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November 12, 2009

Home Buyer Tax Credit Extended and Expanded Leaving More Time to Buy a Home in Villebois

Last week, President Obama signed legislation that extends and expands the first-time home buyer tax credit originally made available through the American Recovery and Reinvestment Act of 2009.

The new legislation extends the $8,000 credit for first-time home buyers for sales contracts entered into by April 30, 2010 and closed by June 30. In addition, the law has been expanded to now include a $6,500 credit for owners of existing homes who are buying a new principal residence. Current homeowners can claim the $6,500 tax credit if they lived in their home for five consecutive years out of the last eight.

In other news, the income eligibility limits for the tax credit – now for both groups of buyers – has increased from $75,000 to $125,000 for individuals and from $150,000 to $225,000 for married couples. Additionally, the new law also provides relief to cash-strapped home builders by providing broader tax benefits for businesses with net operating losses (NOLs).

The National Association of Home Builders (NAHB) released a statement last week saying the new legislation will “provide a much-needed boost to the fragile housing market and economy”. In addition, NAHB estimates that the new and improved homebuyer tax credit will create 211,000 new jobs and generate 180,000 additional home sales over the next year. NAHB also expect the tax credit to generate $9.6 billion in wage income and $6.9 billion in federal, state and local taxes.

This means that now – more than ever – is the perfect time to purchase a new home.

And why not purchase that new home in the award-winning Villebois Village Center in Wilsonville, Oregon?

Villebois is the latest master-planned community to be developed by Costa Pacific Communities. Featuring a vibrant mix of single-family homes, row homes, condominiums, retail and commercial space and 160 acres of parks and open green space, the Villebois neighborhood has something for everyone. And with new homes priced starting in the mid-$100,000s, Villebois is a sweet surprise for buyers looking for homes in today’s real estate market.

To learn more about the Villebois community in Wilsonville, Oregon, please visit ChangeHowYouLive.com. You may also speak with New Home Specialist Andy Green by calling 866.580.2836 or emailing Blog@CostaPacific.com.   

For more information about the new tax credit, visit www.FederalHousingTaxCredit.com.