Press Releases
Tax Credit for Home Buyers Expires Soon - 4/1/2010
The federal first-time home buyer tax credit has been a popular incentive, but the credit is set to expire on April 30, 2010. Since the credit was extended once already, it may not be renewed again.
Officials at the South Carolina State Housing Finance and Development Authority (SC State Housing) are urging potential homebuyers to take advantage of this program if they can. “This credit has helped bring new families into the housing market,” said Valarie M. Williams, SC State Housing’s Executive Director. “Those buyers, in turn, helped reduced the inventory of unsold homes in our state.”
The homebuyer credit extension:
• Extended the current $8,000 credit until April 30 for first-time home buyers.
• Created a new $6,500 tax credit for buyers that have lived in primary residences for at least five consecutive years out of the last eight. This credit will also expire April 30.
• Requires homebuyers to enter into contracts to purchase their homes by April 30 and close by June 30 to be eligible for the credits.
• Expands income eligibility to $125,000 for individuals and $225,000 for couples. The same limits apply to the credit for homeowners.
• Excludes homes with purchase prices exceeding $800,000.
Members of the Armed Forces, Military Intelligence and Foreign Service who are on extended overseas duty or who have been on active duty for more than 90 days in 2008 and 2009 have another year to use the tax credit (through June 30, 2011).
For information on this initiative or other housing issues, contact SC State Housing, 803-896-9520 or visit the agency’s website: www.schousing.com. SC State Housing is the state's leading provider of capital for affordable housing and is a self-supporting agency of state government.
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