Tax Credit Extended!

Friday.
Senate leaders announced they have agreed to an extension of the $8,000 first-time home buyer tax credit through April 30. The popular credit, which has strong support from the National Association of REALTORS & Mortgage Bankers Association, is set to expire Nov. 30.
The CR, which keeps the federal government running through Dec. 18, passed the House on a 247-178. The Senate vote was 72-28.

Meanwhile, members of the Senate said they substantially reached an agreement on extending the first-time home buyer tax credit, adding it to a bill that would extend expiring unemployment benefits.

The amendment would extend the existing $8,000 tax credit for first-time home buyers and offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period within the past eight years. Under the amendment, home buyers would be required to be under contract by April 30 and close before July 1.

Ken DelVecchio, President of Ken DelVecchio and Associates and immediate Past President of The Connecticut Association of REALTORS said, "This is exactly the news we were all hoping for". "The housing industry has started a slow and fragil recovery, if this program was not extended I believe we would have seen the brakes put on regarding home buyers for many months to come"!

"AND YES, I really do think this is the best time to be a BUYER!"