Home Buyer Tax Credit News- Congress Extends Closing

Past my bedtime so a little cut and paste [this assumes that President Obama signs the bill]:

From:        NAR Government Affairs

RE:          Tax Credit Closing Date Extension/Flood Insurance Extension

DATE:        30 June 2010

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline,   the Homebuyer Assistance and Improvement Act (H.R. 5623) . The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed.  The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010.  There will be no gap between June 30 and the date the President signs the bill into law.

NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.

Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010  (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010.  This will allow transactions to move forward.  The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.

One Comment on “Home Buyer Tax Credit News- Congress Extends Closing

  1. Well, this is good. I am glad that those people who are able to fit into this window may be able to do so. I cannot imagine being one of those buyers who did not make it. Good Job, I say!


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