For Immediate Release
Contact: Chellee Siewert, Metropolitan Builders Association Executive Director – 262.436.1122
Housing Stimulus Package Offers New Tax Credit Incentive for First-Time Home Buyers
First-time home buyers purchasing a new or resale home are now eligible for a $7,500 tax credit
(Waukesha, WI) – July 30, 2008– Today, President Bush signed H.R. 3221, the Housing and Economic Recovery Act of 2008. Passed by Congress on July 26, 2008, the temporary decree will allow first-time homebuyers to qualify for a $7,500 tax credit from the purchase of a single-family home, townhome or condominium apartment. To qualify, buyers must close on the sale of the home on or after April 9, 2008 and before July 1, 2009. Originally set to expire in April of 2009, the eligibility period was extended so home builders will have the opportunity to include credit in their sales and marketing during the peak of home buying season come next spring and early summer.
After several months of lobbying by the Metropolitan Builders association and other affiliates of the National Association of Home Builders, the much-needed legislation is seen as a significant milestone in the current restoration of the housing industry. The Housing and Economic Recovery Act of 2008 will temporarily serve as a housing stimulus package that will not only encourage home buying, but will reduce excess supply in housing markets and help normalize home prices. In order for this housing stimulus package to be effective, it is important that builders and their corresponding home building associations are quick to inform consumers about their new credit break. In addition to low interest rates and various tax advantages, first-time home buyers now have another powerful financial motive to leave the fence and take advantage of their unique opportunity to purchase a home.
In order to advance consumer awareness, the Metropolitan Builders Association has provided promotional tools at www.whybuildnow.com. For a list of frequently asked questions about the new tax credit, visit www.federalhousingtaxcredit.com.
