New Details For First-Time Home Buyer Tax Credit: Administration Calls Congress To Pass $8,000 Tax Credit And Other Pro-Housing Measures

WASHINGTON, DC – Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan called on Congress to approve three important measures to improve housing and the housing market for Americans:

Extend the First Time Homebuyer Credit, with strong anti-fraud measures

Extend Loan Limits for Mortgage Loans

Secure Financing for the Housing Trust Fund

The Administration supports a limited extension of the First Time Homebuyers Tax Credit, which is currently set to expire on December 1. This credit has made the difference in bringing new families into the housing market. Those buyers, in turn, have reduced the inventory of unsold homes and contributed to three months in a row of increases in home prices nationwide.

A stronger housing market benefits homeowners and strengthens the financial system. In order to reinforce the progress already made this year, the Administration urges Congress to extend the Credit for a limited period. In doing so, we urge the Congress to include effective measures to combat tax fraud, including setting a minimum age for home purchase and requiring documentary proof of the purchase in order to receive the credit.

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