Real Estate News: Extension Of Tax Credit Closings And Flood Insurance For Home Buyers

City of Hialeah - Miami Dade County

The fifth largest city in the State of Florida with an area of 20 sq. miles and a Class 1 Fire Department. Hialeah has access to most major thoroughfare - linked by I-95, I-75, the Palmetto and Sawgrass Expressways, and the Florida Turnpike. It is home to Hialeah Race Track and rich with investment opportunities for apts, homeownership, retail and the manufacturing sector. Mayor Julio Robaina serves as strong mayor. His vision to encourage business growth and quality of life for the residents maintains the City of Hialeah as one of the most desirable and stable community in Miami Dade County. See all the details at www.hialeahfl.gov

7/12/2010

Extension Of Tax Credit Closings And Flood Insurance For Home Buyers

Congress passed two bills that extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both were extended to September 30 which will help provide stability to real estate markets.

HR 5623 the Home Buyer Assistance nd Improvement Act, applies the home buyer tax credit closing deadline extension only to home buyers who have ratified contracts in place as of April 30, 2010 but could not close before June 30.

HR 5569 reauthorizes extension to the National Flood Insurance Program allowing currently stalled transactions to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010 to the date of enactment of the extension. Any new policy applications or renewals that were signed and submitted during the lapsed period will be effective from the date of application. In the case of waiting periods, the waiting period will start from the date of application.