Home | Newsletter | Advertise

DC's First-Time Buyer Credit Not Coming Back Anytime Soon

  • April 8th 2013

by Shilpi Paul

✉️ Want to forward this article? Click here.

DC's First-Time Buyer Credit Not Coming Back Anytime Soon: Figure 1

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, tax credit

This article originally published at https://dc.urbanturf.com/articles/blog/in_dcs_first_time_buyers_tax_credit_coming_back_not_hopefuly/6897.

Pipeline: New Condos & Apartments Coming to the DC Area

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. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse