October 19, 2009 – (RealEstateRama) — Congressman Phil Hare (D-IL) today was joined by local citizens and realtors in Moline, Canton, and Macomb to call for an extension of the $8,000 first-time homebuyer tax credit. The credit is set to end on December 1, 2009.
“The first-time homebuyer tax credit has been an undeniable success,” Hare said. “Extending it until the end of 2010 will continue to help our economy recover and give more families the chance to own their first home, a central component of the American Dream.”
The $8,000 first-time homebuyer tax credit was passed as part of the American Recovery and Reinvestment Act and has had an extremely positive impact on the local housing market. The National Association of Realtors estimates that 73,200 first-time homebuyers in Illinois will use the credit before it expires, 9,100 who would have not purchased one otherwise.
“Phil Hare has been a staunch advocate of the $8,000 first time home-buyer tax credit passed by the federal government,” said David A. Levin, former President of the Quad City Area Realtor Association and a local realtor. “He has been a leader in the well of Congress to help homeowners keep their homes due to foreclosures and this allowed many new buyers to enter the marketplace.”
A tax credit of up to $8,000 is available for qualified first-time home buyers purchasing a principal residence before December 1. The credit can be used by individuals who earn less than $75,000 annually and families who earn less than $150,000 annually. Hare is a cosponsor of the First-Time Homebuyer Credit Extension Act of 2009 which would extend the program through the end of 2010, and also signed a letter to the House leadership advocating for the extension. The credit has already been extended for members of the Armed Forces who served overseas in the last year.
“As we fight our way out of this recession, it is critical to continue programs that are working,” Hare said. “I urge Congress to extend the first-time homebuyer tax credit for the sake of our economy and every family looking for a little help to own their first home.”