Washington, DC – December 2, 2009 – (RealEstateRama) — Congressman Baron Hill wants to remind Southern Indiana residents that potential homebuyers will be able to take advantage of the $8,000 homebuyer tax credit through next spring. The extension took effect yesterday, December 1, 2009, and will last until April 30, 2010.
“This homebuyer tax credit has proven its worth and I’m glad Congress has acted to extend it,” Hill said. “Many of our local papers reported earlier this week that home sales in Indiana were up 20.9 percent in October – a figure largely attributed to this first-time homebuyer tax credit.”
The $8,000 first-time homebuyer tax credit made available through the American Recovery and Reinvestment Act was initially set to expire yesterday. However, under the fully paid-for Worker, Homeownership and Business Assistance Act passed last month – which Hill supported – the credit is extended through April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase. The legislation also provides a $6,500 credit to new purchasers who have lived in their current residence for five years or more, and provides an extra year for members of the Armed Forces to buy a principal residence in the U.S. and still qualify for the credit.
Katie Moreau PHONE (202) 225-5315