Local homebuilders are hailing Congress’s passage of an extension to the first-time home buyer’s tax credit.
The popular tax credit was originally passed as part of the stimulus package, and was set to expire at the end of this month. But last week, the president signed legislation extending the eight-thousand dollar credit until April first.
Home Builders Association of Louisville spokesperson Tara Brinkmoeller says the housing crisis hasn’t hit Louisville as hard as some other cities, but they were seeing a benefit from the tax credit.
“We really were feeling some momentum in Louisville and this credit will help to fuel that momentum that we have been experiencing in our local housing market,” says Brinkmoeller.
Under the extension, maximum income caps to qualify have also increased, and even after April first, first-time homebuyers could be eligible for tax credits of up to six thousand dollars through the end of next year.