Congress Extends Tax Credit and Flood Insurance Programs
Posted by Benjamin Dona on Thursday, July 1st, 2010 at 11:55am.
Yesterday, Congress passed the extension of the Homebuyer Tax Credit closing deadline. The extension applies only to transactions that have had contracts in place as of April 30, 2010 and have yet to close. The new closing deadline is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.
Additionally, the Senate also passed the National Flood Insurance Program extension through September 30, 2010. This will allow transactions in the pipeline to move forward and is retroactive to cover the lapse period from June 1, 2010 to the date of enactment.
While both extensions passage are good news for thousands of buyers, the flood insurance program extension is especially important for Florida as about 175 deals a day where being held up for lack of coverage.
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