated to provide security to city officials and visiting dignitaries.

Association Position on E: No recommendation

Proposition F (Renters’ Financial Hardship Applications): Would allow renters to file a petition claiming financial hardship at any time with respect to any rent increase. Payment of the rent increase would be stayed for a period of 60 days from the date of filing or until a hearing is held and a decision issued by an Administrative Law Judge.

In determining whether the renter’s claim of financial hardship is to be granted, the Rent Board and the Administrative Law Judge would base their decision on:

Whether a tenant in a household is either unemployed or has had wages reduced by 20 percent or more compared to 12 months prior, or whose sole income consists of government benefits such as Social Security, SSI, SDI or similar benefits and has not received a cost of living increase in the past 12 months; and

Whether the rent including the increase comprises or will comprise 33 percent or more of the tenant’s gross income.

The renter’s assets also are to be considered in making the determination.

Upon a finding that the tenant has financial hardship, the Administrative Law Judge will order that the rent increase will not be in effect for a specific period of time based on the tenant’s circumstances and schedule a review at the end of that period. If the rent increase is later allowed, it will take effect as of the date the tenant’s income or assets changed to permit the increase.

Association Position on F: Vote NO

Proposition G (Transbay Transit Center): Would call on the California High Speed Rail Authority to abandon consideration of an alternate site for high speed rail at Main and Beale Streets and focus on bringing high speed rail to the Transbay Transit Center.

Association Position on G: Vote YES

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The Committee to Preserve Rental Housing is working to defeat Proposition F because of the likelihood that passage of the proposition will prompt rental property owners to use the Ellis Act to remove their properties from the rental market, thereby diminishing the supply of rental housing in the city. The committee is joined in its opposition to Proposition F by such diverse organizations as the San Francisco Planning and Urban Research Association (SPUR), Alice B. Toklas LGBT Democratic Club and the San Francisco Chronicle.

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Asking Price $700,000

With 3 Spacious Bedroom and 1.5 Bathrooms!!!

Open Houses:

 Thursday May 20th, 2010 Evening Showing 5:30pm-6:30pm

 and Sunday May 23rd, 2010 2:00pm-4:00pm

Take a look at the property more in depth; click on the link below to view the website!

http://www.2481-29thave.com

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What’s At Stake:

1. ANYONE who receives rental income will be required to file IRS Form 1099 reports if they pay any contractor (plumbers, repairmen, etc) $600 or more in any given year.
2. Congress is considering taxing “carried interest” at ordinary income rates instead of capital gains. Currently, carried interests is taxed at 15%.

Call your Your Congressperson and
Your Senators Today!!! Tell Them No!

Senator Dianne Feinstein 202-224-3841 (DC) for S.F numbers please see the following:

San Francisco
One Post Street, Suite 2450
San Francisco, CA 94104
Phone: (415) 393-0707
Fax: (415) 393-0710

Senator Barbara Boxer  202-224-3553

Reports indicate that Congress may vote this week on a spending and tax measure that could include two harmful tax provisions directly affecting real estate. I urge you to oppose these changes.

The first would require that ALL landlords provide an IRS Form 1099 to all contractors they do business with if they pay that contractor $600 or more in any given year. The proposal would apply even to those who own just one property. This is a trap for the unwary. Since many of my clients are “little guys” looking to supplement their income with real estate investments, any proposal requiring them to file Forms 1099 would impose new expenses and subject them to penalties they are ill-equipped to pay. Often these small landlords don’t use tax professionals; if adopted, this proposal could force them to incur the expense of hiring tax professionals. This proposal is burdensome and overreaching. Oppose it.

I also oppose a proposed change to tax carried interest at ordinary income rates. A real estate investment however, is fundamentally different from a hedge fund or financial instrument investment. An investment in real estate is nothing like playing with other people’s money. Real estate is a fixed asset held for a long period of time. The worst thing about this proposal is that, for the first time, a particular type of real estate investment gain would no longer qualify for capital gains treatment. This is a terrible precedent. Oppose it.

The real estate industry, in all its commercial, multi-family and individual investment categories, is still very fragile and likely to remain so. These proposals are ill-advised, inopportune and potentially destructive. Keep our real estate market recovery on track by opposing these measures.

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Vodka has been enjoyed since at least the early Middle Ages, and is well known as one of the world’s most popular spirits. Its versatility in mixing and high alcohol content have made it extremely popular in cocktails, and it is still widely enjoyed ‘neat’ (straight up) in much of Eastern and Northern Europe.

Vodka also has a long history of use as medicine, having been sold by druggists to cure everything from infertility to colic and the plague. While some of those historic promoters were half-cocked, it’s true that vodka has a wide range of potential uses beyond serving as a relaxer and social lubricant.

Why would you want to do anything else with vodka but drink it? It is widely available, effective and less toxic than many of the chemical alternatives you might use for these tasks.

Read more: http://www.thedailygreen.com/green-homes/latest/vodka-uses-460424#ixzz0iH4MAcZN

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