Special Study: The First-Time Homebuyer Tax Credit: A Primer
The Housing and Economic Recovery Act of 2008 (H.R. 3221),
enacted into law on July 30th, 2008, established a number of new
programs intended to stimulate the housing market. One of these
provisions is the temporary first-time homebuyer tax credit. The tax
credit provides an incentive for new homebuyers to enter the housing
market, thereby reducing housing inventories and taking some of the
downward pressure off house prices.
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