Minneapolis Area Association of REALTORS enotes

Extension of Homebuyer Tax Credit: The National Association of REALTORS (NAR) is cautiously optimistic that action will be taken this week to extend and probably expand the federal homebuyer tax credit. The Senate plans to vote on November 2 (Monday) to end debate. Sixty votes are required to do so. If that vote is successful, the Senate will vote on the amendment to extend the credit.

After that the bill will be sent to the House of Representatives for a vote. All this will take a few days.

If you haven't already done so, tell Congress you want the homebuyer tax credit to be extended. The Call to Action is below. About 17% of NAR members have sent to Call to Action. It's simple to add your voice and the time is now.

Additional info:

Video
MNAR COO, Chris Galler Video: The latest on the tax credit extension and possible expansion.

NAR Web site
Everything you need to know about the homebuyer tax credit.

We're in our final push to send a message to Congress telling them to extend and expand the tax credit. | GET STARTED | EXPLANATION

SAMPLE LETTER:

Homebuyer Tax Credit: Extend and Expand

Hello,

As a REALTOR® and a constituent, I can assure you that the $8,000 first-time home buyer tax credit has definitely been a success. Homebuyer interest and housing sales increased almost as soon as the ink was dry on the tax credit legislation. Today's lower prices and interest rates appeal to consumers, but it's been the tax credit that has attracted people to open houses and to home ownership.

That progress could grind to a halt sooner than you think. Congress must act NOW to extend the credit through 2010. Otherwise, uncertainty will return and the market might again be frozen -- possibly as soon as October.

A home buyer is eligible for the tax credit only if the home is "purchased" before December 1, 2009. That means that buyers have to find a house, complete a contract, satisfy any contingencies, secure financing and go to closing by November 30. Accomplishing those tasks by November 30 will become more difficult with every passing day. In today's market, it generally takes between 45 and 60 days to go from contract to closing.

The market has improved, but it has not yet fully corrected itself. The credit needs to be extended for an additional period of time and expanded in order to build upon the progress that's been made. Uncertainty about the future of the credit will dampen consumer demand. The best way to assure continued housing activity is to extend and expand the credit and to do that NOW.

We can't wait until late in the year to see what happens. Consumers will drop out soon if they can't predict what's in their future. Please act to extend and expand the credit through 2010.

Minneapolis and Brooklyn Center programs to encourage first-time buyers to live in their cities
Both cities have created mortgage programs to encourage home ownership. Information has been published several times in this publication. The Star Tribune published program updates last Thursday. Read the article.

Message from the Hennepin County's Housing, Community Works & Transit
Dear Loan Officers and REALTORS®: We are encouraging all of you to frequently visit Hennepin County's website for the Neighborhood Stabilization Program (NSP). We have been getting a lot of questions that are answered in guidelines, by looking at the target maps or in the FAQs. So, we encourage you to take a look at the information on the website before you call us. | Hennepin Co. NSP

Take Action Now