Chris Polychron

On Wednesday the U.S. Senate voted to extend and expand the first-time home buyer tax credit.

The most significant change to the tax credit is that it allows up to $6,500 for existing home buyers purchasing homes. For details on the new credit, click here to see the post on the Arkansas Realtors® Association blog.

According to the National Association of Realtors®, the current credit has caused around 350,000 people to purchase homes who wouldn’t have bought them otherwise. That credit is set to expire on Nov. 30. The new one, if passed, will expire on April 30 — all buyers wanting to take advantage of the credit must have homes under contract by then and close by June 30.

The Senate bill will go before the House next, so this may be an opportune time for Arkansas Realtors® to get in touch with their representatives and encourage them to vote for the new tax credit. According to the NAR, the credit is vital to the still-recovering housing markets across the nation. Here is the contact information for Arkansas’ congressional delegation:

* District 1 — Marion Berry (D). Phone = (202)225-4076; fax = (202)225-5602
* District 2 — Vic Snyder (D). Phone = (202)225-2506; fax = (202)225-5903
* District 3 — John Boozman (R). Phone = (202)225-4301; fax = (202)225-5713
* District 4 — Mike Ross (D). Phone = (202)225-3772; fax = (202)225-1314

UPDATE

The Arkansas Realtors® Association reported the credit has passed the House. Click here for details.