The National Association of Home Builders (NAHB) has announced a major success for them as a tax credit for first time home buyers has been added to the new Housing Stimulus Package. According to the NAHB, the temporary first-time home buyer tax credit will help stimulate home buying, reduce excess supply in housing markets and shore up home prices. They go on to say that it is imperative that the word of this new tax credit get out to those who could benefit from this credit.
This milestone legislation will help provide an enormous boost to the housing industry in the form of a tax credit for first time home buyers as well as much-needed measures that will improve mortgage liquidity, foster refinancing of troubled loans and expand the supply of affordable rental housing.
A new consumer website www.FederalHousingTaxCredit.com has been introduced to give first time home buyers more information about this great product.This site includes details and a set of comprehensive questions and answers about how the credit works and how consumers can take advantage of it.
As a real estate agent, I can appreciate this program as I know many builders who have been struggling with selling homes in this current market. I am not a huge fan of the entire package, but this portion of the package will be very beneficial to help many move into home ownership.
For more information about this tax credit, please call or email me.
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