Washington, DC – December 3, 2009 – (RealEstateRama) — Today, Congressman Scott Murphy announced that, starting this month, New York homebuyers will be able to take advantage of a fiscally responsible tax credit.
Passed by Congress and signed by President Obama last month, the fully paid-for Worker, Homeownership and Business Assistance Act took effect December 1st. The Act provides an $8,000 tax credit for first-time homebuyers, as well as a $6,500 tax credit for homeowners purchasing a new principal residence.
“This tax credit will provide a helping hand to our working families and individuals struggling in today’s tough economic times,” said Rep. Murphy. “Buying a home is one of the most important economic decisions a family makes, and in this current economy the huge investment has become that much more difficult to afford. I urge the people of the 20th District to take advantage of this credit, which will ease the financial burden and make homeownership possible for thousands. This credit will help stabilize the housing market, a critical step toward getting our economy back on track, and because it is fully paid for, it does not add a dime to our federal deficit.”
To qualify for the $8,000 tax credit, a first-time homebuyer must enter into a contract by April 30, 2010, and settle on the purchase by June 30, 2010. Additionally, homeowners who have lived in their current residence for five years or more are eligible for the $6,500 credit for purchasing a new principal residence, subject to the same time requirement. Members of the Armed Forces who qualify for the credit receive an extra year to purchase a principal residence.
