Monday, March 30, 2009

Real estate pros push tax credit advance for home buyers

By Velida Alemic

A coalition of real estate professionals, including home builders, lenders and Realtors, said it would pressure state lawmakers to find a way to advance a new $8,000 tax credit to new home buyers so they can use it to make down payments. The $8,000 federal tax credit was part of a recently enacted stimulus law and is good for homes purchased between Jan. 1 and Nov. 30 of this year for buyers who have not bought a home in the past three years.

The alliance, led by the Consumer Federation of the Southeast, believes that finding a way to get homeowners the cash upfront, rather than when they file their tax returns, could help spur sales and mend the troubled housing market.
Florida Home Builders Association, Florida Bankers Association, the Florida Association of Realtors and the Florida Credit Union League are members of the group.

The coalition said in a news release Friday it had not yet devised exactly how the credit would be advanced, but would be meeting with lawmakers soon to discuss details.

They estimate as many as 12,000 prospective buyers could benefit from the advance because they have not saved sufficient cash for a down payment and closing costs. The group also points out that every dollar invested in housing returns $7 to $10 to the broader economy.

No comments:

Post a Comment