Enhance tax credit to help economy builders say

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The National Association of Home Builders are seeking enhancements to the current $7500 first time home buyer's tax credit.

In the news release asking Congress to fix housing first, the home building association offered the following suggestions:

• All primary home purchases between April 9, 2008 and Dec. 31, 2009 would be eligible.
• The credit amount would be increased to 10 percent of the price of the home, capped at 3.5 percent of FHA loan limits, bringing the credit to a range of roughly between $10,000 and $22,000.
• The current recapture provision would be eliminated. Repayment would only be required if the home were sold within three years.
• The credit would be available at the time of closing, making it easier to be used as a down payment.

According to the Association, "restoring demand for housing is the fastest and most effective way of reviving the economy."

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