Today, Rep. McCarthy vote for, and the House passed H.R. 5623, the Homebuyers Assistance and Improvement Act. For those who entered into a contact to buy a home by April 30, this legislation extends the deadline for closing on that home, in order to be eligible for the first-time homebuyer tax credit, to October 1, 2010. Under the current law, these homebuyers were required to close by June 30 to receive the credit.
Thousands of homebuyers have experienced delays, through no fault of their own, that could prevent them from closing by June 30, meaning that they would no longer qualify for the homebuyer tax credit. According to the National Association of Realtors, there are an estimated 9,190 home sales that would be delayed beyond the June 30 deadline.
"The homebuyer tax credit is a popular and successful program that has allowed thousands of families to fulfill the American dream of owning a home," said Rep. McCarthy. "While we continue to work to turn around our economy, it is important that Americans have the opportunity to purchase a home and help boost our economy."