The Federal housing tax credit extension was passed on November 5, 2009.  This is great news for those looking to buy New York real estate.

Details of the new extension are:

  • $8,000 first time home buyer tax credit has been extended to April 30, 2010
  • A $6,500 tax credit for “move-up” buyers has been established, and it will also expire on April 30, 2010
  • Individuals who have contracts as of April 30, 2010 will still qualify for the credit as long as they close within 60 days
  • Income limits for the $8,000 credit have been increased to $125,000 for an individual or $225,000 for a couple

“The tax credit extension provides a great opportunity for first-time and move-up home buyers,” said Joe Robson, NAHB chairman and a home builder from Tulsa, Okla. “Combined with today’s near record low interest rates, the large selection of homes on the market, and very competitive pricing, the tax credit should be the extra incentive needed to get prospective buyers who have been sitting on the fence into the market.”

The National Association of Home Builders (NAHB) has launched a web site that provides detailed information about the credit for first-time and move-up homebuyers. Visit the web site at www.federalhousingtaxcredit.com for basic information about the tax credit and a detailed question and answer section. It also includes information about other housing-related and small business measures in the legislation and a number of home-buying resources for consumers.