On November 5, 2009, Congress approved an extension to the First-Time Homebuyer Credit, including changes designed to open up this valuable incentive to still more buyers. The bill’s main architects, Senators Chris Dodd and Johnny Isaksen, crafted the credit specifically to target the troubled housing industry and promote economic growth throughout the real estate sector of the economy; the expansion is expected to allow still more first-time homebuyers to take advantage of this $8,000 incentive. Current homeowners can also qualify for a $6,500 homebuyer’s credit if they have owned and lived in their current home for at least five of the past eight years; the five years must be consecutive, and income restrictions apply. The extension runs from December 1, 2009 to April 30, 2010, allowing current homeowners to take advantage of the credit anytime between those dates. The extension represents a compromise between those looking to decrease the government’s already over-sized deficit and consumer advocates who touted the benefits of the existing credit, which has been credited with prompting anywhere between 200,000 and 400,000 additional sales nationwide. While economic analysts may disagree on the total number of sales, it is widely accepted that the existing credit has been beneficial to the housing industry in general and to first-time buyers, home builders, and mortgage lenders in particular. By providing an additional incentive for buyers, the credit helped maintain home values and prevent further damage to an already weakened housing market; the expanded and extended credit is expected to help even more. This will represent a real boon to Austin homeowners who may have felt “stuck” in their old home and unable to move up to a more desirable property. By providing a $6,500 credit to existing homeowners, the credit doubles its value; homeowners can count on this incentive (or the $8,000 first-time homebuyer credit) to help move their current home, while they can also rely on the $6,500 to help them make the move to their new home in financial comfort. This measure is win-win for the Austin market and for the country as a whole. Prospective home buyers should be aware of the April 30th deadline, however. It is unlikely that Congress will extend the credit past this date, although home buyers who have signed contracts as of April 30th will receive the credit provided they close within 60 days. With home prices at affordable levels and the economy on the upswing, there has never been a better time to buy in Austin; these valuable credits provide one more incentive to buy now.