Tax Credit Extension

Legislative Alert

July 1, 2010

The House and Senate have passed H.R. 5623, the "Homebuyer Assistance and Improvement Act," extending the first-time homebuyer tax credit to October 1, 2010 for any borrowers who've entered a binding contract by April 30, 2010.

Also, the Senate approved House passed H.R. 5569, the "National Flood Insurance Program Extension Act," extending the NFIP through September 30, 2010 and reauthorizing the program retroactive to May 31, 2010. NAMB applauds members for participating in the Call-to-Action by submitting letters to Congress urging them to extend the NFIP.

President Obama is expected to sign both pieces of legislation into law today.