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First-time homebuyer tax credit extension gets OK
'It's a win-win for Orange County's housing market,' says OCBC President and CEO Lucy Dunn.
By Kristen SchottPublished: November 06, 2009 10:22 AM
Photo courtesy of FotoliaPresident Barack Obama approved an extension of the $8,000 first-time homebuyer tax credit today, among other incentives. The measure could bring positive news to Orange County's economy, according to local business experts.
“If we have learned anything in this economic downturn, it’s incentives work,” says Lucy Dunn, president and CEO of the Orange County Business Council. “This tax credit incentivises young people to buy and builders to build."
She calls the measure a "win-win" for Orange County's housing market as it works to meet the shifting demands of the economy.
The Senate passed the bill on Wednesday, followed by the House on Thursday. With the president's approval, the credit will run through the end of April – instead of expiring at the end of this month.
In addition to the terms for first-time homebuyers, the measure offers provisions based on salary level, as well as for homebuyers who have owned their homes for a minimum of five years. They are eligible to receive a $6,500 tax credit.
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Photo courtesy of Fotolia “If we have learned anything in this economic downturn, it’s incentives work,” says Lucy Dunn, president and CEO of the Orange County Business Council. “This tax credit incentivises young people to buy and builders to build." She calls the measure a "win-win" for Orange County's housing market as it works to meet the shifting demands of the economy. The Senate passed the bill on Wednesday, followed by the House on Thursday. With the president's approval, the credit will run through the end of April – instead of expiring at the end of this month. In addition to the terms for first-time homebuyers, the measure offers provisions based on salary level, as well as for homebuyers who have owned their homes for a minimum of five years. They are eligible to receive a $6,500 tax credit. NEXT PAGE >> Related headlines 'OC METRO Minute,' Nov. 6: William Lyon Homes reports smaller net loss Newport Beach's Voit sees uptick in tenant transactions The results are in: O.C. automakers report October stats Financial reports: O.C. companies |
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