Tax credit closing deadline extension passes Congress

Senate also reinstates flood insurance program through Sept. 30

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Congress has approved separate stand-alone bills that extend the closing deadline for claiming the federal homebuyer tax credit and temporarily reinstate the National Flood Insurance Program — both are issues of paramount importance to tens of thousands of homebuyers trying to close deals under contract.

Legislation that extends until Sept. 30 the closing deadline for claiming the homebuyer tax credit — HR 5623, the Homebuyer Assistance and Improvement Act of 2010 — was passed by the Senate by unanimous voice vote Wednesday and could be signed into law by President Obama today.

The House passed HR 5623 in a 409-5 vote on June 29, after another bill extending unemployment benefits that was amended to extend the closing deadline became bogged down in the Senate.