WASHINGTON — The National Assn. of Home Builders (NAHB) asked Congress to extend and enhance the $8,000 first-time homebuyer tax credit, which will expire on Dec. 1. NAHB wants the tax credit to be extended to Nov. 30, 2010 and made available to all buyers of principal residences.

“If Congress acts to extend the tax credit program, it would spur 383,000 additional home sales, including 80,000 housing starts, creating nearly 350,000 jobs over the coming year,” said NAHB Chariman Joe Robson, a homebuilder from Tulsa, OK. “That’s good for the economy and good for America.”

Homebuilders are planning to meet with lawmakers in their home districts during the August congressional recess and urge them to:

Correct a faulty appraisal process;
Improve housing credit conditions; and
Co-sponsor Net Operating Loss (NOL) relief legislation in the House and Senate to prevent further layoffs in building and other industries hit hard by the recession.

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