Chicago Relocation

House passes tax credit bill!!!!

November 6, 2009

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More good news for Chicago real estate?  The first-time homebuyer’s tax credit extension is one step closer to reality!    Last night the house voted overwhelmingly 403-12 to pass the bill – following a similar vote in The Senate earlier this week.  The credit will provide up to $8K for new homebuyers and will be extended through APRIL 30 2010 (for contracts) with a close date of June 31, 2010.

“But wait there’s more” as they say -  The legislation includes a reduced credit of up to $6,500 to REPEAT buyers if they’ve owned their homes for  five years or more (caps include a purchase price of $800K, single homebuyers must earn less thatn $125K, married less than $225K).

Next step, Mr. Obama’s signature.  Many feel confident that Chicago’s own will be signing it soon.

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