CUELLAR VOTES TO EXTEND FIRST-TIME HOMEBUYER TAX CREDIT
Written by admin, Jun 30, 2010, 0 Comments
Courtesy Ashley Patterson,
House Passes Bill to Help Pending Homebuyers
Washington, DC – Today, Congressman Henry Cuellar (TX-28) helped pass the Homebuyers Assistance and Improvement Act to extend an important deadline to help eligible first-time homebuyers benefit from tax credits. The bill passed the House overwhelmingly Tuesday and would give homebuyers an extra three months to complete their home purchases to benefit from tax credits worth up to $8,000.
“By extending this deadline, we help thousands of Americans buy their first home and strengthen our housing market in the process,” said Congressman Cuellar. “More than 4 million families have already benefited from this tax credit and now we ensure thousands more can attain a part of the American dream.”
Under current law, homebuyers who entered contracts to purchase a home by April 30 have until June 30 to close their contracts and benefit from the first-time homebuyer tax credit. The legislation passed by the House Tuesday gives pending homebuyers until September 30 to complete the sale and qualify for the tax credit.
The National Association of Realtors estimates that 180,000 homebuyers could benefit from this extension. The bill now moves to the Senate where similar legislation has been sponsored by Senate leadership.
“Now more than ever, we have to do everything we can to shore up the strength of our housing market,” said Congressman Cuellar. “This tax credit has been good for American homebuyers and this extension will make a difference.”
To learn more about the first-time homebuyer tax credit, please visit:
