America

Senate Votes To Extend Tax Credit For Some First-Time Home-Buyers

Tens of thousands of home buyers who risked losing out on an $8,000 tax credit may get a reprieve, NPR's Tamara Keith reports. Last night, the Senate passed a bill that would extend the closing deadline by several months.

The fix could help as many as 180,000 people who signed contracts to buy homes earlier this year, but then faced delays in closing the sale.

Lucien Salvant, a spokesman for the National Association of Realtors, told Keith that "the pipelines for lots of lenders got jammed up, so these folks were going to be denied the tax credit through no fault of their own, and that's a shame."

The bill was passed earlier this week by the House of Representatives, and it was approved unanimously by the Senate.

According to Keith, it won't open up the tax credit to any new buyers, but fro those already in contract, it extends the deadline to close until Sept. 30.

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