Federal Programs

Find information on current and past Federal Housing programs.

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I'm pleased to share the following excellent news with you regarding the extension of the Home Buyer Tax Credit:

Both Houses OK Tax Credit Extension, Expansion
The House today and the Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. Home prices are capped at $800,000.

The legislation in both houses was included in a bill to extend unemployment benefits and is expected to be signed by President Obama shortly.

“REALTORS® appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners,” says NAR President Charles McMillan.

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This information pertains to the American Recovery and Reinvestment Act of 2009.

* The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.

* The tax credit does not have to be repaid. However, home buyers must use the residence as a principal residence for at least three years or face a recapture of the tax credit amount.

* The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.

* The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. (First-time home buyers who purchased a principal residence on or after

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* This representation is based in whole or part on data supplied by, and to, the Subscribers of Alaska MLS. Alaska MLS does not guarantee nor is it in any way responsible for its accuracy. Data maintained by Alaska MLS is for its own use and may not reflect all real estate activity in the market. Report reflects sales through within 24 hours of the final report date.

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