Date: July 1, 2010
Re: Tax Credit Deadline Extended; Flood Insurance Program Reinstated
Rick Cirelli and I would like to pass on the following announcement from NAR
We are happy to report that Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. This is a huge win for... homebuyers, and NAR worked closely with members of Congress to make it happen.
The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.
Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30th. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted. NAR will continue to work with Congress on the NFIP Reform bill, and we will keep you posted on those efforts. Be sure to consult with your tax consultant.
Source: National Association of Realtors (NAR), July 1, 2010
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