Tax Credit Closing Date & Flood Insurance Extended!
Which is great news for the real estate market!
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 and have
not yet closed. The legislation isdesigned to create a seamless extension with the new closing
deadline September 30, 2010 for all eligible transactions. There 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. Good news for all of us! 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. More good news! For more information on the flood insurance program visit www.realtor.org/government_affairs
Posted by Lee Ann Miller Team at 7/1/2010 12:47 PM 
Categories: Real Estate Market, South Carolina, Lee Ann Miller Team, Buyers, Allen Tate - Insurance, North Carolina, Allen Tate - Mortgage
Tags: Flood Insurance Lee Ann Miller Team Tax Credit Extention Real Estate - Buyers Real Estate Market Tax Credit
Categories: Real Estate Market, South Carolina, Lee Ann Miller Team, Buyers, Allen Tate - Insurance, North Carolina, Allen Tate - Mortgage
Tags: Flood Insurance Lee Ann Miller Team Tax Credit Extention Real Estate - Buyers Real Estate Market Tax Credit
The National Flood Insurance program is especially important for us folks out here in Indiana who are near major rivers. This year, we had record rain in June and there were several fields near us that were lost (the Wabash River is now WAAAY below normal after this summer's drought though).
You can never predict the weather. Even the Farmer's Almanac is never spot on.
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Teddy is right. In fact, people need renters insurance if they want to have come peace of mind these days! And by the way, Teddy, we are also in a drought here in Illinois
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Wow! That was great news. Too bad the time frame has past.
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