WASHINGTON, DC – November 6, 2009 – (RealEstateRama) — Upon passage today of legislation to extend the first-time homebuyers tax credit, and expand the hombuyers tax credit to all homeowners buying new primary residences, U.S. Congressman John Boccieri (D-Alliance) today issued the following statement:
“We know the success of our communities begins at home and at a time when mortgage rates remain borrower friendly, the homebuyer’s tax credit spurs economic growth not only by driving new sales, but by creating demand for other services and construction. This tax credit really is driving the creation of jobs across our country.
“We know these tough economic times are rooted in the housing crisis and I know how important this legislation is to the 16th district, especially as Ohio suffers disproportionately with home foreclosure. That’s why I have been urging the passage of a first-time homebuyer tax credit extension as soon as possible.
“I am proud to vote for this bill which not only extends that tax credit but expands the homebuyer credit to all homeowners buying new primary residences. Together, these tax credits expand the universe of potential buyers, therefore helping stabilize the housing market and in turn continue rebuilding our economy from the ground up.”
Just last year, nearly 50,000 Ohioans claimed the hombuyers tax credit. The extensions that passed today extend the $8,000 first-time homebuyer tax credit through April 30, 2010. The extensions also provide for a $6,500 credit to new purchasers who have lived in their current residence for five years or more.
The extensions passed the U.S. Senate yesterday and will now go to President Obama’s desk for signature.