Congress — both the U.S. House and Senate — passed the
Homebuyer Assistance and Improvement Act of 2010 (HR 5623), which extends the
Closing Deadline for Homebuyer-Tax-Credit eligible transactions to
September 30, 2010 (instead of June 30).
This extension of the Closing Deadline
applies only to transactions with ratified contracts in place as of April 30, 2010 but not yet closed.
Up to 180,000 homebuyers nationwide (including approx. 8,500 in Ohio) would have lost their tax credit had Congress not passed this extension.
What happened
The Senate approved the legislation – by
unanimous consent – last night at 9:40 pm.
The House approved the legislation on Tuesday, June 29 by a vote of
409-5.
The legislation provides a seamless transition. There is no “gap” between June 30 and the time when the bill will be signed into law by President Obama (likely to occur today).
Government Affairs staff from the National Association of REALTORS® worked vigorously with Congressional leaders on both sides of the political spectrum to get this legislation enacted. The impact of
RPAC does work!
