Congressman Childers Announces Homebuyer Tax Credit Extension to Take Effect Today

Washington, DC - December 1, 2009 - (RealEstateRama) — Beginning today, Mississippi homebuyers will be able to take advantage of the $8,000 homebuyer tax credit for an additional three months, Congressman Travis Childers (MS-01) announced. Childers has led the effort in the House of Representatives to extend the credit, introducing legislation in September to make the credit available for an additional year and expand it to all owners of a principle residence.

“Today, thousands of Mississippians will be able to continue taking advantage of the Recovery Act’s homebuyer tax credit,” said Childers. “The credit will make purchasing a home more affordable for working families and individuals who are struggling in the face of tough economic times. To date, the credit is responsible for hundreds of thousands of new home sales throughout our country.

“As a veteran realtor for over 30 years, I understand that the stabilization of our housing market is crucial to our overall economic recovery. The three-month homebuyer tax credit extension represents a significant step in restoring the housing industry. I recently introduced legislation that would extend the credit for one year and expand it to all individuals or families purchasing a principle residence, and I intend to continue working to see that these provisions are implemented.”

The $8,000 first-time homebuyer tax credit made available through the American Recovery and Reinvestment Act was initially set to expire today. However, under the fully paid-for Worker, Homeownership and Business Assistance Act passed last month, the credit is extended through April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to settle on the purchase. The legislation also provides a $6,500 credit to new purchasers who have lived in their current residence for five years or more, and provides an extra year for members of the Armed Forces to buy a principal residence in the U.S. and still qualify for the credit.

The first-time homebuyer tax credit already has a proven record of success in increasing home sales in Mississippi and throughout the U.S. In October, the National Association of Realtors (NAR) reported an unprecedented nine consecutive months of increases in the number of signed home sales contracts. Additional NAR research suggests that, to date, as many as 355,000 sales this year can be directly attributed to the availability of the credit. In Mississippi, an estimated 17,300 first-time buyers will be able to take advantage of the credit.

A pro-gun, pro-life Mississippian, Congressman Travis Childers (D-MS) represents the First Congressional District in North Mississippi. He is a member of the fiscally conservative Blue Dog Coalition and serves on the House Agriculture and Financial Services Committee. Congressman Childers co-chairs the reestablished bipartisan Congressional Rural Caucus and was appointed to the bipartisan Second Amendment Task Force. For more information, visit www.childers.house.gov.

Tagged as: Congressman, Homebuyer, Tax Credit, Travis Childers

 

 

 

 

USGBC - U.S. Green Building Council

HUD - U.S. Department of Housing and Urban Development

NAR - National Association of REALTOR

RealtyTrac

FHFA - Federal Housing Finance Agency

Freddie Mac

MBA - Mortgage Bankers Association