HUD Secretary Donovan Unveils Details Of Plan To Monetize Home Buyer Tax

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(News Source: National Association of Home Builders)

(WASHINGTON, DC) - In a speech before the National Association of Home Builders (NAHB) Board of Directors, HUD Secretary Shaun Donovan today unveiled new rules that will help spur the housing market by allowing consumers to use the $8,000 first-time home buyer tax credit to help cover the costs of closing on an FHA-insured home.

"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away."

"With the spring home buying season in full bloom, Secretary Donovan's move to enable buyers to access the tax credit at the time of closing could not have come at a better time," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. "This new rule will further encourage state housing finance agencies to develop programs to monetize the tax credit."

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