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Home :: Homebuyer Tax Credit Closing Deadline & Flood Insurance Program Extended


Homebuyer Tax Credit Closing Deadline & Flood Insurance Program Extended
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President Obama signed the extension of the Homebuyer Tax Credit closing deadline into law on July 2, 2010 - details here.

President Obama also signed into law the extension of the National Flood Insurance Program Extension Act of 2010 on July 2nd - details here.
 

After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, as part of 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 signed 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 United States 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!

For more information on the extension and the flood insurance program visit http://www.realtor.org/government_affairs