Tuesday, October 20, 2009

Hoboken/Jersey City Real Estate News-Proposals are Underway to Extend $8000 Tax Credit

The Mortgage Bankers Association, National Association of Realtors and National Association of Home Builders sent a letter to Treasury Secretary Timothy Geithner, Housing and Urban Development Secretary Shaun Donovan, and National Economic Council Chairman Lawrence Summers, urging a one year extension of the $8,000 home buyer tax credit, as well as expansion of its applicability to all purchasers, not just first time buyers, an increase in the amount of the credit, and making the money available to cover closing costs.

Senate Banking Chairman Christopher Dodd and Georgia Senator Johnny Isakson are proposing legislation to extend the $8,000 credit for an additional seven months, removing the first time buyer limitation, and doubling the income threshold to $150,000 per person and $300,000 per family. Their proposal would cost an estimated $16.7 billion.

If this extension passes, it will be an excellent incentive for Hoboken and Jersey City homebuyers to get off the fence and buy a property!

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