Reps. Courtney and Calvert Lead Bipartisan Effort To Extend First Time Homebuyer Tax Credit Prior To November 30th Deadline
163 Bipartisan Members Sign Courtney-Calvert Letter Seeking Extension of Home Purchase Incentive
WASHINGTON, DC – October 21, 2009 – (RealEstateRama) — Today, Representatives Joe Courtney (D-CT) and Ken Calvert (R-CA) delivered a bipartisan letter to Speaker Nancy Pelosi and Minority Leader John Boehner urging an extension of the First Time Home Buyer Tax Credit. Including the authors, 165 bipartisan Members of Congress have signed the Courtney-Calvert letter.
Click here to download a copy of the Courtney-Calvert letter to Congressional leadership.
Representative Courtney stated, “The housing market is a critical part of our economic recovery because of its reach into many sectors that drive economic growth. During this critical economic period, Congress cannot afford to let the widely successful tax credit expire. Congressman Calvert and I are spearheading this bipartisan effort to move the conversation forward towards the goal of getting one of the prime economic engines moving again.”
“Our housing market, as well as the broader economy, is still in a fragile state. Extending the homebuyer tax credit will further stimulate housing demand, stabilize home values, and help slow the rate of foreclosures, all of which provide stability, increase confidence, and generate even more economic activity,” said Representative Calvert. “I look forward to working with Congressman Courtney along with the rest of the members who signed our letter to bring an extension to the House floor so that Americans, and our economy, can continue to benefit from the homebuyer tax credit.”
Ron Phipps, First Vice President of the National Association of Realtors stated, “”The housing market remains fragile. The market has improved and prices have stabilized in many areas, but the market has not fully corrected. Retaining the tax credit sustains that recovery.”
John Bolduc, Chief Executive Officer of the Eastern Connecticut Association of Realtors explained, “Real estate led us into our current economic difficulties and real estate will lead us out. The $8,000 first time home buyer tax credit has been an unqualified success. Extending the tax credit will provide further economic stimulus, will create jobs, and will continue to assist in the recovery. I encourage Congress to act soon to extend and/or expand the tax credit.”
Congressmen Courtney and Calvert believe that the homebuyer tax credit must be extended because of the important role it has played in stabilizing the housing market. The current $8,000 homebuyer tax credit, as passed in the American Recovery and Reinvestment Act (ARRA), is set to expire on November 30, 2009.
Research conducted by the National Realtors Association suggests that as many as 350,000 sales (30 percent of all eligible first-time homebuyers) in 2009 can be directly attributed to the availability of the credit, and one third of all homebuyers in the past several months have taken advantage of the homebuyer tax credit.
According to data collected by the Eastern Connecticut Association of Realtors, house sales in eastern Connecticut rose 14.5 percent during the third quarter of this year.
Contact: Brian Farber (202) 225-2076
