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Extending Closing Deadline for the First-Time Homebuyer Tax Credit

July 23, 2010

Dear Friends,

As a veteran realtor for over 30 years, I know that improving the housing market is essential to getting our economy back on track. The first-time homebuyer tax credit has been extremely effective in uplifting the housing industry and making homes more affordable for hard-working North Mississippi families.
However, the success of the first-time homebuyer tax credit, along with turmoil in the housing market, has resulted in a backlog of families and individuals waiting to close on their homes through the program. More than 1,500 Mississippians have been unable to close on their homes due to circumstances out of their control.
Recently, I introduced and helped pass legislation that will allow additional time for these individuals to close on their homes and receive the tax credit they deserve.
The Homebuyers Assistance and Improvement Act of 2010 – which I introduced with my colleagues Kathy Dahlkemper (PA-03) and Frank Kratovil (MD-01) – will extend the closing deadline for those eligible for the first-time homebuyer tax credit from June 30, 2010, until September 30, 2010, giving homebuyers who signed a contract by the April 30 deadline three extra months to complete their closing.
The families and individuals benefiting from this extension met all the qualifications for the tax credit, but their closings have been delayed due to lapses in the National Flood Insurance Program, Rural Housing Service, new home construction and backlog with lenders.
Last fall I joined Rep. Kratovil in introducing a bill to extend for one year the $8,000 first-time homebuyer tax credit, which was implemented under the Recovery Act and initially expired in December 2009. This past November, Congress passed a five-month extension of the credit.
The bill extended the tax credit through April 30, 2010, and provided a $6,500 credit to new purchasers who have lived in their current residence for five years or more. It also helps military families struggling to make mortgage payments by making those payments tax-exempt.
The first-time homebuyer tax credit is working. By helping sustain the progress linked to the initial benefits of the homebuyer tax credit, the Homebuyers Assistance and Improvement Act of 2010 builds on recent improvements in the housing market, helping us come closer to making a full economic recovery.
This bill passed with bipartisan support in both the House and Senate and was signed into law on July 2, 2010.
As always, please continue to keep me informed about your opinions and concerns by phone at (202) 225-4306 or by visiting my website at www.childers.house.gov.

Constituent Letter

Dear Congressman Childers,

As your constituent, I join with the American Association of University Women (AAUW) in urging you to support the America COMPETES Reauthorization Act (H.R. 5116) when the bill comes to the House floor for a vote this week. I also urge you to oppose any weakening amendments, especially the Issa amendment. H.R. 5116 authorizes science and technology research programs for five years and contains a number of provisions to support education and training in science, technology, engineering and math.
I support strengthening science, technology, engineering, and math education, especially for girls and other underrepresented populations in the field. I also support provisions in the bill that will minimize the effects of gender bias in evaluation of federal research grants and faculty hiring and tenure practices.
In addition to addressing the shortage of highly-effective math and science teachers, the bill creates a new grant program for colleges and universities to improve undergraduate STEM education and creates a new director of STEM education within the Department of Energy. I believe this bill will broaden STEM participation at all levels and will decrease America's shortage of STEM professionals.
AAUW's recent report, Why So Few? Women in Science, Technology, Engineering, and Mathematics, found that environmental and social barriers continue to block women's participation and progress in STEM fields. The lack of women and girls in STEM fields has significant implications not only for women's economic security, but for the overall economy as well.
By supporting the America COMPETES Reauthorization Act, you will be taking the first step to improving opportunities for women in these technical fields, improving STEM education for all students, and increasing America's global competitiveness. Again, I urge you to vote yes on this legislation and oppose any weakening amendments, especially the Issa amendment. Thank you for your attention to this matter. I look forward to your response.

Gail
Abbeville, MS

Response

Dear Gail,

Thank you for contacting me with your support for the America COMPETES Reauthorization Act of 2010, H.R. 5116. I always appreciate hearing from the people of North Mississippi about the issues that are important to them.
On May 28, 2010, the America COMPETES Act passed in the House, and it is currently awaiting consideration by the Senate. I am proud to have voted for and supported this important legislation.
If enacted, this bill would establish, revise, and extend specific science, technology, education, and mathematics (STEM) programs, as well as engineering, research and training programs. The bill authorizes funds through Fiscal Year 2013 for the National Science Foundation, the National Institute of Standards and Technology, the Department of Energy and the Office of Science.
Increasing investments in scientific research and technology will put Americans back to work, help grow our economy, and embolden us in the global economy. Again, thank you for taking the time to contact me with your thoughts on this important matter of mutual concern. If I can be of further assistance to you, please do not hesitate to contact me.

Sincerely,

Travis W. Childers