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First-Time Homebuyer Tax Credit

August 5, 2008

The Housing and Economic Recovery Act (H.R. 3221) was signed into law by President Bush on July 30. IAR President Kay Wirth said:This legislation and particularly the tax credit will help first-time homebuyers who have been on the sidelines waiting for the economy to improve to take that important step up to homeownership.

The significant provisions of this bill should bring some stability back to the housing market in Illinois and across the country. Below are links to FAQs on the tax credit and information about the new law’s provisions prepared by NAR Government Affairs.

FAQs for the First-Time Homebuyer Tax Credit

Key Provisions of H.R. 3221

If you have questions about this topic or any other real estate topic, send your question to:

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