On June 30, Congress passed the Homebuyer Assistance Improvement Act of 2010. The Act provides first-time homebuyer credit relief to taxpayers who couldn’t meet the June 30, 2010 closing date.
This extension allows homebuyers who signed a contract no later than the April 30th deadline to complete their closing by the end of September.
The three-month extension of the closing date provides tax relief for those who couldn’t close on time because of backlogs at lenders and federal programs involved in homebuyer loans.
