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  3. Reid pushes for Home Buyer Tax Credit Extension

Reid pushes for Home Buyer Tax Credit Extension

Posted on Jun 15, 2010

Harry Reid, Senate Majority Leader, announced his intensions to extend the Homebuyers Tax Credit by three months, in order to allow homebuyers that might not meet the closing deadline of June 30th, some extra time.

The Homebuyer Tax Credit, a government run program that offered up to $8,000 in tax credit funds to qualified first time homebuyers as well as up to $6,500 for qualified homeowners looking to purchase another home, expired during the spring.  A stipulation in the program stated that contracts must be signed by April 30th of this year and purchases must be complete by June 30th.  According to the National Association of Realtors (NAR), an estimated 100,000 homebuyers are not expected to meet the June 30th deadline.

Reid added the proposal as an amendment to a bill created to extend jobless benefits to the end of November.  Sen. Isakson and Sen. Dodd are joining Reid in this endeavor.  According to Locian Salvant, Spokesman for NAR, "Time is of the essence, it's important for Congress to get this done, because there's whole bunch of loans that aren't' going to close on time."
 

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