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Vermont Daily News: "Welch Calls For First Time Home Buyer Tax Credit Extension"

October 5, 2009
In The News

Vermont Daily News staff report

Essex, Vt. – Lindsay and Matt Wignall, who moved to Vermont from Washington State, were able to move their family with two sons, age 3 and 10 months, into a home in Essex, Vt., thanks, they say, to the First-time Homebuyer Tax Credit and help from a VA loan.

Matt Wignall, who is employed by the U.S. Army and now full-time with the National Guard said he and his wife finally are able to buy a home after living in apartments and government housing for 6 years. “We’re excited, we’re part of a community, part of a neighborhood, and we get to stay for good,” said Lindsay Wignall.

At a news conference outside the Wignall’s new home,Tuesday, October 6, Congressman Peter Welch called for a year-long extension of the tax credit that allowed the Wignalls and hundreds of thousands of other middle class families to buy their first home. Welch outlined his support for the First-time Homebuyer Credit Extension Act (H.R. 1993), which would extend the program that provides an $8,000 tax credit to families buying their first home.

The First-time Homebuyer Tax Credit – created in July 2008 with the passage of the Housing and Economic Recovery Act – originally capped the credit at $7,500 and required it to be paid back in 15 years. With the passage of the American Recovery and Reinvestment Act in February 2009, the credit was increased to $8,000 and the repayment requirement was waived.

H.R. 1993 would extend the credit from November 30, 2009 through December 30, 2010. The bill would also retroactively waive the repayment requirement for those who took advantage of the credit in 2008.

The tax credit has, said Matt Wignall,”given us the confidence to buy the home.”

“We can actually mark our kids height, write it on the wall now. It’s very exciting!” said Lindsay Wignall.