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FOR IMMEDIATE RELEASE |
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State Rep.
Nick Kotik |
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Kotik: Housing credit extended
CORAOPOLIS, Nov. 9 – State Rep. Nick Kotik, D-Allegheny, said today the housing tax credit program offered by the federal government will be extended.
A measure signed into law by President Obama last week will extend the credit deadline from Nov. 30 to April 30.
"The program has already breathed new life into the housing market," Kotik said. "It has given people who otherwise wouldn't have been able to afford it their chance to buy a home for the first time."
The program will be expanded to include homeowners, not just first-time buyers. Current homeowners who buy a new home could be eligible for a tax credit up to $6,500 if they owned their home for at least five years and first-time buyers will still be eligible for the maximum $8,000 credit.
Kotik added income eligibility will also change. The new limit for single filers is $125,000, and the limit for married filers will increase to $225,000.
"It is encouraging to see the program deadline extended, but its parameters expanded as well," Kotik said. "It is my hope this will help both the housing market and the economy in Pennsylvania stay on the road to recovery."
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