WDAM - Channel 7 - Serving Hattiesburg, Laurel and the Pine BeltMississippi homebuyer's credit extended
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WASHINGTON, D.C. (WDAM) – 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 announced.
"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.
Childers said the three-month homebuyer tax credit extension represents a significant step in restoring the housing industry.
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 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.
