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By MARTY KRAMER, Consumer columnist

The U.S. Department of Housing and Urban Development is making it possible to monetize the $8,000 tax credit available to first-time homebuyers. Big whoop, right? What does that even mean?

That’s the problem with words like monetize. You hear it, probably have an idea of its definition, but don’t really understand what it means regarding the tax credit. If the tax credit isn’t about money, then what good is it anyway?

Here’s the deal. The tax credit was rolled out as exactly that: a credit on your federal income tax (or a payment to you if the credit amount exceeds your tax liability). From the start, Texas REALTORS® and homebuyers asked if there was some way to immediately apply that money to the downpayment of the home rather than wait for a “rebate” on your tax return. The answer was no. (more…)

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Newsweek has ranked four Katy ISD high schools — Seven Lakes, Katy, Taylor and Cinco Ranch — among the top 1,500 (6 percent) out of the approximately 27,000 public high schools in the nation.

The magazine ranks public high schools annually based on the number of students who take Advanced Placement, International Baccalaureate or Cambridge tests at a school, divided by the number of graduating seniors.

Seven Lakes, ranked 403, topped the list in Katy. Other Katy ISD schools that ranked in the top 1,500 are Cinco Ranch at 458, Taylor at 1,067 and Katy at 1458.

All of the schools on the list have an index of at least 1.000 (meaning that they had as many tests as graduates), according to Newsweek researchers.

A school can reach 1.000 level only if half of its students take one AP, IB or Cambridge test in their junior year and one in their senior year.

Here’s more on how the rankings were calculated, which also takes into account the number of students eating federally subsidized lunches among other factors.

Study says economy, housing industries remains steady

By Luciano Battistini
Times Staff Writer

Metrostudy gave a positive outlook about the Houston economy and housing industry during the Katy Area Economic Development Council meeting Tuesday.

“While builder cutbacks and discounted pricing are having an effect on reducing the inventory of homes, the tightening of credit standards has removed a sizable number of formerly qualified buyers from the market,” said David Jarvis, Metrostudy director of the Houston region.

“Nevertheless, as these issues run their cycle, demographic trends keep marching forward, creating a pool of potential buyers who will express themselves in the market when credit normalcy and calmer consumer psychology return, setting the stage for a decade of strong housing demand in the United States.” (more…)

First-time purchasers get a tax credit windfall if they buy before December.
By Les Christie, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — There’s a nice windfall for some homebuyers in the economic stimulus bill. First-time buyers can claim a credit worth $8,000 - or 10% of the home’s value, whichever is less - on their 2008 or 2009 taxes.

A big plus is that the credit is refundable, meaning tax filers see a refund of the full $8,000 even if their total tax bill - the amount of witholding they paid during the year plus anything extra they had to pony up when they filed their returns - was less than that amount. But there has been a lot of confusion over this provision. Adam Billings of Knoxville, Tenn. wrote to CNNMoney.com asking:

“I will qualify as a first-time home buyer, and I am currently set to get a small tax refund for 2008. Does that mean if I purchased now that I would get an extra $8,000 added on top of my current refund?”

The short answer? Yes, Billings would get back the $8,000 plus what he’d overpaid. The long answer? It depends. Here are three scenarios: (more…)

By HELEN ERIKSEN CHRONICLE CORRESPONDENT

Katy Area Economic Development Council president Lance LaCour said growth in Katy’s business sector remained steady in 2008 despite tough economic times.

LaCour said the council had its second audit and finished the year “in the black” during his delivery of the annual report at a March 10 general assembly meeting.

The report highlighted the year’s top projects either under way or near the start of construction in the areas of infrastructure, retail, energy industries and services, and real estate developments.

LaCour and other business leaders say they are excited about the growth in Katy where more than a dozen projects announced in 2008 represent a capital investment of $273 million in 1.4 million square feet of space. LaCour said the ventures could create about 5,400 jobs.

“I would say that’s a pretty good year in a major recession,” he said. (more…)

Within the new administration’s stimulus plan is an array of programs to help millions of homeowners refinance or modify their mortgages. The program has “teeth,” but requires everyone to make a contribution. Mortgage investors, servicers and borrowers all have to participate. First and foremost, the plan aims to help reduce the wave of unnecessary foreclosures which will in turn provide greater stability to home prices or at least mitigate the downward pressure of home prices, which will help us all.

Who will qualify for which programs?

If your debt to income ratio — that is —your principal, interest, taxes and insurance on your mortgage exceeds 31% of your gross income, you may be able to get help.

If you are borrower in distress, you may be eligible. First of all, you need to know program benefits apply to those in owner-occupied properties. You must live in the home and it must be your first mortgage. (more…)

February 21, 2009

KATY, Texas—It seems people in Katy are weathering the recession better than most.

In fact, Business Week Magazine says Katy is a boomtown, ranking it as the second-fastest growing city in America.

Business Week says between 2000 and 2008, construction and salaries in the suburban community skyrocketed.

The average household income there is now $76,000 – that’s $10,000 more than the U.S. average.

By Tracy Dang
Times Managing Editor
Published:
Monday, January 19, 2009 9:23 AM CST
Even though the Houston area has seen a slowdown in recent commercial and residential growth, the greater Katy area is continuing to see growth,” said Dr. Pat Guseman, a demographer with Population and Survey Analysts.

Guseman presented the most recent study of growth and projections of the Katy Independent School District area during the Greater Katy Chamber of Commerce luncheon Wednesday.

“Katy ISD is one of the fastest growing large districts,” Guseman said. “It remains in to the top 20 statewide and is fourth in Houston.”

While Cy-Fair ISD has become a leader in percent-change enrollment during the last five years, Katy ISD follows closely behind. (more…)

will be open for business beginning Wednesday, February 4th!

Schedule: The bistro will be open Wednesdays and Thursdays from 11:30-1:30 as district testing and activity schedules allow. Dates of closure will be posted on the MCTC website updated weekly.

Reservations: Recommended, but not required. Please call 281-237-7580 to make a reservation. The current menu is attached for your convenience.

Terms: The Old Town Bistro accepts CASH only (no credit cards, debit cards or checks).

Parking: Park on the east side of Miller. Use the Old Town Bistro entrance beneath the awning. 1734 Katyland Drive (west of Rhodes Stadium).

Catering: Available for special events and meetings. Contact Patty Kenjura at 281-237-7580 to discuss possibilities.

We look forward to seeing you at the Old Town Bistro!