WASHINGTON, D.C. – November 5, 2009 – (RealEstateRama) — As the author of one of the first bills to extend the tax credit for home buyers, U.S. Rep. Howard Coble (R-NC) today praised passage of a bill that will extend the credit through next April and will make additional home buyers eligible for the tax credit.
The House today passed legislation extending unemployment benefits for those out of work and included language to extend the home purchase credit that was set to expire at the end of this month. Congressman Coble said he was pleased that his colleagues agreed with his need to extend the $8,000 tax credit. Rep. Coble recently introduced the HOME Act, which stands for Home Ownership Moves the Economy Act and would have extended the credit through 2010 and allowed additional home buyers to be eligible.
“While what we did today was not as extensive as I would have done,” Rep. Coble said, “it was more important to keep the tax credit alive, and we did that for an additional five months. I am also pleased that Congress has extended the credit to more than just first-time home buyers. Under today’s legislation, those who have been in their current home for at least five years, will be eligible for a $6,500 tax credit, if they purchase a new home. Both of these are positive signs. We know that these credits are spurring home sales and those sales are helping us dig out of this recession.”
President Obama is expected to sign the legislation that will extend unemployment benefits for up to an additional 14 weeks. Under the housing portion, people seeking to buy their first home will be eligible for an $8,000 tax credit if a contract is signed by April 30 and close on it by June 30. In addition, current homeowners could receive a $6,500 tax credit if they have lived in their present residence for five consecutive years in the previous eight.
Congressman Coble, who voted for today’s bill, said he was also pleased that unemployment benefits were extended for those who have been unable to find work during this recession.