Homebuyer Tax Credit Closing Extension

Homebuyers and REALTORS® in Chicago and nationwide can finally exhale: on June 30 Congress 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 new closing deadline for eligible transactions is September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.

"The Homebuyer Tax Credit has had an extremely positive affect on the housing industry and the economy, and been a boon to thousands of American families who used it to achieve the dream of homeownership," said C.A.R. President Genie Birch, ABR, GRI, CIPS, Broker Associate with Koenig & Strey Real Living. "Without this extension, the tax credit’s full benefits would not have been realized. We are grateful to the Congressional leaders who helped enact this legislation."

NAR worked closely with Congress on both sides of the aisle to achieve the extension, which will provide additional stability to real estate markets in Chicago and across the nation.

** As reported by the Chicago Association of Realtors