Lobbying Paid Off - Homebuyer Extension NOW PASSED!

The National Association of REALTORS announces that lobbying efforts paid off:

 CLOSING DATE EXTENDED TO SEPTEMBER 30TH

(June 30, 2010) Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623).

This extension applies only to transactions that have contracts in place as of April 30, 2010. The new closing deadline for eligible transactions is September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. The National Association of Realtors worked closely with Congressional leaders on both sides to enact this legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.

 FLOOD INSURANCE

June 30, 2010) The Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood Insurance Program, until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.