National Flood Insurance Program and Homebuyer Tax Credit Closing Deadline Both Extended

July 2, 2010

Tax Credit ExtendedCongress has passed an extension of the closing deadline for the Homebuyer Tax Credit, 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 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. NAR members sent more than 250,000 letters to Members of Congress encouraging them to extend the program.

Source: National Association of Realtors, Community and Political Affairs & Government Affairs

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3 Responses to “National Flood Insurance Program and Homebuyer Tax Credit Closing Deadline Both Extended”

  1. Ryan on July 5th, 2010 2:26 pm

    Hopefully we can keep the ball rolling and get a few more programs out there that will help stimulate the economy.

  2. Alfred on July 13th, 2010 11:56 am

    Why did they extend it? You’d think they’d be worried about summer flooding.

  3. Cape Coral Home Builder on August 19th, 2010 2:01 pm

    This is definitely good news for the real estate market. Hopefully they have something else in the pipeline that will take effect after Sept 30th to keep the real estate industry moving in a positive direction. We have definitely noticed a positive difference with the extension of the Homebuyer Tax Credit.

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