NAHB is launching an initiative to spread the word on the Housing and Econonomic Recover Act of 2008, and they've just unveiled a new web site with information on
how consumers can take advantage of the first-time home buyer tax credits.
The nuts and bolts of the credit, per the article:
H.R. 3221, the Housing and Economic Recovery Act of 2008 — which was passed by the Congress on July 26 and now is on its way to President Bush for his signature — allows first-time home buyers to take a $7,500 tax credit from the purchase of a single-family home, townhome or condominium apartment.
Only first-time home buyers are eligible, and it's good on both new and pre-owned homes. The kicker, as usual when it comes to tax incentives, is the MAGI income limits: $75K as an individual, $150K jointly.
