Update on the extension and expansion of the tax credit…

Senate Votes to Renew Tax Credit for First-Time Home Buyers Washington Post (11/05/09) P. A5; ElBoghdady, Dina The Senate has passed a bill that would extend the $8,000 tax credit for first-time home buyers through the first six months of next year as well as offer a $6,500 credit to repeat buyers who have owned their current abode for at least five consecutive years over the previous eight years. Attached to a broader unemployment aid bill, the measure would limit the purchase price of homes to $800,000; and individuals and couples cannot earn more than $125,000 and $225,000 a year, respectively. The incentive is expected to cost $10 billion, and the bill should reach the House floor by Nov. 5. For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com