Congress has passed the Homebuyer Improvement and Assistance Act of 2010, which extends the deadline by which certain buyers need to close on their purchases of homes in order to be eligible for up to $8000 in tax credits.

In February 2009, Congress passed the American Recovery and Reinvestment Act, which created the homebuyer tax credit for first-time buyers, and later expanded the credit to apply to some buyers who had previously owned homes, as well as extending the deadlines for when those buyers had to get a home under contract and then close on their purchase by in order to qualify. Those extended deadlines were originally April 30, 2010 (for the contract) and June 30, 2010 (for closing), but after reports that nearly 200,000 buyers who had met the first deadline were experiencing delays with obtaining their loans because of the increase in demand that the tax credit and low interest rates had caused, and would not be able to meet the second deadline, Congress stepped in again at the last minute, and pushed back the closing deadline until September 30, 2010.

This extension only applies to buyers who had a property under contract by April 30, 2010, and who were otherwise eligible for the tax credit.

(In addition, Congress had also previously granted an extension for members of the military, diplomatic, and intelligence communities who were posted abroad during the original eligibility period.)

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