The Senate Negotiates deal to extend $8,000 first-time Home Buyer credit and even goes a step further to include existing homeowners

by — published on October 29th, 2009

WASHINGTON — Senate negotiators reached a tentative deal to extend a tax credit for first-time home buyers, but its passage remains uncertain.

The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.

The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real-estate market a bigger boost while preventing real-estate investors from benefiting. 

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This entry was posted on Thursday, October 29th, 2009 at 5:01 am and is filed under Economic Stimulus Package, economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. .

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