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After a close brush with the deadline,
Congress has passed an extension of the Homebuyer Tax Credit
closing deadline, 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 is no gap
between June 30 and the date the President signs 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.
For additional information on the
extension visit
www.realtor.org/government_affairs
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 flood
insurance program visit
www.realtor.org/government_affairs |
