Updates on Congress passing- tax credit, flood insurance, & USDA

The Congress has passed the following:

· Tax credit processing extension – The Congress has passed H.R. 5623, the Home buyer Assistance and Improvement Act, which extends the tax credit closing deadline until September 30th. There will also be no gap between June 30th and the date the President signs the bill into law. The extension only applies to transactions in which the purchase contract was signed by April 30th. Flood insurance extension

· National Flood Insurance Program – The Senate has passed H.R. 5569 which extends the National Flood Insurance Program until September 30, 2010. The bill is retroactive from June 1, 2010 to the date the President also signs this bill.

· USDA – There is still no decision on the USDA extension. Since the Senate adjoined until July 12th, the House must decide whether to accept the supplemental appropriations bill passed by the Senate or it will be necessary to delay final action on the USDA extension until after the July 4th recess.