For years, first-time buyers in the District enjoyed a $5,000 tax credit when they bought a home in the city. However, the credit lapsed in 2011, and was not included in the budget for the 2012 tax year.
UrbanTurf has been reaching out to Congresswoman Eleanor Holmes Norton’s office periodically since the beginning of the year to determine the possibility of the credit being reinstated.
Late last week, Norton’s staff told UrbanTurf that while the congresswoman still feels that it is important, the staff’s sense is that the climate in Congress and the current state of the District mean that the credit will not likely be reinstated anytime soon.
When the credit was implemented in the 1990s, the city had a greater need for incentives that would encourage residents to put down roots in DC. At the time, people were fleeing the city, giving Norton’s office a strong case to advocate for the credit.
Now, with 1,100 new residents moving to the city every month, the case is not as strong with some feeling that DC doesn’t need the incentive any longer. However, the congresswoman still strongly supports the credit, and is working to get it renewed.
Readers, what do you think? Does DC still need a first-time home buyers credit?
See other articles related to: dclofts
This article originally published at http://dc.urbanturf.com/articles/blog/in_dcs_first_time_buyers_tax_credit_coming_back_not_hopefuly/6897
Most Popular... This Week • Last 30 Days • Ever
DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »
A look around DC to see where home sellers are dropping their prices.... read »
The grocer has announced plans for other stores in Skyland and Columbia Heights.... read »
The new five-level residential project is planned for the buildings at 1365-1375 H St... read »
There are two main things happening in the housing market for this upper NW DC neighb... read »
Our guide for amateur landlords who don't really know what they're doing.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The eight-bedroom, 35,000 square-foot home known as The Cliffs hit the market Wednesd... read »
Brookfield Properties is moving forward with development plans for additional sites i... read »
The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro