Home Creations recently received a letter from Congressman Tom Cole, 4th District Oklahoma, regarding the home buyer tax credit extension. In Congressman Cole’s letter, he stated that more than 30 percent of all home buyers this past year have taken advantage of the tax credit and noted the tax credit deadline, Nov. 30, has already slowed down the housing industry. In addition, the Congressman stated that construction of single family homes was down three percent nationally in August after an increase for the past five months. Builders have slowed construction because they’re afraid they can’t get the homes done for a Nov. 30 closing.
Congressman Cole is a true friend of the real estate industry and has co-sponsored H.R. 1245, the Homebuyer Tax Credit Act of 2009. It would keep the 10 percent credit based on the sales price but would increase the maximum amount to $15,000. In addition, H.R. 1245 calls for repayment of the tax credit if a buyer sells or fails to occupy the home within two years of purchase. The current tax credit program requires repayment if a home buyer sells within three years of purchase.
A big thank you to Congressman Cole for his work to keep the home buyer tax credit program alive. We’ll keep our fingers crossed that his friends in Washington will agree with him and continue the dream of making homeownership a reality for thousands more Americans.
Jan Sperry Astani
Marketing Director
Home Creations
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Lindsay Badger
Matt Lundy
Jan Sperry Astani
Posted by Jayson on October 28, 2009 at 11:11 am
I’ve read more than a few articles stating that the tax credit will most likely get extended, they’re just working out the details. Congressman Cole’s version seems to be one of the more aggressive.
Posted by Jan Sperry Astani on October 29, 2009 at 5:12 pm
It’s like all the politicians have their hand in the home buyer tax credit extension cookie jar. Which one will come up with the sweetest recipe for extension success?