Homebuiyer Tax Credit NOT extended

In Buyers, closing, Distressed Sales, fannie mae, FHA, First-Time Buyer, flood insurance, florida, Florida Legislature, foreclosure, government, Home Buyer, home sellers, IRS, lenders, Market Report, miami, mortgage, new rules, real estate, REO, Sellers, tax credit, Tax Matters, Treasury on June 26, 2010 at 1:24 pm

Homebuyer Tax Credit Not Extended & Flood Insurance Still Pending

Contrary to so many of your calls and emails today, the homebuyer tax credit has not been extended. That provision has not passed the Senate or the House and is still part of the omnibus extenders package that remains very controversial. A vote on this bill has failed several times in the Senate. If/when the bill does pass, it will have to go back to the House for another vote, so PLEASE tell all your clients to proceed as if June 30 is still the final deadline.

As for the flood insurance extension, H.R. 5569, a bill to extend the authorization of the National Flood Insurance Program until September 30, 2010, passed the full US House of Representatives as a stand-alone bill earlier this week. This is the bill we need the Senate to now take up and pass so the President can sign it and get NFIP back on track. The NFIP has been shut down for 25 days. The National Association of REALTORS® is actively working with the Senate to take up and pass H.R. 5569 before the July 4th recess.

Congress has adjourned and will come back on Monday to once again try to tackle these important issues.

Danielle Blake
Vice President of Housing & Government Affairs
Realtor Assoc. of Greater Miami & the Beaches
700 S. Royal Poinciana Blvd.
Miami, Florida 33166
Reprinted by Permission


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