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In finding common ground to help stimulate the reeling housing industry, President Barack Obama has signed legislation that extends the first-time homebuyers tax credit and expands the law to include repeat homebuyers.

The U.S. Senate had earlier passed a bill to extend and expand the popular program and the House agreed without making changes.

To take advantage of the $8,000 tax credit for first-time homebuyers and the $6,500 credit for buyers who have owned their current homes for at last five years, buyers must have a contract in place by May 1, 2010.

In voting for the bill, Congressman Sam Graves has this to say:

"What I heard from Realtors, builders and homebuyers was that the first-time homebuyers tax credit was working and that its extension was essential to stabilizing the housing market. Congress should be focused on helping to create jobs and getting our economy back on track. This bill is one step in the right direction."

For more information, visit the Home Builders Association of Greater Kansas City’s Web site at www.kchba.com.

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