Despite several legislative setbacks along the way, Congress has finally approved an extension of the closing deadline for the federal home buyer tax credit.  Buyers who were under contract as of April 30, 2010, now have until September 30, 2010, to close their purchase.

Earlier attempts to pass the extension had been frustrated because the language was attached to legislation that would also have extended federal unemployment benefits with deficit spending of $33 billion.  Senate Republicans and Sen. Ben Nelson (D-NE) opposed the deficit spending and succeeded in filibustering the proposal.

Throughout the process, the National Association of REALTORS® was working with legislative leaders on both sides of the aisle to secure passage of a stand-alone measure.  On June 29, the House voted 409-5 to adopt H.R. 5623, the Homebuyer Assistance and Improvement Act of 2010.  After Senate leaders fell one vote shy on a vote to break the filibuster on the bill that included the unemployment benefits language, the Senate voted by unanimous consent to approve H.R. 5623.  The bill was quickly signed into law by President Obama. 

NAR estimated that as many as 6,270 buyers in Georgia could have lost eligibility for the tax credit without this action, and as many as 180,000 buyers nationwide.

If you have any questions, please contact Governmental Affairs Director Robert Broome at robert@abr.org or by phone at 404-732-0631.