Homebuyers Seeking Assistance Get Reprieve

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On July 2, President Obama signed into law H.R. 5623, the Homebuyer Assistance Improvement Act of 2010.

The Homebuyer Assistance Improvement Act of 2010 provides a three-month reprieve for taxpayers who couldn’t meet a key June 30, 2010, closing date to qualify for the first-time homebuyer credit. Under the relief measure, if a written binding contract to purchase a principal residence was entered into before May 1, 2010, the credit may be claimed if the purchase is closed before October 1, 2010.

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