Extension of Tax Credit and Flood Insurance

After a close brush with the deadline, Congress has passed an extension of
the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and
Improvement Act (H.R. 5623). The extension applies only to transactions that
have ratified contracts in place as of April 30, 2010 that have not yet
closed. The legislation is designed to create a seamless extension the new
closing deadline for eligible transactions is now September 30, 2010. There
is will be no gap between June 30 and the date the President signs the bill
into law.

NAR worked closely with Congressional leaders on both sides of the aisle to
enact this important legislation. Extending the Tax Credit Closing deadline
will help provide additional stability to real estate markets across the
nation.

For additional information on the extension visit
www.realtor.org/government_affairs

Additionally, the United States Senate has passed the National Flood
Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the
National Flood Insurance Program until September 30, 2010. This will allow
transactions to move forward. The bill is retroactive and covers the lapse
period from June 1, 2010 to the date of enactment of the extension.

For more information on the flood insurance program visit
www.realtor.org/government_affairs

Provided to Connie from the Door County Board of REALTORS.