U.S. Rep. Howard Coble introduced legislation this week to help the housing market maintain the momentum that has emerged from buyers in recent months.

The Greensboro Republican has offered a bill that would

1. extend the credit through 2010,
2. open it to all home buyers and
3. eliminate income-qualifying limits.

The current tax credit is encouraging more buyers into the housing market.  As it works now, the tax credit only applies to first-time homeowners who buy homes before Dec. 1.   In addition, single buyers need a modified adjusted gross income of $75,000 or less; married couples need $150,000 to get the tax credit.  The tax credit does not have to be paid back unless the homeowner sells the house within three years of purchase.

The new bill is called  Homeownership Moves The Economy 2009  and has been referred to the House Ways and Means Committee.

Coble is seeking 50-75 co-sponsors for the bill. If you think this is a good idea, show your support by writing your Congressman and Senator to let them know how you feel.  The economy thrives when the real estate market thrives.  Other businesses are affected by our housing industry and this would be a shot in the arm for home sales and our industry.

Use this link to send an e-mail message to Arizona Congressman Shadegg

Use this link to send an e-mail message to Jon Kyl 

Use this link to send an e-mail message to US Senator John McCain