BUFFALO, NY ( release / wkbw ) Noting that an earlier extension would have averted the record crowds in the Clerk’s Office over the past week, Erie County Clerk Kathy Hochul said she is pleased that extension of the Homebuyer Tax Credit will occur for customers who purchased their homes by April 30.
On June 30, the day the credit originally expired, the Clerk’s office handled 220 closings-- primarily for first-time buyers-- dramatically higher than the usual 60-80 daily average.
“The extension of the tax credit is great news for our customers who played by the rules, but were shut out at the last minute due to lender delays,” said Hochul.
President Obama is expected to sign the bill into law on Tuesday.
On Wednesday, many homeowners were racing to beat the deadline. Channel 7's Ed Reilly reported that it was not a normal day at the Erie County Clerk's office. New homeowners joined the many attorneys for the closing process in order to qualify for thousands of dollars in Federal tax credits.
Erie County Clerk Kathy Hochul commented, "...first time homeowners can qualify for an $8,000 tax credit. People who live in their home for five years get the $6,500 tax credit."
Estimates say the credits generated over $1 million new home sales nationwide.