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P.L. 111-198, The Homebuyer Assistance and Improvement Act of 2010 (14 comments ↓ | 4 wiki edits: view article ↓)

  • This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

H.R. 5623 would amend the Internal Revenue Code of 1986 to extend the homebuyer tax credit for the purchase of a principal residence before October 1, 2010, in the case of a written binding contract entered into with respect to such principal residence before May 1, 2010.

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  • House Vote

  • There was no up-or-down vote in the Senate.

From the Blog

WashingtonWatch.com Digest – July 6, 2010

This is the WashingtonWatch.com email newsletter for the week of July 5, 2010. Subscribe here. email newsletter | tell a friend | wiki | about | home | log in On the Blog: Congress’ Non-Budget Budget As we noted last week, Congress ...

Hey, WashingtonWatch.com, These Numbers Ain’t Right!

Here’s a fair criticism of this week’s newsletter from a subscriber: I’m puzzled by your classification of the “Homebuyer Assistance and Improvement Act of 2010” as a savings per household. It strikes me that unlike spend...

Visitor Comments Comments Feed for This Bill

Lorilynfarms

(logged-in user) June 30, 2010, 8:44am (report abuse)

So, did it pass?

Lorilynfarms

(logged-in user) June 30, 2010, 8:45am (report abuse)

We've been under contract since March- dealing with a bank owned property.

V in MD

June 30, 2010, 10:37am (report abuse)

It passed the House...now onto the Senate!

Agi

June 30, 2010, 11:59am (report abuse)

Any idea when will the Senate vote?

jkber2002

June 30, 2010, 12:42pm (report abuse)

They say the vote could be as early as today. They will probably want to take care of it before July 1 to avoid a lot of heartache and frustration from people on pins and needles waiting to hear.

Agi

June 30, 2010, 1:16pm (report abuse)

Thanks. Yep, I would be one of them. I have been dealing with the short sale since March and suppose to have closing today but most likely it will be postponed yet again.

JR from Lakewood

June 30, 2010, 6:54pm (report abuse)

Now is the time to let Congress know we desperately need a tax credit closing extension, even if just for 30 days. I have a first time home buyer that will probably miss her $8,000.00 tax credit, and as bad, the home seller's will miss their $6,500.00 tax credit as well. I didn't believe in the program in the first place, but since it was everyone's expectation, let's give our clients the opportunity they bought into.

Eric Henderson

June 30, 2010, 9:40pm (report abuse)

This is exactly what we need right now... I have several buyers who have been waiting for MONTHS to get short sale approvals from Bank of America and are STILL waiting... they will lose the tax credit - fall out of contract and thousands of distressed home sales will flood the market again - housing prices will plummet...

Tannie Hughes

June 30, 2010, 11:31pm (report abuse)

I had a closing scheduled for June 30. We've waited for Bank of America, TWICE, who approved the shortsale, but then we had to wait for the Mortgage Insurance to process & send us a letter. We started this contract in Feb! My customer is VERY fustrated because the tax credit is what motivated him to buy in the first place! The whole process has been a nightmare but this would help greatly. I could go on a nice rant, but I'll leave it at that.

Cindy Zeigler

July 6, 2010, 10:09am (report abuse)

It would be great if they would now pass 4899 so that USDA would have funding again for the 502 program

Lainie

July 6, 2010, 11:08am (report abuse)

This will just artifically prop up the housing market while there will be some who really can't afford to buy a home will do so for the credit and then default in the future.

The federal government has no business insisting that everyone should have a home no matter what their circumstances or ability to pay. Since they do, we and many future generations will be in debt to China and other foreign investors forever.

whynot

July 8, 2010, 5:38pm (report abuse)

i do not have a problem with this ext. but wat about people like me ...lost my job over a year ago managed to stay in my home for the past 10 years why are we not rewarded for not foreclosing on our bank loans...just asking?

isurveil

July 9, 2010, 4:32pm (report abuse)

I have been waiting since March 27, 2010, for this funding. I keep getting excuses without any results.

Gucci Sunglasses

September 29, 2010, 11:02pm (report abuse)

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