Congress passed a compromise measure extending unemployment benefits and the $8,000 tax credit for qualified first-time homebuyers, in spite of recent revelations on widespread mistakes and suspected fraud in the popular program. The tax credit program was scheduled to end on Nov. 30, 2009, but the homebuyer extension will cover homes under contract by April 30, 2010. In another welcome development for the real estate industry, the tax credit is not limited to first-time homebuyers. People who have owned a home for at least five years may be able to receive a $6,500 tax credit if they buy a new home. Income limits for eligibility in the tax credit program has risen, allowing many more homebuyers to qualify for the program. The program will cost an estimated $11 billion—in addition to the $10 billion spent so far—on the current program. The extension provided some much-needed political capital for one of the biggest proponents of the extension, Harry Reid D-Nevada, who faces a very tough election next year in the state with the most claims for the first-time homebuyer credit per capita than any other state. Are you thinking about taking advantage of the homebuyer tax credit by buying a home in the Louisville area? Call the Louisville real estate experts at Louisville Properties today at 502.744.9504. No one knows the Louisville real estate market better and with the current buyer’s market and tax credit, there’s never been a better time to buy.