The White House announced that President Obama will sign the measure into law, which would extend the first-time homebuyer's tax credit to April 30, 2010. Originally, the credit was set to expire on November 30 of this year.
The tax credit would give first-time buyers an $8,000 credit as long as they had an agreement in place by the April cutoff date. Closings on homes would have to happen by June 30.
The tax credit would also be extended to people who own a home but are planning on buying a new primary residence. Those people would be entitled to a $6,500 credit.
Georgia Republican Representative Johnny Isakson urged people to take part in the extended and expanded tax credit, as this will be the last time the termination date is delayed.
"The key to returning stability to the economy lies within the housing market, and we have crafted a meaningful credit that will create a strong foundation for future growth and make a measurable difference over the next seven months in our economy," Isakson said.
