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


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.



Please keep your community civil. All comments must follow the Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.