Additionally,
Congress passed an extension of the
closing deadline for the Home buyer Tax Credit, the Home buyer
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 legislation is designed to
create a
seamless extension; the new closing deadline for eligible
transactions
is now September 30, 2010. There will be no gap between June 30
and the
date the President signs the bill into law. Extending the tax
credit
closing deadline will help provide additional stability to real
estate
markets across the nation.
Our Government
Affairs team worked closely with
Congressional leaders on both sides of the aisle to enact this
important legislation.
NAR is still
working on restoring the 502 single-family
rural housing loan guarantee program. Language is included in
H.R.
4899, the Emergency Supplemental Appropriations bill, that is
currently
in conference between the House and Senate. We expect the House
to pass that bill shortly and are hopeful the Senate will do the
same
when they return the week of July 12. When that bill passes, the
program will be restored through the end of the fiscal year.
For additional
information on the tax credit
extension, the flood insurance program and rural housing, please
visit www.realtor.org/government_affairs
We appreciate your
commitment and involvement on these
important REALTOR® Party issues and appreciate your continued
support.
Sincerely,
NAR Government
Affairs and Community & Political Affairs Divisions