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Tax Credit

The Housing and Economic Recovery Act of 2008, signed into law by President Bush on July 30, implemented several critical reforms to the housing finance system, provided aid to troubled homeowners facing foreclosure, and created a temporary $7,500 tax credit for first-time home buyers who meet certain income requirements.  NAHB has developed a Web site at www.federalhousingtaxcredit.com to promote the tax credit and answer commonly asked questions about it.