Treasury Secretary Tim Geithner and Housing and Urban Development Secretary Shaun Donovan have called on Congress to extend the First-Time Homebuyers Tax Credit past its Dec. 1 expiration date, while putting in place strong anti-fraud measures.
The First-Time Homebuyers Tax Credit has helped shore up housing sales since it was approved as part of the stimulus package in February. It provides a refundable tax credit of up to $8,000 for first-time homeowners, but it has also been criticized for providing an expensive taxpayer-funded credit for people who might have bought homes without it.
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