Tax Credit Deadline Extended; Flood Insurance Program Reinstated

Source: CCAR

Congress has passed a bill extending the Homebuyer Tax Credit closing deadline to September 30, 2010. The extension applies only to transactions that had ratified contracts in place as of April 30, 2010, and have not yet closed. There will be no gap between June 30 and the date the President signs the bill into law.

Additionally, Congress has extended the National Flood Insurance Program (NFIP) through September 30, 2010. This will allow transactions to move forward. The bill is retroactive and will cover the lapse period from June 1, 2010, to the date the law is enacted.

For additional information on both the tax credit deadline and the NFIP, visit Realtor.org/Government Affairs.