Two important federal legislative developments just recently occurred.
First, Congress passed the Homebuyer Assistance and Improvement Act (H.R. 5623), which extends closing deadline for purchases to qualify for the first time home buyer tax credit. The extension applies only to contracts that were in effect as of April 30, 2010, but extends the closing deadline to September 30, 2010. The prior deadline fell on June 30, 2010.
Second, the Senate passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), which extends the National Flood Insurance Program (“NFIP”) until September 30, 2010. The bill allows new and renewal policies to be retroactive to June 1, 2010, which was the date on which the NFIP last lapsed. For those who have not been monitoring the NFIP, it has now been renewed on a short term basis on four separate occasions this year.