Congress Extends Homebuyer Tax Credit Closing Deadline and National Flood Insurance Program

RELEASE DATE: JULY 2, 2010

Late on June 30, 2010, the U.S. Senate passed an extension of the Homebuyer Tax Credit closing deadline. Known as the "Homebuyers Assistance and Improvement Act of 2010," the bill was passed by unanimous consent. The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. This legislation is designed to create a seamless extension, and the new closing deadline for eligible home sale transactions is now September 30, 2010. There will not be any gap between June 30 and the date the President signs the bill into law.

In addition, the Senate also passed the National Flood Insurance Program Extension Act of 2010, 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.

Both of these measures should help provide additional stability to real estate markets across the nation.

Kurfiss Sotheby's International Realty is a privately owned real-estate firm with offices in New Hope, Pa., and Center City Philadelphia. Its 50 agents serve southeastern Pennsylvania and select New Jersey markets.