Tax Credit Closing and Flood Insurance ExtensionsCategory: Real Estate News | Permalink Published: Thursday, July 01, 2010 Today the National Assocaition of Realtors praised Congress for the passing of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both of the bills cleared the House beforehand and were accepted by the Senate last night. THe bills are now headed to the president for his signature. The tax credit closing cut-off date and the National Flood Insurance Program reauthorization were extended to September 30th. The National Association of Realtors worked directly with congressional leaders on both of the sides to perform these key parts of legistration. By extending the tax credit deadline and the Flood Insurance closing date it will provide further stability to real estate markets across the nation. "what a great way to begin celebrating our nation's most patriotic holiday by opening the door to the American dream of homeownership to thousands of home buyers who would have been shut out of the homes of their dreams thrugh no fault of their own," said the National Association of Realtors President Vicki Cox Golder. The passage of H.R. 5623, the Homebuyer Assistance and the Improvement Act, affects the homebuyers tax credit closing deadline extension just to homebuyers who have authorized agreements as of April 30, 2010, but couldn't close sooner than June 30, 2010. THe legislation is designed to create a seamless extension of the new closing deadline for eligible transactions to September 30, 2010. THere will be no gap between June 30th and the date the president signs the bill into law. Other Recent ArticlesCall Us Today!
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About This Page: Today the National Association of Realtors praised Congress for the passing of two bills to extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both of the bills cleared the House beforehand and were accepted by the Senate last night. THe bills are now headed to the president for his signature.
